Diversity / Inclusion Case Studies

Increasing Revenue from Minority Community

Industry: Financial and Professional Services

A global financial institution realized that in many markets here in the US, they owned very little of the minority retail banking customer populations. In fact, in many of their branches, they determined that most customers only saw the faces of white women at the teller line and white men and a few women on the platform. As part of a nation-wide push to attract more of this group (Hispanic, African-origin and Asian), this company engaged Novations to develop corporate and branch management in those skills that would support the growth of these target groups.

Critical Issues

• Little market share of the minority retail banking customer populations
• Most customers only saw the faces of white women at the teller line and white men and a few women on the platform
• Need to attract more Hispanic, African-origin and Asian customers and employees

Solution

As part of a nation-wide push to attract more of this group (Hispanic, African-origin and Asian), this company engaged Novations to develop corporate and branch management in those skills that would support the growth of these target groups.

Over a 12-month period, Novations worked along side the bank’s marketing division to help identify the “promises” that were being made to the market in terms of service, representation and support. Novations then created a customized management program (based on Managing Inclusion) that prepared management to attract, hire and retain diverse banking professionals. Simultaneously, Novations’ consultants identified those HR policies and systems that needed to be changed as well.

Results

Once the new faces were present in the ranks, incremental revenue began to grow from newly acquired accounts within the minority community. In 2 years, the bank gained $40 million dollars in revenue from newly acquired accounts within this community.

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