Banks are important institutions for society to function but are, surprisingly, one of the least purposeful industries that we measure. If we compare banks, stable and well-established, with financial consumer services, often young and digital-first brands, banks are outperformed across the board, even when it comes to trust. Banks have a big challenge in explaining what practical problems they solve, and how make society better then they do.
Explore more about purpose in banking and other industries in Purpose Index™ 2024.
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Case study
A shining example among banks is DBS, based in Singapore. It has a strong purpose, clearly articulated in its “Better” communication concept that entails both “Better” decisions for you regarding how you spend and save your money, but also “Better” in how your spending and saving affects the planet.
DBS’ brand experience integrates sustainability in many of their products, nudging the bank customer towards sustainable choices throughout the user journey. Banks often miss this opportunity or do it in separate features.
The bank has also focused on building a comprehensive suite of features that form a banking ecosystem that covers most customer needs. This limits the common risk of new market entrants attracting customers away from DBS through slick digital financial services.
DBS is smart in making sure that its purpose covers how to best serve its customers. Many other banks leave the opportunity of creating great customer experiences up for grabs, and so lose out on new customers, revenue and loyalty.
About DBS
DBS is a multinational banking and financial services corporation headquartered in Singapore. It provides a wide range of services, including retail, corporate, and investment banking, with a focus on digital innovation and sustainability initiatives.
Read about how purpose works in different industries and learn about its verified business impact in Purpose Index™ 2024.
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For our Global 2024 report, we’ve surveyed the general public about 550 companies around the world. Get in touch to book a walkthrough of the results for your company, or to hear about findings for an industry or geographic market.
