Case study: How de Volksbank works with its clients and customers to encourage sustainable practices
De Volksbank is the fourth-largest retail bank in the Netherlands, specializing in user-friendly and straightforward financial solutions. This includes mortgages, savings, payment services, insurance and investment products tailored to meet the needs of private individuals, self-employed individuals, and small businesses. The bank’s mission is centred around providing ‘Banking with a human touch’. De Volksbank 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 de Volksbank, 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 de Volksbank proceeded with stakeholder identification and consultation, and
- How de Volksbank 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.
De Volksbank actively engages with its key stakeholders – customers, society, employees, and shareholders – through a variety of year-round channels. These interactions range from daily customer service via chat, email, and phone to in-person meetings at branches. Discussions with stakeholders focus on important topics like sustainability, housing, and diversity and inclusion. Regarding the latter, de Volksbank has held employee roundtables on diversity and inclusion, and the results of these sessions will inform future policy development. Committed to achieving the Sustainable Development Goals (SDGs), de Volksbank seeks to foster partnerships and was a founding member of the PCAF, PBAF, and PLWF. It also maintains collaborations with organizations such as the Oranje Fonds, NLvoorelkaar, Dutch Debt Relief Route, and National Mortgage Guarantee.
How did de Volksbank work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?
In its 2023 PRB Reporting and Self-Assessment Template de Volksbank reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:
- De Volksbank recognizes that customer mortgages have the most significant negative climate impact. Consequently, the bank has established a sustainability policy focused on the housing sector, Key Performance Indicators (KPIs) related to the energy efficiency of its mortgage portfolio, and dedicated programs to encourage homeowners to make their houses more sustainable.
- De Volksbank actively encourages customers to make sustainability-related home improvements, such as energy-saving upgrades. It continuously seeks innovation in this area, demonstrated by successfully influencing its insulation installation partner to include bio-based roof insulation in their offerings and promote the use of nature-inclusive and renewable materials.
- Customers can increase their ASN Mortgage by up to €30,000 specifically for energy-saving improvements.
- When taking out an ASN Mortgage for homes with an energy efficiency rating of A or higher, customers get a discount on the interest rate.
- Through ASN Impact Investors, de Volksbank enables customers to invest in sustainable equity funds, such as the ASN Biodiversity Fund. ASN Bank transparently discloses the CO2 emissions impact of these investments to its customers.
- In November 2023, BLG Wonen hosted its annual Housing Debate, exploring the possibility of reintroducing housing as an employment condition and presented the results of a related study it conducted to have a positive impact on housing market accessibility. Through this initiative, BLG Wonen fosters greater collaboration among market parties.
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.
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- 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 de Volksbank, 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://www.devolksbank.nl/en/investor-relations/annual-report-2023
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