Inclusiveness in financial services: what is ABN AMRO doing?

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Everyone has unconscious biases, including banks towards their clients, and especially female clients. ABN AMRO is the first bank in the Netherlands that wants to do something about it. Why? If we understand our biases, we will be better able to cater to what female clients need. This is why we are launching a special programme to better understand our female clients and provide them with better advice.

Pilot phase

In October, ABN AMRO will launch an internal programme that will see forty client advisers take training to recognise their biases and learn new skills. Inclusive Banking programme manager Fadime Keçe helped to design the programme: “During the pilot phase between October and mid-December, we will be training forty client advisers. They will then become programme ambassadors and train other colleagues. While we are currently focusing on colleagues whose job includes client contact, the aim is to have all departments take the training next year.”

Fadime explains that biases are often very subtle. For example, when a credit specialist who is processing a credit facility application automatically asks, “Who is this guy who’s asking us for credit?” Or when an adviser, in a meeting with the male and female partner in a general partnership, talks mainly to the man. This is an opportunity to get the woman involved as well. The question is, however, how to do that the right way.

Fadime emphasises that change on an individual level will not be enough. “To really address unconscious biases, we’re going to need a system change. We’ll have to change processes, leadership, KPIs and feedback and coaching methods.”

Wealthy women: financial services are out of sync

Two in three wealthy women say that financial services are not in sync with their needs. The lack of personal financial advice makes it more difficult for women to start up a business. Nearly six in ten women have experienced this problem, compared to under half of men. Women are also less likely to be granted a bank loan than men, as shown by a study called ‘The importance of inclusiveness in financial services’, which ABN AMRO conducted with McKinsey and Better Future.

Equality v equity

Fadime hopes that the programme will get people thinking about biases. “Talking about and addressing them is an important first step.” The programme will teach colleagues to recognise the difference between equality and equity in client interactions. “When interacting with a client in an equitable way, we recognise and respond to differences. This requires an open mind. You must listen carefully to the client and try not to make presumptions.”

Private banker Bas Prins has seen biases play out especially with respect to widowed female clients. “We generally take care of the banking with the husband. When he passes away, we’ve often never even met the wife. We could solve this problem if we got to know the wife sooner, and built up a relationship with her. People sometimes still think that women aren’t interested in banking. Research has shown, however, that women are just as interested in growing their wealth as men are.

Bas Prins Private Banker

Even though the programme addresses biases against female clients, it provides skills that can be used in all client interactions. It’s about letting go of your presumptions and engaging with clients with an open mind.”

Round-table session on inclusive banking on 5 October 2022

On 5 October 2022, we organised a round-table session called ‘Barrier breakers: women in business’. Ann-Lynn Hamelink got together a group of entrepreneurs and experts to discuss how the financial sector can encourage female entrepreneurship. The recording of the round-table session is available to all to view by clicking a link.

As a bank we do our best to create and uphold equal opportunities. Our diversity policy supports women, the LGBTI+ community, and people with an occupational disability and diverse cultural backgrounds. Click here for more information.

  • If you’d like to know what else ABN AMRO is doing to create equal opportunities, click this link.

  • If you’d like to know more about the study ‘The importance of inclusiveness in financial services’, click this link.

  • We want to use our knowledge, expertise and products to help businesses tackle the challenges they face. Curious? Take a look here (in Dutch only).

  • Financial Focus is also exploring the topic of Entrepreneurship and spoke to inspiring women. Curious? Check it out here. (in Dutch only)

News items about ABN AMRO and gender equality