Global movement by Global Alliance for Banking on Values sees connected communities putting people before profit
PR Newswire
ZEIST, Netherlands, October 25, 2017
ZEIST, Netherlands, October 25, 2017 /PRNewswire/ --
BankingOnValues Day on November 2 recognizes the culture shift disrupting traditional banking models today. Globally, consumers are asking tough questions and holding institutions accountable. Banks are no exception.
(Photo: http://mma.prnewswire.com/media/590473/GABV_ValueBasedBanking.jpg )
(Logo: http://photos.prnewswire.com/prnh/20160725/392614LOGO )
More people than ever care about where and how their banks invest. Among millennials alone, almost 65% want to be part of social change and make an impact. Millennials, the largest adult demographic ever, also want their bank to share their values. They are part of the growing population that demands new standards for how modern banks operate.
"Socially conscious consumers are no longer a fringe group," says Dr. Marcos Eguiguren Executive Director of Global Alliance for Banking on Values. "BankingOnValues Day triggers people to think differently about banking. As a starting point, ask your bank how they are using your money. Find out how much your bank invests in the real economy. If you don't like what you hear, maybe it's time to make a change."
The GABV and its 46 member banks across six continents include 48,000 staff serving more than 41 million customers who put people before profit. Values-based banking sees profit not as a goal to achieve, but as the result of doing things right for humanity and the planet. GABV member banks around the world are marking BankingOnValues Day 2017 with local initiatives in their country.
Key Statistics on BankingOnValues:
- 6 Principles: Values-based banking is guided by six key principles: triple bottom line approach, real economy focus, transparency, long-term resiliency, client-centred approach and all mentioned principles embedded in the culture of the bank.
- Lending: Values-based banks lend over 75% of their assets to clients, in comparison big banks devote just under 40% to lending. How are big banks using the other 60%?
- Future growth: Global business opportunities in social and environmental markets is projected to reach upwards of $3 trillion annually by 2050.
How it works:
- Values-based banks serve real people and support the real economy.
- They offer a level of human touch banking, connecting people, building for a better tomorrow, and focusing on long-term and sustainable investment.
- Invests collective savings money and uses it to finance a small furniture manufacturer, to provide working capital for an independent business, to loan to the farmer that needs to buy more cows or the family that needs to buy a home.
Real examples of BankingOnValues (more examples available on GABV website)
Canada:
Kindred Credit Union plays a critical role in funding the Centre for Peace Advancement, an innovative multidisciplinary research and collaboration centre at the University of Waterloo.
Europe:
By providing seven business loans over the last 13 years, all successfully repaid, Opportunity Bank Serbia helped independent business owner Milan Lezakov build and grow his upholstery and repair services company and provide for his family.
Dominican Republic:
Banfondesa Bank supports microfinance projects such as Vianel Rivas Díaz's successful 12 year old business of recycling organic material and turning it into fertilizer for use by local residents and businesses.
What is GABV?
Founded in 2009 following the financial crisis of 2008, the Global Alliance for Banking on Values (GABV) is a network of banking leaders from around the world working to advance positive change in the banking sector.
