CULTURAL COMPETENCY IN BANKING: A PHENOMENOLOGICAL STUDY OF SUB-SAHARAN AFRICAN IMMIGRANTS LIVED EXPERIENCES IN U.S. FINANCIAL INSTITUTIONS

Abstract

CULTURAL COMPETENCY IN BANKING: A PHENOMENOLOGICAL STUDY OF SUB-SAHARAN AFRICAN IMMIGRANT LIVED EXPERIENCES IN U.S. FINANCIAL INSTITUTIONS My study explored sub-Saharan African immigrants lived experiences of cultural competency in U.S financial services organizations. My study utilizes a Hermeneutic Phenomenological methodology informed by Critical Theory in exploring how organizational policies, processes and practices impact the lived meaning and financial experiences of Sub-Saharan African immigrants. Critical Theory provided a lens to conceptualize and question dominant taken for granted ideologies and systemic structures that influence banking interactions and financial institutional practices. Rather than simply propagating the acquisition of cultural competency knowledge, this approach encourages financial organizational actors and leadership to critically engage with and challenge assumptions, biases, and systemic inequalities (Singleton, 2014). Through in-depth narratives, my participants revealed how they often felt pressured to mask aspects of their cultural identity to participate in and navigate financial systems, while also facing exclusion and marginalization within those same environments. The study further examined how financial institutions unconsciously practiced exclusionary dynamics through culturally insensitive practices. Hermeneutic phenomenology was employed because of its unique combination - a focus of the phenomenological lived experience with the interpretive nature of hermeneutics to facilitate a deeper understanding of how individuals make meaning within their social and financial contexts of lived experience. Critical theory further informed this methodology to help unmask the ways in which power, culture, taken for granted assumptions, and identity intersect in financial settings, particularly as experienced by members of sub-Saharan African immigrant communities (Gadamer, 2004; Laverty, 2003; Smith, 2009; van Manen, 2016). This research highlights the ethical imperative for financial services providers to move beyond surface-level diversity and inclusion initiatives toward a more genuine integration of cultural competency across organizational structures. The findings suggest that financial inclusion, empowerment, and trust-building require more than multicultural marketing or the hiring of multicultural representatives. Findings call for a reexamination of institutional norms, practices, and decision-making processes. The study concludes with recommendations for financial policy changes, organizational development, and future research, advocating for financial systems that affirm identity, foster belonging, and actively resist the marginalization of sub-Saharan African immigrant communities. Key words: Phenomenology, Lived Experiences, Organizational Cultural Competency, Sub-Saharan African Immigrants, Financial Services Providers