- 55 million people today choose conscious banking to do more with their money
- US$163.4 billion in assets is invested into the real economy with Global Alliance for Banking on Values (GABV) institutions
- Almost 65% of millennials want to be part of social change and make an impact. More people than ever care about where and how their banks invest.
8 November 2018 – Banking on Values Day: Today, on #BankingOnValues Day 2018, the Global Alliance for Banking on Values (GABV) asks you to stop, think and ask: Does your money follow your heart? Where can your money do the most good?
“Today’s fragmented world of economic uncertainty and political turmoil in many countries, together with concerns of fake news and privacy issues has made people suspicious,” says Dr. Marcos Eguiguren Executive Director of Global Alliance for Banking on Values. “However, this turmoil is creating a positive wave in the banking industry. People now question the status quo. They are demanding banks deliver on socially responsible investing.”
The #BankingOnValues Day 2018 campaign provides these educational tools:
Interactive quiz: Are You #BankingOnValues?
Banking scorecard: A test for banks that rates them on whether they invest in the real economy
Debunking myths: A breakdown of true and false beliefs about values-based banks
Educational posters: Social media content that encourage people to think about values-based banking
How values-based banking works:
- Serves real people and support the real economy
- Offers a level of human touch banking, connect people, build for a better tomorrow, and focus on long-term and sustainable investment
- Invests collective savings money and uses it to finance a small furniture manufacturer, provide working capital for an independent business, loan money to the farmer that needs to buy more cows, or the family that needs to buy a home
All VBBs offer equal or better interest rates than conventional big banks. The big difference: VBBs lend more than 75% of their assets to clients, in comparison big banks that devote just under 40% to lending. People are asking, how are big banks using the other 60%?
“Values-based banks are at the forefront of restoring faith and bringing a new higher standard to banking. GABV is proud to be driving the socially responsible investing worldwide,” says Dr. Marcos Eguiguren.
Now 10 years after the collapse of once trust global investment bank Lehman Brothers, the culture shift to conscious, values-based banking is at an all-time high. More people than ever care about where and how their banks invest.
Almost 65% of millennials alone, 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.
The GABV and its 54 member banks across six continents include 60,000 staff serving more than 50 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 2018 with local messages and campaigns in their country including:
- A values-based bank in India will reach out to 100,000 school children through a network of 428 branches to talk about investing in their communities. Students will participate in a topic presentation and have the opportunity to interact with branch managers on what is means to do value-based banking.
- A values-based bank in Denmark is planning an “open day” in their main branch where food will be served from their loan customers. A meeting will be held to educate the community about CulturaFlokk, a crowdfunding platform that helps social causes.
- A values-based bank launches a new product line available to non-profit organizations that help to build strong and viable communities. The money market accounts pay rates that are significantly higher than other types. The product promotes the idea is that this bank invests in those who invest in their local community.
What is the Global Alliance for Banking on Values?
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. It is a non-profit organization that works for a more transparent banking world that supports social and environmental sustainability and the real economy.