Is banking about to have its electric car moment?
Our research shows that purpose isn’t only about doing the right things for customers and society—it is also a powerful way to drive growth and higher market valuations.
Purpose helps banks enhance profitability and shareholder value
The share of customers planning to switch to a new main bank in the next year averages four percentage points lower among Purpose-Driven Banking Leaders when compared with other banks.
Over the 4 years to June 2020, Purpose-Driven Banking Leaders achieved an average return on equity (ROE) that was 3 percentage points higher than that of the other banks.
Why banks are making slow progress on the purpose-driven journey
For banks, clarity of purpose paired with digital banking maturity is a winning combination.