By Wayne Epstein – Head of Standard Bank Personal & Private Banking Moonshots
The past few weeks have undeniably been some of the most eventful of the year. The re-election of Donald Trump as President of the United States has prompted discussions worldwide, as his return to office will certainly have global implications—including in South Africa. As the old saying goes, “When America sneezes, the world catches a cold.”
Regardless of one’s feelings toward him, it’s evident that his perspectives and policies are deeply polarising. One of the most debated has been his stance on Diversity, Equity, Inclusion, and Belonging. I’d like to make a case for diversity requirements from a purely business perspective, advocating that all organisations—regardless of political views—can benefit from embracing these values.
As a committed capitalist and someone responsible for building new business lines and products within Standard Bank’s Moonshots division, I consistently find that the diversity principles can enhance the major aspects of business and product development. These are particularly evident in some of the key elements we consider namely: sourcing skilled talent for required business objectives; designing and delivering compelling products, propositions, and solutions; and optimizing sales and distribution. When these principles are applied, each of these elements can become stronger and better positioned for success.
Finding the Right People: attracting the best talent is the foundation of any successful business venture. A few fundamentals I have discovered in my career is that the team is more important than the individual (think about the league-winning Leicester football team of 2015/2016) and employee job satisfaction and workplace culture are key ingredients for success.
Diversity initiatives are therefore not just “nice-to-haves”— they can be strategic ingredients that enable business success. Creating an environment where employees feel valued and heard is directly linked to productivity, employee engagement, and innovation. When people feel safe bringing their unique perspectives to the table, they contribute more actively and passionately, which enhances performance across the board.
A diverse workforce inherently brings a wide range of perspectives, which is invaluable in designing products that truly meet customer needs. It enables us to view challenges through multiple cultural and social lenses, which can reveal insights we might otherwise miss.
Without these differing viewpoints, our understanding of customer issues and our ability to create effective solutions may be limited. Developing products that cater to diverse cultural nuances can make the difference between success and failure in new markets. As an example, Stanbic’s Dada offering in Kenya was borne from understanding the challenges that women face in accessing financial solutions. A well-rounded approach ensures that products are inclusive, relevant, and commercially viable, thereby increasing their appeal and acceptance among customers from various backgrounds.
One of the most effective sales strategies is the concept of the “empathetic sale,” which requires sales teams to deeply understand and identify with a customer’s problem. Diversity fosters the mindset to analyse, appreciate, and empathize with varied perspectives, helping salespeople better connect with customers at all levels. This empathetic approach strengthens trust and builds long-term relationships, which are key to successful sales outcomes and customer retention.
In a large corporation like Standard Bank, we see the benefits in action daily, but a common question arises: How can small businesses without the same scale or manpower leverage these advantages? Additionally, how can businesses gain insights about new markets and audiences when resources are limited?
This is where Generative Artificial Intelligence can become an invaluable tool. The major applications (like those owned by Google and Microsoft, amongst others) have data sets that incorporate apparently trillions of parameters that, when prompted appropriately, can return human-like responses to questions posed. Therefore, small and mid-sized businesses can now access anything from how a 60-year-old male in Kampala, Uganda would feel about funeral insurance, to what may be the appeal for rainbow coloured candies amongst children aged 6 to 9 based in a favela in Sao Paulo, Brazil.
The advent of this technology now allows business leaders to gain a preliminary understanding that can be used to build indicative business cases, in many cases for free. It is, however, essential to acknowledge that while Generative AI can simulate perspectives, it cannot replace genuine human experiences.
Businesses should therefore view AI as a supplement rather than a substitute for diverse perspectives. Engaging directly with target audiences and cultivating a diverse internal team are still optimal to authentically understanding different viewpoints and developing products that resonate.
Therefore, in my view, while diversity has historically been framed as an ethical or social issue, it is also a powerful business strategy. Organizations that prioritize it can gain a competitive edge, improving not only internal dynamics and customer connections but also their overall bottom line.
With the emergence of advanced AI tools, the benefits of diversity are within reach for businesses of all sizes, from global corporations to local startups. Embracing it is not just about doing what’s right; it’s about doing what’s smart for sustainable business success.