Case study: How ICA Banken works with its clients and customers to encourage sustainable practices

Stakeholder identification and consultation

Please describe which stakeholders (or groups/ types of stakeholders) you have identified, consulted, engaged, collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s impacts. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed/results achieved and how they fed into the action planning process.

As a member of the Swedish Bankers Association, ICA Banken is dedicated to adhering to the climate roadmap, which outlines the banking industry’s framework for climate action.

In its role as a responsible bank, ICA Banken partners with nonprofit organizations and companies in the mental health and energy sectors.

The Swedish Quality Index (SKI) has been a valuable ally in providing insights for the Bank’s impact analysis.

The bank frequently consults and collaborates with ICA Gruppen on sustainability-related issues.

Internally, all product owners, Bank management, and responsible individuals from both private and corporate banking have participated in the impact analysis and target setting, including members of the Bank’s sustainability forum, who will monitor progress toward these targets.

How did ICA Banken work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?

In its 2023 PRB Reporting and Self-Assessment Template ICA Banken reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:

ICA Banken’s primary mission is to assist individuals and households in making sustainable financial choices in their daily lives, with the aim of positively impacting people, the environment, and society as a whole. The Bank approaches sustainability from three key perspectives:

1. ICA Banken’s customers’ daily lives and personal finances
2. ICA Banken’s operations and business practices
3. ICA Banken’s role in society

ICA Banken’s Customers
ICA Banken aims to inspire its customers to adopt a more sustainable lifestyle by supporting them in making sound, secure, and long-term financial decisions. Through its partnerships, ICA Banken strives to simplify sustainable choices, even beyond traditional banking services. Additionally, ICA Banken seeks to alleviate its customers’ financial stress and other challenges arising from difficult life events, such as divorce, illness, or the loss of a loved one.

ICA Banken’s Business
ICA Banken takes a multifaceted approach to reduce its business’s carbon footprint. This includes increasing the proportion of financing directed toward green investments, offering sustainable mutual funds, minimizing negative environmental impacts from insurance claims, and transitioning to bank cards made from 100% recycled plastic. In terms of social sustainability, ICA Banken prioritizes cultivating an internal culture of inclusion and psychological safety.

ICA Banken’s Role in Society
ICA Banken strives to contribute to a sustainable future for individuals and society as a whole. Combating money laundering and fraud is critical, as these pose significant threats to both communities and individuals; thus, preventing financial crime is a key focus for ICA Banken. Beyond its core banking services, ICA Banken aims to leverage its position in society to raise awareness about mental health and inclusion, e.g. through various partnerships.

UN Principles for Responsible Banking: Accelerating a positive global transition for people and the planet

With over 300 signatory banks representing almost half of the global banking industry, the Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through these Principles, the banking community takes action to align core strategies, decision-making, lending and investment with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.

FBRH Principles for Responsible Banking (PRB) Assurance:

First class PRB assurance services: The result of solid, hands-on ESG/ Sustainability experience

• • • FBRH is a GRI Certified Training Partner (Global), ISEP Training Centre and a member of CPD.
    • FBRH builds trust. Over 200 reviews from top professionals from around the world demonstrate our ability to build strong, trusting business relationships.
    • FBRH possesses a unique skill set that combines ESG/sustainability certified training, experience in advisory services and report preparation, and ESG/sustainability report assurance.

The combination of all the above empowers FBRH to provide first class Principles for Responsible Banking (PRB) assurance services.

References:

This case study is based on published information by ICA Banken, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://cms.icabanken.se/globalassets/pdf/prb-reporting-and-self-assessment-icabanken-2023.pdf

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