Banking with a purpose

The 2019 Efma-Accenture Banking Innovation Awards show that purpose-led innovation is here to stay.

Banking with a purpose

Last year’s awards took place prior to the Covid-19 pandemic that has upended lives across the planet. With over 600 innovations from 235 institutions in 70 countries, financial institutions were eager to show off their latest initatives.

Following the awards, Accenture performed an in-depth analysis of the entries to better understand how institutions are approaching the question of finding more purpose in their innovation. The result is a new report, ‘The Rise of Purpose-Led Innovation in Banking.’

Consumers want to see companies stand for more than just turning a profit. According to Accenture’s 2018 Global Consumer Pulse Research, which surveyed almost 30,000 consumers in 35 countries, 62 percent of consumers want companies to take a stand on current and broadly relevant issues such as sustainability, transparency, and fair employment practices.

This new report shows how a growing emphasis on purpose beyond profits is manifesting itself in different innovations throughout the industry. Institutions have developed impressive initiatives that focus on inclusion, citizenship, empathy, sustainability, and belonging.

While 2020 has certainly caused many organizations to rethink the way they do business, last year’s entries and winners show that all over the world, businesses were already reorienting their business models to align with the biggest societal problems we face.

To read more about purpose-led innovation in the banking industry, download your free copy now!

Keywords

Bank Products & Services Innovation

Geography

International