Verity Credit Union recently joined like-minded financial institutions around the world belonging to the Global Alliance for Banking on Values. At the moment, there are 46 banks from more than 30 countries around the world belonging to this values-based family. Every day, we jointly show examples of how values-based banking can have a positive impact on the environment and support the development of communities worldwide.
Values-based banking: What is the attraction?
- Genuine focus on long-term investing in social, environmental and economic issues
- Banking with a triple bottom-line approach: People, Planet, Prosperity
- Connecting people by serving local communities and delivering real-economy results
- Allowing individuals to make a difference in the world every day by the way their bank invests their money in community-building businesses and programs in their local community
The Global Alliance for Banking on Values was founded in 2009, and since then has been growing steadily, with banks, banking cooperatives and credit unions, microfinance institutions and community development banks joining from many parts of the world. Our collective goal is to change the banking system so that it is more transparent; supports economic, social and environmental sustainability; and is composed of a diverse range of financial institutions serving the real economy.
The real economy is what unites a campaign in New York to raise the minimum wage, a young entrepreneur opening an ice-cream shop in Peru, and a non-profit organization helping to rebuild lives in Manitoba. Investing in the real economy makes good business sense. Global business opportunities in social and environmental markets are projected to reach upwards of $3 trillion annually by 2050. The real economy offers financial institutions the opportunity to create shared value, to grow profits and regain their standing in society following the financial crisis of 2008. This is values-based banking.
The Global Alliance for Banking on Values believes in building healthy communities through responsible banking. Thursday, November 2, has been deemed “Banking on Values Day.” This year, the GABV #BankingOnValues campaign will focus on promoting the role of human connections to celebrate and invigorate healthy communities.
I would invite you to explore the inspiring and amazing work our colleagues are doing worldwide (http://www.gabv.org/the-impact/our-bank-stories ).