Case study: How WeBank works with its clients and customers to encourage sustainable practices
As China’s first privately-owned bank, WeBank is dedicated to the mission of “Better Banking for All” and aims to become “The Globally Leading Digital Bank that Continually Innovates for a Better Life.” Utilizing advanced technologies, WeBank offers equitable and high-quality financial services to MSMEs and the general public. By the end of 2023, WeBank had delivered convenient and professional financial solutions to nearly 400 million individual customers and 4.7 million MSMEs. WeBank is a signatory of the Principles for Responsible Banking (PRB) and is, accordingly, working with its clients and customers to encourage sustainable practices and enable sustainable economic activities. Tweet This!
This case study is based on the 2023 Sustainability Report by WeBank prepared in relation to its implementation of the PRB, that can be found at this link. Through all case studies we aim to demonstrate what ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.
Which Principles for Responsible Banking have been addressed?
The Principles for Responsible Banking addressed in this case are:
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- Principle 3: Clients and Customers
- Principle 4: Stakeholders
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- How WeBank proceeded with stakeholder identification and consultation, and
- How WeBank worked with its clients and customers to encourage sustainable practices and enable sustainable economic activities
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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.
WeBank has developed a comprehensive process for identifying, regularly consulting, communicating with, and collaborating with stakeholders involved in impact analysis and goal setting. Recognizing the importance of understanding stakeholders’ expectations and perspectives, WeBank views them as vital references for guiding the Bank’s ESG development. Through its business procedures and internal departmental interviews, WeBank has identified key stakeholders, including clients, government and regulatory agencies, employees, shareholders, environmental organizations, communities, media outlets, industry associations, research institutions, partners, and suppliers. WeBank actively explores diverse communication channels to listen to stakeholders’ opinions and expectations regarding its sustainability initiatives, aiming to leverage ESG opportunities and advance its sustainability goals. In its 2023 Sustainability Report, WeBank addressed all stakeholder concerns. Additionally, relevant departments within the bank will follow up on and respond to stakeholder feedback to ensure the effective implementation of the Principles for Responsible Banking (PRB) and to strengthen WeBank’s impact.
How did WeBank work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?
In its 2023 Sustainability Report WeBank reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:
WeBank has established a process to collaborate with clients and customers in encouraging sustainable practices. The bank proactively explores various communication methods to gather their insights and expectations regarding its sustainability efforts. WeBank’s engagement channels include the official website www.webank.com, the service and complaint hotline 95384, social media platforms such as WeChat, Weibo, Douyin, and others, as well as official WeChat accounts, mini programs, and apps of its respective business units. Additionally, WeBank utilizes outdoor LED screens and conducts client surveys to maintain ongoing dialogue and understand its customers’ perspectives on sustainability.
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
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- 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.
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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 WeBank, 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://tctp.tctpwebankcdn.net/owb-admin/data/appsystems/owb-admin/1725269602331-30930.pdf
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