The integration of environmental and social issues in their activities as well as for their customers is becoming an increasingly important consideration for banking institutions.
With the acceleration of strategic changes to transform business models, innovations and meeting heightened expectations, the ability of banking institutions to adapt to these changes and modify their business models will be key to their contribution to environmental and social progress, as well as to their strategic positioning.
The pursuit of positive social and environmental impact in the design of products and services is not only essential, but is also one of the main drivers of innovation.
the challenge
This project, for a banking institution ranked among the top 10 globally, aims to provide a monitoring of trends and innovations in sustainability & retail banking (for individuals, professionals & companies, mainly) around 5 priority themes: social inclusion, energy transition, circular economy, biodiversity, and sustainable investment.
By looking at sustainability-related news across different dimensions – competitive intelligence on sustainable banking offers, Fintech 4 Good innovations, weak signals on main sustainability trends, etc. – we develop a ‘watch’ that can be used as a basis to develop new products. We not only conduct regular monitoring of current events on the above-mentioned subjects, but thereby also help inform strategy and identify innovation opportunities for the development of commercial offerings with a positive impact in the next 5 years.
OUR APPROACH
We integrate information from a range of sources (such as specialized media, general media, academic journals, innovation forums and events, etc.) to identify:
- Key trends and evolutions in the field of sustainability
- Significant announcements, innovations and initiatives, likely to inspire change in commercial offerings
- Weak signals in current and anticipated evolution of sustainability trends
This allows us to provide an overview of the above topics, and if necessary to delve deeper into specific interesting elements concerning innovation in sustainable offers in the retail banking industry.
RESULTS & NEXT STEPS
This monitoring exercise and presentation of the results enables our client to make progress on sustainability issues – in particular by integrating the elements into current and future offerings. This tool not only reinforces their approach but also inspires them to offer better solutions considering developments in the market.
