The value of inclusivity in banking
We all have them: unconscious biases about each other. Banks have them too, towards certain groups – particularly female clients, according to surveys. So now we’re going to be the first bank in the Netherlands to do something about this. Why? Because being aware of our biases will help us better respond to the needs and wishes of our female clients. We’re launching a bank-wide programme to help us understand our female clients and give them more appropriate advice.
In October, ABN AMRO will start an internal programme in which forty client advisers will get to grips with their own conscious and unconscious biases, and learn new skills. Colleague Fadime Keçe is programme manager for Inclusive Banking and helped design the programme: “In the pilot phase, which runs from October to mid-December, we will train forty client advisers, who will then act as programme ambassadors helping to train other colleagues. Although we’re currently focusing on client-facing colleagues, we hope that by next year we’ll have a bank-wide network that enables colleagues from other departments to follow this programme too.”
Our biases are sometimes very subtle, and can be deeply ingrained, according to Fadime. “When considering an application, one of the credit specialists may unthinkingly wonder: ‘So, who is this guy who’s asking us for credit?’ Another example: two directors from a commercial partnership – a man and a woman – come to a meeting. The man dominates the discussion. As credit specialists, we allow this to happen and speak directly to the man, rather than trying to engage the female director in the meeting. How should we go about this?”
These are examples that we can all do something about as individuals, but they won’t be enough, warns Fadime. “If we really want to tackle unconscious biases, we need to change the entire system as well as individual behaviour. We must modify our processes, our style of leadership, the KPIs we set, and the way we give each other feedback and coach one another.”
Two-thirds of wealthy women: financial services are out of touch
Two out of every three wealthy women think that financial services providers are out of touch with their specific needs. The lack of personal financial advice means, for example, that women find it more difficult to start up a business. This applies to almost six out of every ten women, but less than half of men. What’s more, fewer female business owners are given financing by a bank than their male counterparts. These are among the conclusions from a study called ‘The importance of inclusiveness in financial services’, conducted by ABN AMRO in association with McKinsey and Better Future.
The difference between an identical discussion and a discussion held on an equal footing
Fadime: “I hope that the programme will help us to address our unconscious biases. Acknowledging and talking about them is an important first step.” The programme teaches colleagues to recognise the difference between an identical discussion, and a discussion held on an equal footing. “In a discussion held on an equal footing, you recognise differences and actively respond to them. This requires an open mind. You must listen carefully to the client and try not to make assumptions,” says Fadime.
Colleague Bas Prins is a private banker. He has a diverse client portfolio, comprising young and older clients. Every day, he gives financial advice to men, women, couples, single people – in other words, a wide variety of clients. According to him, the consequences of unconscious bias are painfully evident when it comes to female clients who have been widowed. Bas: “For decades, we have been dealing with banking matters through the husband. If he dies and the woman becomes our contact, we often don’t even know who she is. This problem could be easily solved if we took the trouble to get to know the woman sooner, and built up a relationship with her. As a bank, we assume that these men’s wives aren’t interested in banking matters, whereas the opposite is quite often true and women have a major say in all things financial. If it were up to me, I would make it a KPI for the bank to treat husbands and wives as a single entity. The women are often retail clients already, but we don’t know that because the man is the only contact.”
Fadime: “The findings from the study mean that the programme will focus specifically on unconscious biases towards female clients, but the training programme can obviously be put into practice in all our talks with clients. It’s about not making assumptions and talking to clients with an open mind.”
Roundtable discussion about inclusive banking on 5 October
A roundtable discussion, called ‘Breaking Down Barriers: Women & Business’, will be held on Wednesday 5 October to raise awareness of this subject among the wider public. Business owners and experts from the financial sector, industry and special-interest groups, led by Ann-Lynn Hamelink, will discuss ways of encouraging female entrepreneurship and how the financial sector could play a role in this respect. Their discussions will be based on a number of challenging statements. Everyone, including you, can watch the roundtable discussion .
Our bank is committed to creating and upholding equal opportunities. Our comprehensive diversity and inclusion policy pays special attention to women, the LGBTI+ community, people with occupational disabilities and people from different cultural backgrounds. Click for more information.
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