Are Banks really responsible in a digital world? Challenges on United Nations

Are Banks really responsible in a digital world? Challenges on United Nations

David Villaseca

EMEA Head of Digital Banking & Innovation Partner at Oracle

Views 562

Are Banks really responsible in a digital world? Challenges on United Nations

05.12.2019 09:00 am

This week, we held a discussion on Responsible Banking on the 25th United Nations Climate Change Conference (COP25). It connected different experts from Bank of Spain, Santander, etc, with the coordination of CEU.

Green and Responsible Banking

In terms of green banking, the EU is considering a “green supporting factor” for bank lending: for example, encouraging banks to finance energy-efficient homes, zero-emissions transport or other green investment. Santander issued €1 billion of 7-year green bonds to fund wind and solar power projects.

It is now a top priority in Financial Services to encourage sustainable practices, not just in terms of green banking, but overall sustainability of economic activities.The Principles for Responsible Banking have been signed this year by 130 banks from 49 countries, representing +USD47 trillion in assets. These banks represent different regions: Barclays, BBVA, Bradesco, Citi, ICBC, ING or National Australia Bank. The principles focus on increase the positive impacts of banks worldwide, and reducing the negative impacts on both people and environment.

Digital, a key element for Responsible Banking

In a digital era, transparency is a must for all banks, as well as been accountable for their impact. Some banks are coordinating the digital transformation efforts with these goals. For example, BBVA considers digitalization as key to accelerating sustainable finance. For example: using Artificial Intelligence for financial inclusion through digital identification, or building cross-sectorial ecosystems and partnerships.

But this topic raises also challenges, such as the possibility of causing digital division, or amplification of biases. In a context of regulatory pressures and increasing customers demands, is the industry evolving fast enough? Time to act.
Imagen en el mensaje

Latest blogs

Martijn Bos Holland FinTech

Get your head up in the clouds, it’s good for business

How Digital Transformation is reshaping competition in financial services The message is clear and it’s coming at us from all sides: digitalize now. No business unit seems to be immune to the onslaught of cloud-based, AI-driven, real-time, Read more »

Sonny Aulakh Pure Storage

How to support remote working without compromising productivity

As the need to work remotely continues to impact the daily lives of people and businesses around the globe, it places unexpected demand on IT departments. How do you transition supporting 30% of your workforce to work remotely to 100% in a matter of Read more »

Martijn Bos Holland FinTech

Making it through the rain: Finance in times of turmoil

You’d need to be living on a remote island, without electricity or internet to not be aware of what the world is going through right now – a medical crisis that has spread across the world and disrupted supply chains, goods and services production, Read more »

James Devoy Sysnet Global Solutions

PCI DSS and Remote Assessments

COVID-19 is obviously changing many aspects of daily life. Some will be short term measures to see us all through these times, although I wonder how many will become more permanent fixtures in our lives. The PCI SSC has provided guidance to allow Read more »

James Booth PPRO

Brave New World: A Futuristic Vision of Payments

Over the last ten years, the retail e-commerce ecosystem has undergone a wide-ranging transformation. As recently as 2010, the e-commerce and payments value chain were relatively straightforward: Any eCommerce merchant could integrate a payment Read more »

Related Blogs

Marcus Vinicius Martinez CGI

Hyper-Casual Banking

If you own a smartphone, the chances are you have at least one gaming app installed. You know, for those rare moments when you have a few minutes to spare and just need to switch your mental focus. However, with the ever-increasing power of Read more »

Danny Healy MuleSoft

The 'Lego-ification' of Banking IT and the Rise of Digital Finance Ecosystems: Four Priorities for Banks in 2020

The advent of the open banking era and continued emergence of fintech has forced customer experience up the banking agenda. According to McKinsey, of the 50 largest global banks, three in four have now pledged themselves to some form of customer Read more »

Claus Christensen Know Your Customer

Is business banking ripe for FinTech disruption?

There are always many reasons one might want to organise a trip to Paris. For the last couple of years, the Paris FinTech Forum has become another one of these reasons. First launched in 2015 and hosted in the charming Palais Brongniart - the former Read more »

Vikas Srivastava Integral

Why increasing cost pressures mean banks need to put their ‘head in the cloud’

It’s true that banks are having to do more with less budget. Recent headlines have demonstrated we’re currently operating in an increasing cost pressured environment. The solution for some banks has been to cut costs through staff reductions – but Read more »

John Phillips Zuora

Subscription Services and the Race Towards the Future of Banking

In the not too distant past, we would sign up for a current account post-school or university and still be carrying around the same worn debit card in our 30s and 40s. With very little differentiation between retail bank offerings combined with Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel