Why The Amazingly Smart Money Today Is Banking On Values
Some companies these days realize that the best opportunity is not to drive people to your website, but to push them toward your mindset.
People are putting their money where their values are. While shoppers might sometimes be on the fence about which new pair of jeans to buy, if those jeans are sustainably designed, have been recycled, up-cycled, or push some portion of profits toward a cause, it makes it easier for shoppers to lean toward purchase.
That phenomenon is not only happening in consumer marketing, it’s also happening in other sectors. The Global Alliance for Banking on Values (GABV), for example, has erected a tent pole for sincerity, honesty and accountability in a category that is repeatedly accountable to charges of greed, corruption and fraud.
“We are a movement of frontrunners,” says Marcos Eguiguren, GABV executive director. “We want to change the way the world looks at banking.”
Eguiguren’s goals couldn’t come soon enough.
“Millennials want to have a Google wallet, they want to use Apple Pay, Venmo and PayPal,” says Sunrise Banks chief brand officer Rebecca Hoeft. “They just don’t care about banks, because they don’t trust us.”
The mix of banking and values has gained street cred because the combination can have measurable side effects when it comes to community well-being. The Brookings Institute recently noted that even in the world’s wealthiest nations, frustrations surrounding income inequality and unhappiness are increasing.
“Trends show that lack of hope, even amidst prosperity, can have high negative costs for societies as a whole,” declare Carol Graham and Sergio Pinto in a recent Brookings article. Companies realize that the tool for resilience and regeneration is a triple bottom line that benefits people, planet and prosperity.