The State of Diversity, Equity and Inclusion (DEI) in Financial Services: Check Your Knowledge

What is the status of diversity, equity and inclusion in the financial services industry? What are the best practices? BAI recently found the answer to those and many other questions. Answer the ones below to see what you know.

1. What percentage of financial services organizations have a published DEI statement?

This is incorrect. According to BAI Banking Outlook research, 75% of financial services organizations have a published DEI statement. In fact, 100% of organizations with $150 billion+ in assets have a published DEI statement, although smaller organizations lag behind.

What DEI opportunities should your organization be seeking?

Learn more about DEI opportunities and challenges in the BAI Banking Outlook State of Diversity, Equity and Inclusion in Financial Services infographic

This is incorrect. According to BAI Banking Outlook research, 75% of financial services organizations have a published DEI statement. In fact, 100% of organizations with $150 billion+ in assets have a published DEI statement, although smaller organizations lag behind.

What DEI opportunities should your organization be seeking?

Learn more about DEI opportunities and challenges in the BAI Banking Outlook State of Diversity, Equity and Inclusion in Financial Services infographic

This is correct. According to BAI Banking Outlook research, 75% of financial services organizations have a published DEI statement. In fact, 100% of organizations with $150 billion+ in assets have a published DEI statement, although smaller organizations lag behind.

What DEI opportunities should your organization be seeking?

Learn more about DEI opportunities and challenges in the BAI Banking Outlook State of Diversity, Equity and Inclusion in Financial Services infographic

This is incorrect. According to BAI Banking Outlook research, 75% of financial services organizations have a published DEI statement. In fact, 100% of organizations with $150 billion+ in assets have a published DEI statement, although smaller organizations lag behind.

What DEI opportunities should your organization be seeking?

Learn more about DEI opportunities and challenges in the BAI Banking Outlook State of Diversity, Equity and Inclusion in Financial Services infographic

2. Most Chief Diversity Officers report to their organization’s ______

This is incorrect. Depending on the organization, a Chief Diversity Officer may report to the Chief Human Resources Officer or another C-Suite executive, but most report directly to the CEO.

Do you have a Chief Diversity Officer? What responsibilities do they have? Learn what financial services organizations across the country are doing.

Read the BAI Banking Outlook special report, Diversity, Equity and Inclusion

Watch the BAI Banking Outlook webinar, The State of Diversity, Equity and Inclusion in Financial Services

This is correct. Depending on the organization, a Chief Diversity Officer may report to the Chief Human Resources Officer or another C-Suite executive, but most report directly to the CEO.

Do you have a Chief Diversity Officer? What responsibilities do they have? Learn what financial services organizations across the country are doing.

Read the BAI Banking Outlook special report, Diversity, Equity and Inclusion

Watch the BAI Banking Outlook webinar, The State of Diversity, Equity and Inclusion in Financial Services

This is incorrect. Depending on the organization, a Chief Diversity Officer may report to the Chief Human Resources Officer or another C-Suite executive, but most report directly to the CEO.

Do you have a Chief Diversity Officer? What responsibilities do they have? Learn what financial services organizations across the country are doing.

Read the BAI Banking Outlook special report, Diversity, Equity and Inclusion

Watch the BAI Banking Outlook webinar, The State of Diversity, Equity and Inclusion in Financial Services

This is incorrect. Depending on the organization, a Chief Diversity Officer may report to the Chief Human Resources Officer or another C-Suite executive, but most report directly to the CEO.

Do you have a Chief Diversity Officer? What responsibilities do they have? Learn what financial services organizations across the country are doing.

Read the BAI Banking Outlook special report, Diversity, Equity and Inclusion

Watch the BAI Banking Outlook webinar, The State of Diversity, Equity and Inclusion in Financial Services

3. What percentage of financial services organization employees feel their leadership supports DEI goals?

This is incorrect. According to BAI Banking Outlook research, 89% of financial services employees agree or strongly agree their leadership supports DEI goals.

What role should leadership play in setting DEI goals? Learn more by—

Listening to the BAI Banking Strategies podcast, How Banks Can Meet the Moment on Diversity, Equity and Inclusion

Reading the BAI Banking Strategies article, Keeping the Focus on Diversity, Equity and Inclusion

This is incorrect. According to BAI Banking Outlook research, 89% of financial services employees agree or strongly agree their leadership supports DEI goals.

What role should leadership play in setting DEI goals? Learn more by—

Listening to the BAI Banking Strategies podcast, How Banks Can Meet the Moment on Diversity, Equity and Inclusion

Reading the BAI Banking Strategies article, Keeping the Focus on Diversity, Equity and Inclusion

This is incorrect. According to BAI Banking Outlook research, 89% of financial services employees agree or strongly agree their leadership supports DEI goals.

What role should leadership play in setting DEI goals? Learn more by—

Listening to the BAI Banking Strategies podcast, How Banks Can Meet the Moment on Diversity, Equity and Inclusion

Reading the BAI Banking Strategies article, Keeping the Focus on Diversity, Equity and Inclusion

This is correct. According to BAI Banking Outlook research, 89% of financial services employees agree or strongly agree their leadership supports DEI goals.

What role should leadership play in setting DEI goals? Learn more by—

Listening to the BAI Banking Strategies podcast, How Banks Can Meet the Moment on Diversity, Equity and Inclusion

Reading the BAI Banking Strategies article, Keeping the Focus on Diversity, Equity and Inclusion

4. More than 9 out of 10 financial services employees:

Your answer is incorrect. The answer is D. According to BAI Banking Outlook research, more than 90% of financial services organization employees know where and how to report a discrimination and/or harassment incident, and believe appropriate action would be taken if they did.

Is your organization handling DEI complaints the right way?

Download the BAI Banking Outlook special report, Diversity, Equity and Inclusion

Your answer is incorrect. The answer is D. According to BAI Banking Outlook research, more than 90% of financial services organization employees know where and how to report a discrimination and/or harassment incident, and believe appropriate action would be taken if they did.

Is your organization handling DEI complaints the right way?

Download the BAI Banking Outlook special report, Diversity, Equity and Inclusion

Your answer is incorrect. The answer is D. According to BAI Banking Outlook research, more than 90% of financial services organization employees know where and how to report a discrimination and/or harassment incident, and believe appropriate action would be taken if they did.

Is your organization handling DEI complaints the right way?

Download the BAI Banking Outlook special report, Diversity, Equity and Inclusion

Your answer is correct. According to BAI Banking Outlook research, more than 90% of financial services organization employees know where and how to report a discrimination and/or harassment incident, and believe appropriate action would be taken if they did.

Is your organization handling DEI complaints the right way?

Download the BAI Banking Outlook special report, Diversity, Equity and Inclusion

5. Industry leaders identify participation in Employee Resources Groups (ERGs) as a way to help DEI initiatives because they:

Your answer is incorrect. The answer is D. According to leaders in the industry, an ERG can have many positive functions, including connecting underrepresented groups, bringing employees together and identifying emerging talent.

What formal DEI programs does your organization have, and what role should they play? Learn more by:

Listening to the BAI Banking Strategies podcast, How One Bank is Doing DEI

Reading the BAI Banking Strategies Executive Report article, The ABCs of ERGs

Your answer is incorrect. The answer is D. According to leaders in the industry, an ERG can have many positive functions, including connecting underrepresented groups, bringing employees together and identifying emerging talent.

What formal DEI programs does your organization have, and what role should they play? Learn more by:

Listening to the BAI Banking Strategies podcast, How One Bank is Doing DEI

Reading the BAI Banking Strategies Executive Report article, The ABCs of ERGs

Your answer is incorrect. The answer is D. According to leaders in the industry, an ERG can have many positive functions, including connecting underrepresented groups, bringing employees together and identifying emerging talent.

What formal DEI programs does your organization have, and what role should they play? Learn more by:

Listening to the BAI Banking Strategies podcast, How One Bank is Doing DEI

Reading the BAI Banking Strategies Executive Report article, The ABCs of ERGs

Your answer is correct. According to leaders in the industry, an ERG can have many positive functions, including connecting underrepresented groups, bringing employees together and identifying emerging talent.

What formal DEI programs does your organization have, and what role should they play? Learn more by:

Listening to the BAI Banking Strategies podcast, How One Bank is Doing DEI

Reading the BAI Banking Strategies Executive Report article, The ABCs of ERGs

6. Encouraging diverse thinking helps drive productivity and innovation.

Your answer is correct. Studies show that diverse ideas boost productivity, innovation and also leads to increased profitability.

Why should your organization encourage diverse thinking?

Listen to the BAI Banking Strategies podcast, How Banks Meet the Moment on Diversity, Equity and Inclusion

Your answer is incorrect. Studies show that diverse ideas boost productivity, innovation and also lead to increased profitability.

Why should your organization encourage diverse thinking?

Listen to the BAI Banking Strategies podcast, How Banks Meet the Moment on Diversity, Equity and Inclusion

7. Analyzing office complaints can help uncover areas of bias because:

Your answer is incorrect. The answer is D. Encouraging and examining complaints helps uncover bias in a number of ways.

How can you uncover bias in your organization?

Listen to the BAI Banking Strategies podcast, A New Way to Detect Bias in Banking

Your answer is incorrect. The answer is D. Encouraging and examining complaints helps uncover bias in a number of ways.

How can you uncover bias in your organization?

Listen to the BAI Banking Strategies podcast, A New Way to Detect Bias in Banking

Your answer is incorrect. The answer is D. Encouraging and examining complaints helps uncover bias in a number of ways.

How can you uncover bias in your organization?

Listen to the BAI Banking Strategies podcast, A New Way to Detect Bias in Banking

Your answer is correct! Encouraging and examining complaints helps uncover bias in a number of ways.

How can you uncover bias in your organization?

Listen to the BAI Banking Strategies podcast, A New Way to Detect Bias in Banking

8. What percentage of financial services employees feel their organization promotes fairly, regardless of race or gender?

Your answer is incorrect. According to BAI Banking Outlook research, 75% of employees feel their organization promotes fairly, regardless of race or gender. In fact, 83% of employees feel job performance reviews are also handled fairly in their organization.

What best hiring and promotion practices should your organization be following?

Read the BAI Banking Strategies Executive Report article, 6 Opportunities for Banks to Improve DEI

Your answer is incorrect. According to BAI Banking Outlook research, 75% of employees feel their organization promotes fairly, regardless of race or gender. In fact, 83% of employees feel job performance reviews are also handled fairly in their organization.

What best hiring and promotion practices should your organization be following?

Read the BAI Banking Strategies Executive Report article, 6 Opportunities for Banks to Improve DEI

Your answer is correct. According to BAI Banking Outlook research, 75% of employees feel their organization promotes fairly, regardless of race or gender. In fact, 83% of employees feel job performance reviews are also handled fairly in their organization.

What best hiring and promotion practices should your organization be following?

Read the BAI Banking Strategies Executive Report article, 6 Opportunities for Banks to Improve DEI

Your answer is incorrect. According to BAI Banking Outlook research, 75% of employees feel their organization promotes fairly, regardless of race or gender. In fact, 83% of employees feel job performance reviews are also handled fairly in their organization.

What best hiring and promotion practices should your organization be following?

Read the BAI Banking Strategies Executive Report article, 6 Opportunities for Banks to Improve DEI

9. Supplier diversity helps address social injustice, but doesn’t really help a financial services organization’s bottom line.

Your answer is incorrect. Supplier diversity not only helps address social injustice by providing opportunities for diverse suppliers, but it can also help a financial services organization’s bottom line by driving competition and promoting innovation.

Why is supplier diversity so important?

Learn more by listening to the BAI Banking Strategies podcast, How Banks Meet the Moment on Diversity, Equity and Inclusion

Your answer is correct. Supplier diversity not only helps address social injustice by providing opportunities for diverse suppliers, but it can also help a financial services organization’s bottom line by driving competition and promoting innovation.

Why is supplier diversity so important?

Learn more by listening to the BAI Banking Strategies podcast, How Banks Meet the Moment on Diversity, Equity and Inclusion

10. Financial services leaders should set specific DEI goals that include:

Your answer is incorrect. The answer is D. Financial services leaders should set specific DEI goals that include collecting and measuring data, publishing data and keeping leadership accountable.

Does your organization have the right DEI goals in place?

Listen to the BAI Banking Strategies podcast, How One Bank is Doing DEI

Read the BAI Banking Strategies Executive Report article, Goals and Assists

Watch the BAI Banking Outlook webinar, The State of Diversity, Equity and Inclusion in Financial Services

Your answer is incorrect. The answer is D. Financial services leaders should set specific DEI goals that include collecting and measuring data, publishing data and keeping leadership accountable.

Does your organization have the right DEI goals in place?

Listen to the BAI Banking Strategies podcast, How One Bank is Doing DEI

Read the BAI Banking Strategies Executive Report article, Goals and Assists

Watch the BAI Banking Outlook webinar, The State of Diversity, Equity and Inclusion in Financial Services

Your answer is incorrect. The answer is D. Financial services leaders should set specific DEI goals that include collecting and measuring data, publishing data and keeping leadership accountable.

Does your organization have the right DEI goals in place?

Listen to the BAI Banking Strategies podcast, How One Bank is Doing DEI

Read the BAI Banking Strategies Executive Report article, Goals and Assists

Watch the BAI Banking Outlook webinar, The State of Diversity, Equity and Inclusion in Financial Services

Your answer is correct. Financial services leaders should set specific DEI goals that include collecting and measuring data, publishing data and keeping leadership accountable.

Does your organization have the right DEI goals in place?

Listen to the BAI Banking Strategies podcast, How One Bank is Doing DEI

Read the BAI Banking Strategies Executive Report article, Goals and Assists

Watch the BAI Banking Outlook webinar, The State of Diversity, Equity and Inclusion in Financial Services

How can your organization improve collaboration and get better DEI results? Learn more about DEI best practices by visiting BAI’s DEI resource center.