Competitive Advantage | – We’re in the business of social

We’re in the business of social change,” says David Reiling, CEO of Sunrise Banks, whose company is a member of the Global Alliance for Values Banking. Banks seeking to join the Global Values Banking Alliance undergo a rigorous qualitative and quantitative vetting process that excludes applicants trying to conceal other intentions. Sunrise Banks just released a book called Fintech4Good, which names technology companies like Peanut Butter, TrueConnect, EarnUp and others that are making value-based personal finance smarter and easier by avoiding traditional, sometimes predatory usury practices like payday loans, student loans, loan markers and others. BRAC Bangladesh Bank offers one of the largest online banking networks in Bangladesh, a country of more than 160 million people whose lives are characterized by extreme poverty, illiteracy and disease and who are often ignored by traditional banks. The Global Values Banking Alliance was founded in 2009 and is based in Zeist, the Netherlands. Fifty-four banks from around the world are members of the alliance. “Millennials want a Google Wallet, they want to use Apple Pay, Venmo and PayPal,” says Rebecca Hoft, brand manager for Sunrise Banks. The Global Values Banking Alliance believes that at the core of human society is a soul centered on good, not evil. Authenticity has become big business, and big banks punished for fraud, corruption, and lying have become a social meme. The weight of this desire will be debated as members look for ways to not only improve the financial well-being of the world, but also to help do good in one of the big shares of global finance. In the U.S. and Canada, B Corp leads the way with Amalgamated Bank, Beneficial Bank, VanCity and Sunrise Banks. “We need partners of the highest quality in terms of values,” stresses managing director Marcos Eguiguren, calling from Barcelona. Accused of greed, fraud and outright corruption, banks are being stripped of their place by financial giants who are not banks at all. “We hear arguments that a socially responsible company can’t be profitable,” says Peter Neumann, director of marketing at Amalgamated Bank in New York. Many traditional companies see social values as a loophole that can devalue their profits. If you find our ideas on brand strategy and management interesting and would like to deepen your knowledge or that of your marketing or management teams, we can create a customized training and development program.