Does it really matter if a bank is socially responsible? Who cares what the bank does with your money, just as long as it is there when you need it?
We care. At Amalgamated Bank, we believe banking – and the entire financial sector for that matter – must be responsible for its social and environmental impact. Who you trust to care for your money should align with your values and the change we wish to see in the world. We believe that banks can play a role in environmental sustainability, women’s rights, and economic justice.
Good to hear that we weren’t the only people who think so. In the last few weeks, Amalgamated Bank has received two important awards for our work and dedication to social change. In addition to the awards, we partnered with SurveyMonkey to conduct research on how and why people choose their bank. The results of that research reinforce why lifting up socially responsible banking is deeply important in this moment.
Euromoney has named Amalgamated Bank their 2019 best bank in North America for Corporate Social Responsibility. It is a great honor to receive this award given how many European banks have set the bar higher for corporate social responsibility and environmental sustainability. Amalgamated was recognized as a global leader in serving U.S. based social change organizations with their financial resources and using our lending portfolio for deep social and environmental impact.
We also learned that Forbes has named Amalgamated one of the best banks in California. We are especially excited about this award as it showcases our recent growth in California with last year’s acquisition of New Resource Bank (NRB). NRB had built a rich community and reputation as a mission driven lender in the sustainability sector. Bringing that history together with Amalgamated Bank’s nearly 100 year legacy has allowed us to grow our footprint in a strategic and mission aligned way. California provides a lot of opportunity for growth and impact. To hear from Forbes, a leading business media outlet, that Amalgamated is top of its class in serving California is truly rewarding.
This public recognition comes on the heels of research that we partnered with SurveyMonkey to explore what consumers expect from their bank. SurveyMonkey polled over 10,000 people nationwide to find out about what really drives banking relationships and purchase behavior. We learned that 85% of consumers say that it’s important that the companies that they do business with share their values and 77% have made a purchase decision based on those values. Likewise, the vast majority of consumers want their bank to act in a socially responsible manner. Eighty-three percent of people said it is important to them that their bank not invest their money in causes that they don’t personally believe in and 81% want their bank to use its money to support socially responsible causes. This study clearly shows that people want to do business with responsible companies and want their bank to follow suit.
As we celebrate these milestones and are proud of the recognition, we know the work isn’t done to move Amalgamated Bank and the entire financial sector into deeper alignment with those leading social justice work across the country. SurveyMonkey showed that our clients need and want a financial partner that will position them for success and advocate on their behalf. These awards reflect our commitment to leading the financial industry and standing with our partners as they make inroads on the frontier of social change. We appreciate Euromoney and Forbes for their generous recognition of our leadership. We’re proud to share these awards with our clients who are helping build this bank and create a more just and sustainable world.