Covid-19 has shaped and continues to reshape the financial services sector. Demonstrating a responsible response to the challenges became just as important as the business itself, in fact it became the business: “doing the right thing” became an imperative as the context aligned the success of financial institutions to those of their stakeholders, throwing into stark relief what it really means to be sustainable.
Sustainability is popular in so many ways today, including in investment. It’s not surprising that banks are going all out to link their brands with such a trendy concept. But Lundquist has dived beneath the surface to determine where European banks really stand on sustainability, how it is molding their corporate strategies and communications. The results prove that most banks still have a way to go to be fully credible.
Traditionally the banking sector has been shrouded in secrecy, guardians of not only customer financial data but their own internal information. In the aftermath of the 2007 financial crisis, stakeholders, customers and regulators have demanded more honesty from the industry.
Banking used to be all about monetary profit and loss, but those days are gone. Today banks are being pressured to include a host of other considerations in their decision-making, such as how their investments will promote sustainability and corporate-responsibility objectives, and many of them are employing digital media to lay out their plans and actions to a concerned public.