Corporate Social Responsibility integrated into business
Throughout their history, Chilean banks have undergone a constant process of strengthening, while access became more generalised. The latter involved a gradual shift in focus from ‘accessibility’ to ‘service’, with the ensuing challenges.
In the midst of the crisis of confidence that institutions have been experiencing for years, both in Chile and abroad, local banks have suffered this phenomenon in a less drastic fashion than other industries. This was due to the fact that it still has an undeniable structural solidity, which supports its corporate reputation.
However, recent studies show that this reputational capital, supported by financial stability and prudent management, may be running out. Consumers no longer merely expect banks to take care of their deposits in a responsible manner; they also aspire to a relationship based on efficient service and customer care.
We believe that Corporate Governance is the main pillar on which our business and sustainability strategy are based
In this context, Corporate Social Responsibility plays a key role in business sustainability. Integrating its principles as part of business strategy is crucial to establish long-term relationships with the various stakeholders. From this point of view, fostering a relationship in which both sides –business and clients– are equally important is a priority for mutual growth.
Based on our experience, we have focused on advancing towards sustainable management, encompassing all areas of the industry, and taking into account the constant regulatory changes, business needs, the demand for better service from customers, and multiple customer service channels using various technologies.
We have defined 5 pillars that guide our actions in this respect: Corporate Governance, Partners, Customers, Environment, and Community. We constantly assess the progress made along each axis, on the basis not only of our business vision, but also of the sustainability principles that enable us to have high quality parameters and to be aligned with the industry challenges.
We believe that Corporate Governance is the main pillar on which our business and sustainability strategy are based. We have reinforced the unquestionable ethical behaviour which has characterised our institution throughout its more than 180 years of history. Social Responsibility initiatives are only meaningful if they are based on a solid Governance structure and on the organisation’s values. Otherwise, we run the risk of performing isolated, occasional actions with no significant impact on the business and its audience.
Internally, we seek to promote our partners’ development and quality of life, turning our organisation into a better place to work in, valuing and respecting the needs of a diverse group, and promoting leaders’ training in order to continue growing.
Initiatives aimed at our customers, by contrast, aim to provide a comprehensive value proposition, based on good service and personalised advice. We want to ensure that our customers are informed in a clear and relevant manner, and that they feel confident about the financial decisions they are making.
We want to ensure that our customers are informed in a clear and relevant manner, and that they feel confident about the financial decisions they are making
Environmentally speaking, we focus on learning and managing the business’s impact on the environment, which has led us to implement energy efficiency and waste management measures, as well as to make responsible use of resources.
In the community, we have developed and implemented financial education programmes, as well as programmes supporting entrepreneurship and social and community development, and a successful corporate volunteering programme, which we regard as a strategic tool, given that it generates internal and external benefits.
Financially, we work transversally on communications and innovation in these areas of our Corporate Social Responsibility, as they enable us to identify new and better opportunities for business development. We firmly believe that this way of doing business will enable us to continue to meet our customers’ financial needs for many years to come.