SURVEY SAYS BANK EXECS SUPPORT INDUSTRY PURSUIT OF ‘SOCIAL GOOD’

SURVEY SAYS BANK EXECS SUPPORT INDUSTRY PURSUIT OF ‘SOCIAL GOOD’

By: Ken Chase.

Estimated reading time: 2 minutes

recent survey of roughly 500 banking executives from around the world found that more than three-quarters of respondents support using their industry to promote “social good.” The Banking in 2035: global banking survey by Economist Impact provided insight into the way many of today’s banking leaders view their industry and its obligation to meeting societal needs beyond traditional financial services.

For example, 76 percent of respondents expressed their belief that the banking industry is obligated to use its power to address society’s issues and needs. 79 percent of executives said that their industry needs to be even more engaged in addressing those concerns. 82 percent were confident that they can not only make society better but earn a profit while they do so.

A deeper dive into the survey’s details reveals just a few of the concerns that these executives want to focus on, including increased digitalization, improving accessibility for underbanked and unbanked groups, and a greater focus on environmental, social, and governance (ESG) goals.

Those ESG concerns have become an increasingly controversial topic in recent months, as several U.S. states have expressed concerns that financial firms are engaged in discriminatory lending practices against oil and gas producers. Multiple states have either passed laws or are currently considering legislation that penalizes firms that engage in that type of discriminatory activity.

The survey also revealed some of the areas that bank executives are concerned about as they look to the future, including greater cyber risks and the need to enhance their fraud detection and anti-money laundering abilities.

Learn more on this topic

Related Insights

FDIC Confirms Republic First Bank Closure

FDIC Confirms Republic First Bank Closure

Regulators in Pennsylvania have reportedly closed Republic First Bank, in the first notable bank failure of 2024. The Federal Deposit Insurance Corporation (FDIC) made the announcement in a press release Friday. According to that release, The Pennsylvania Department...

Senators Move to Block CFPB Rule on Credit Card Fees

Senators Move to Block CFPB Rule on Credit Card Fees

Several Republican Senators are attempting to block the Consumer Financial Protection Bureau’s new rule restricting credit card feed. In a press release, the Republican Senate minority detailed their resolution that seeks to overrule the CFPB’s new policy. The CFPB’s...

New York Fed: Inflation Pressures Cooled in February

New York Fed: Inflation Pressures Cooled in February

A key inflation gauge cooled in February, down from January’s 3% to 2.9%, the Federal Reserve Bank of New York reported Monday. The decline in the bank’s Multivariate Core Trend Inflation index is seen by many as a signal that underlying inflation pressures may be...