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Redefining Banking for a Radically Different Future – A note from Marcos Eguiguren, GABV Executive Director

In this quarterly note, I am delighted to announce the Global Alliance for Banking on Values Summit 2019: Migrants, #MeToo, and Melting Icecaps… Redefining Banking for a Radically Different Future.

Hosted by GABV member Vancity, we’ll gather in Vancouver, British Columbia, Canada—a city known for its natural beauty, livability and progressive values—on February 19-20, 2019 for this intriguing and inspiring two-day event, one which allows us to explore values-based banking within the context of the social, environmental and economic challenges of our time.

We believe that amongst private sector actors, the banking industry must play a significant role in the way society faces its challenges. The first step we need to take is to change finance in order to finance change—be it social, environmental or economic. Positive intentionality in terms of where money is allocated by the world’s banks can substantially accelerate a shift to a new economic paradigm. Banks have, for too long, been part of the problem. Rather, they must play a leading role in developing solutions.

I am happy to say that there are banks already doing so. They’re leading the values-based banking movement. These banks, members of the Global Alliance for Banking on Values (GABV), have long histories of using money for good and can be an inspiration for policymakers, regulators, influencers, academics and members of civil society (read our ebook GABV Stories of Systemic Change). During the Summit we will learn from experts in the field and engage with values-based bankers, regulators and civil society to clarify what must be done in the coming years to holistically redefine the banking industry and its ecosystem to put it in service of people and the planet, while keeping it healthy and profitable for continued investment. And, we will listen to the voice of the youth who will challenge the current generation and push us to action.

These activities will get off to a start with the upcoming #BankingOnValues campaign on November 8. The campaign will serve as the introduction to the thematic areas we will be focusing on during the Summit, with online conversations happening around the world. We hope to raise the visibility of #BankingonValues movement around the world and reach to key influencers capturing their views and opinions ahead of the Summit.

In the last quarter, we already noticed a rise in the visibility and influence of the GABV, and proof of this is the recent announcement by the Central Bank of Malaysia of the adoption of their Values-Based Intermediation Strategy. This will initially affect the Islamic banking industry in the country and, eventually the whole banking system. The role of the GABV has been key in inspiring this strategy. This is an excellent example of things that can be done, in conjunction with national banking associations and/or central banks to promote values-based banking.

Another good example of the rising influence of our movement is the number of articles published by the prestigious magazine Euromoney in their September issue. The edition was tailored to go hand in hand with the autumn meeting of the World Bank celebrated in October in Bali (Indonesia).

The magazine’s cover story is about “Banking doing well again” and has several great articles on the topic, most of them featuring the GABV or its members. Please find URLs with the articles below:

At the end of this note, I want to thank stakeholders and friends of the GABV who cooperate with us daily to achieve a healthier financial system. Let’s continue banking for a better world!

Best wishes,

Marcos

GABV Executive Director

 

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