Opportunities for Firms with Help from Government to Better Serve the US Multicultural Consumer

According to our recent survey of 2,000 US consumers, low- and middle-income Black and Hispanic respondents are less likely to use traditional financial services. This is after more than $200 billion in pledges by firms to address closing racial economic gaps.

Even among higher-income Black and Hispanic respondents, financial services providers have room to grow their engagement with these demographics.

Access to safe and affordable financial services is a vital step toward financial inclusion and wealth building that supports consumption and US GDP growth.

We discuss opportunities for firms, governments, and nonprofits to partner on educating and incorporating underrepresented groups into mainstream banking.