Amalgamated Banks (USA) announces first-ever progressive index asking 800 self-described ‘progressives’ throughout the country their views on banking and the economy. The poll found a majority of progressives have a strong distrust of the banking industry, with 87 percent of respondents reporting they believe bankers’ main goal is to make a profit, and not to serve their customers. 83 percent of progressives said they want their banks to be focused on making the world a better place.
NMB Bank (Nepal) launches, Ek Ghar Ek Khata, an initiative to accelerate economic growth by supporting every Nepali household in becoming financially literate. According to NRB banking statistics, only 40% of the total population of Nepal holds deposit accounts in banks, highlighting that more than half the population is without formal financial access.
Magnet Bank (Hungary) reveals their approach to socially responsible banking with initiatives based around: transparency – where clients’ contributions to the bank’s annual profit is calculated and shared publicly every year; autonomy – where retail clients determine their account management fees via ‘Pay as you like’ account management; and self-directed impact investment – where clients can specify loan purposes for their deposited funds via the Mentor, Sector solution.
Southern Bancorp (USA) receives Supporting Organization of the Year award for supporting minority business growth. Also unveils Split, Save and Win sweepstakes to encourage customers to save a portion of their tax refund. Designed to turn tax time into saving time, this ‘non-traditional approach to savings’ is working!