At a time when questions about finance, sustainability and systemic risk dominate global debates, the online course Just Money: Banking as if Society Mattered is challenging learners to rethink the role of banking in society.
Developed at the Massachusetts Institute of Technology (MIT), the course explores how finance can serve as a tool for social and ecological transformation and why values-based banking must move from niche to mainstream.
We spoke with course lecturer, Katrin Kaeufer about the inspiration behind the programme and its growing global impact.
What inspired you to develop the course ‘Just Money: Banking as if Society Mattered’?
Using finance as a tool to address social and ecological challenges is a powerful driver for social change. But values-based finance still occupies only a niche in the financial system.
About 8 years ago, I was awarded a larger research grant, and I took this opportunity to develop and launch this free online programme at the Massachusetts Institute of Technology. With my team, we interviewed leaders and innovators in the field of social and green finance. Based on this research we wrote case studies, identified best practices and conventionalised concepts and frameworks to better understand values-based finance.
I deeply felt that values-based banking is not as visible as it should be. It is often not taught at universities; it is not included in the public discussion. But I had an additional goal. I wanted to give bankers in values-based banks an opportunity to learn from each other’s best practices.
In addition to the course, we also wrote a book that summarised this work: Just Money. Mission-driven Banks and the Future of Finance (MIT Press, 2021) and a case study for Harvard Business School which has been very popular.
How many people have enrolled in and completed the course so far?
So far, we received funding every year to re-run the course once a year, usually from March to November. Over the past seven years over 10,000 participants enrolled.
Have you seen the course influence people’s professional or academic work in sustainable or values-based finance?
We get amazing feedback. First, from bankers who are inspired by the examples, cases and practice as well as by the core concepts. They realise that values-based finance is an approach that requires innovation and learning.
Then we hear especially from young people that they had never thought about the role of money in society and that they have options for how to bank. And lastly, from students and academia. An additional goal of creating this course and the book was to create learning materials for students so that the topic of values-based finance can be taught in classes. I had also later the opportunity to write a Harvard Case study on Triodos Bank.
How do you hope this course contributes to the broader conversation about banking’s role in society and systemic change?
Values-based banking is not as visible as it should be. Which also has to do with the size of many social and green banks. I created the course, so that students have a reference point and see that a different way of banking is possible.
Katrin Kaeufer’s work highlights a central message: finance is not neutral. It shapes societies, economies and ecosystems and therefore carries responsibility. Through the ‘Just Money’ course, thousands of learners, from bankers and students to policymakers and academics, have gained the tools to rethink money as a force for regeneration rather than extraction.
We extend our sincere thanks to Katrin for sharing her insights and for her continued commitment to advancing the visibility and credibility of values-based finance. As the financial sector grapples with climate risk, inequality and trust deficits, initiatives like Just Money help ensure that the next generation of finance leaders are equipped not only with technical knowledge, but with purpose.
