Case study: How Bluestep Bank Group works with its clients and customers to encourage sustainable practices
Bluestep Bank Group, established in 2005, is a specialized mortgage bank serving private customers in Sweden, Norway, and Finland. In Sweden, it offers an equity release service through 60plusbanken. Bluestep Bank Group’s mission is to responsibly empower individuals economically and promote financial inclusion for a wider audience. Bluestep Bank Group 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 PRB Reporting and Self-Assessment Template by Bluestep Bank Group, 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 Bluestep Bank Group proceeded with stakeholder identification and consultation, and
- How Bluestep Bank Group 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.
Bluestep Bank Group has engaged in a stakeholder dialogue and conducted a materiality analysis. This materiality analysis incorporates the perspectives of various stakeholders and considers factors impacting the economic, social, and environmental footprint of the business, which can influence stakeholder decision-making. The analysis took as its starting point the Sustainability Accounting Standards Board (SASB), the UN’s Sustainable Development Goals, and Bluestep Bank Group’s vision of broader financial inclusion. A questionnaire was developed and discussed with customers, a select group of Bluestep Bank Group employees, partners, and representatives from Bluestep Bank Group’s owners.
The analysis identified four target areas: attractive workplace, inclusive banking, climate-neutral banking, and business ethics and governance, with 20 subtopics.
How did Bluestep Bank Group work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?
In its 2023 PRB Reporting and Self-Assessment Template Bluestep Bank Group reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:
Bluestep Bank Group has established various policies and instructions aimed at promoting sustainable activities among management, employees, customers, and clients. These include a Sustainability Policy, Remuneration Policy, Code of Conduct Policy, and Supplier Code of Conduct Instruction.
The latter has been reviewed and restructured to ensure it is integrated into all supplier engagements. Suppliers are required to access and sign the code. In Sweden, Bluestep Bank Group offers customer relationship channels for those prioritizing sustainable choices. On its website, Bluestep Bank Group promotes green mortgages that offer clients a reduction in mortgage interest rates for villas or apartments with an energy rating of A or B. Bluestep Bank Group supports and assesses clients who meet the criteria for obtaining green mortgages.
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 Bluestep Bank Group, 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://cdn.bluestep.se/globalassets/files/2023/prb-report-2023.pdf?contentId=29302
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