While I'm not one for mixing politics with religion, I find it interesting to see the recent Encyclical from Pope Francis, Laudato si' on Care For Our Common Home. And I find the parallel of banking on values or as I like to call it, values-based banking, an interesting, inspiring and let's face it, ironic but related theme.
Pope Francis has challenged the world to act on the greatest threats facing the human family today, as he puts climate change, growing global inequality and the destruction of biodiversity down to a world which has put profit and the drive for relentless growth above all other considerations.
I'd imagine that l, like most people who have heard about the Pope's message, agree that it's time for change. And it's true of the banking system too. Since the financial crisis, there has been a growing awareness of the need for a paradigm shift in the banking and financial industry. We know that we have the power to influence the environment by systemic and personal shifts in behaviour; I argue that the same is true of our personal power to influence the word economy and the financial system; by choosing where we bank, and what we put our money into. Of course we need to change the operation of banking too but that's another blog!
I'm getting to see it day after day in my role as Executive Director of the Global Alliance for Banking on Values (GABV). We're an independent network of banks and banking cooperatives with a shared mission to use finance to deliver positive economic, social and environmental impact. Values-based banking is more then just corporate social responsibility, it's about re-framing banking so that it is put back in the hands of the people and back in service of the people, organisations and communities banks serve.
It's not a new concept but it's growing in popularity. This month alone we announced three new members to the Alliance, First Bank of DC (USA), Ekobanken (Sweden), and Southern Bancorp (USA), which bring us to a group of 28 banks, representing 30,000 co-workers, and 20 million clients across countries in Asia, Africa, Australia, Latin America, North America and Europe, committed to turning the banking model on its head. We are actively partnering, collaborating, and strategising to find all of the ways banks and banking cooperatives can use their resources, people and capital to strengthen the 'human family" and the planet.
