May 23

The banks redefining growth

If there's any industry in need of a facelift, it's banking.

In a post-GFC Australia, regardless of the comparative strength of our economy, consumers are still in the midst of a haze of extreme cynicism and distrust in regards to financial institutions.

However, recently (largely abroad, sadly) we have begun to see a shift in the way banks are operating and communicating to the public. With policymakers, investors and the public alike looking for better ways to bank in the aftermath of the financial crisis, sustainable banking is enjoying greater prominence than ever before.

These banks don't just avoid financing enterprises that do harm; they positively finance businesses that actively benefit wider society.

This is the main focus of one such institution: San Francisco-based New Resource Bank. “When you take a long-term perspective and you manage yourself not just for financial but community and environmental returns, that becomes a very resilient business and a profitable business over the long-term,” says Chief Executive Vince Siciliano.

This isn’t philanthropy; this is smart, forward-thinking, business. And it’s gaining momentum.

Read more about New Resource Bank and this promising category trend: