Subject matter experts from JP Morgan Chase and Century 21 talked about how to create and communicate diversity equity and inclusion initiatives to internal stakeholders and consumers at a recent Portada Live knowledge-sharing event for brand marketers. (Watch the VIDEO at the end of the article!).
This article is presented by El Tiempo Latino*
Diversity Equity and Inclusion is not only a moral imperative, it can also increase innovation at organizations and make perfect business sense. But how can Diversity Equity and Inclusion initiatives best be communicated and implemented? Cesar Lostaunau, Director, Growth Markets/Diversity & Inclusion at CENTURY 21 Real Estate LLC, and Ron Bautista, VP Lower Mass Segment Marketing for Chase Consumer Banking led a conversation about how their teams create and execute strategies to communicate diversity equity and inclusion initiatives to internal stakeholders and consumers.
How to Approach the Wealth Gap and Opportunity Across Diverse Communities for the Financial Industry?
Portada Live participant Janina Delloca-Pawlowski, Vice President, Customer Inclusion at Fidelity Investments, asked Bautista and Lostaunau about how to best approach the wealth gap and opportunity when communicating with diverse communities. Real estate agency franchise company Century 21 created its own inclusion program. “We lead with education. We arm our 50,000 agents with the information and knowledge they need to reach first-time home buyers and get their message in front of diverse communities. We reach out to community centers and schools so that many people understand that home ownership typically is the foundation of wealth in the U.S, ” Lostaunau explained.
We reach out to community centers and schools so that many people understand that home ownership is the foundation of wealth in the U.S.
Chase’s Bautista agreed that education is key, and added that having an educational approach “has different aspects, including digital so that people can access information before seeing a banker. And, of course, in-person by meeting the community where the community is at and also through the partners that already have those relationships. This way we build confidence from the client side.”
In addition, Bautista mentioned that Chase opened more than 200,000 low-cost checking accounts with no overdraft fees. “We have opened 12 community center branches, and branches for community partners and entrepreneurs to meet and get support.”
Diversity Equity and Inclusion: Using the Right Data
One challenge companies face when developing programs specific to underserved communities is to use the right data. Both Chase and CENTURY 21 have large teams of experts to make sure they have the insights they need about diverse demographics.
“We have team members who are specialists in working with various communities, including Black, Latino, LGBTQ, and people with disabilities. It is about having different support groups with insights and programs to work on. It’s about adapting depending on the audience,” Bautista explained.
It is key to have different support groups with different insights and programs to work on. We micro-target depending on the situation.
Lostaunau added Century 21 “has Employee Resource Groups, e.g. where we gain a lot of experience from realtors. Lastly, we leverage our relationship with external diversity partners e.g. with NAHREP who once a year publishes the ‘State of Hispanic Homeownership’. This way we make sure we are impacting the industry; whether it is the consumer or the wealth lens to community insight when developing programs specific to those communities as well as when integrating insights into general market work if applicable.”
Local Community Efforts
To figure out how they can help their customers and try and make an impact, Chase and CENTURY 21 have specific teams and initiatives. “The initiatives that are most successful are where there is an interest in first-time home buying, launching a career, or advancing an economic level. At the national level, we build relationships with organizations that drive diverse communities through assertive marketing in some of our local offices,” explained Lostaunau.
At the national level, we build relationships with organizations that drive diverse communities through assertive marketing in some of our local offices.
“Our community managers are the ones who manage local community efforts. We have 150 across the country. Their full role is to engage the community with financial health workshops, hosting guest speakers on home lending and more.” adds Bautista. “My personal mantra is that there is growth in solidarity. My job is to demonstrate that this is possible.”
My personal mantra is that there is growth in solidarity. My job is to demonstrate that this is possible.
(VIDEO) Watch the Cesar Lostaunau, Director, Growth Markets/Diversity & Inclusion at CENTURY 21 Real Estate LLC, and Ron Bautista, VP Lower Mass Segment Marketing for Chase Consumer Banking, here:
* This article is presented by El Tiempo Latino – National news provider in Spanish from Washington, DC for millions of Latinos in the U.S.