Case study: How Fineco works with its clients and customers to encourage sustainable practices
FinecoBank is a prominent FinTech institution in Europe and a leading advisory network. It is also a key player in Italy’s Private Banking sector, operating across 20 regions with 428 Fineco Centres—offices where financial advisors conduct their work. The bank’s advisory model is tailored to individual clients’ needs, including fiduciary services, protection and transmission of personal and corporate assets. As of 2023, Fineco served over 1.5 million customers, 98% of whom were individuals. Fineco 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 Consolidated Non Financial Statement by Fineco, 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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With this case study you will see:
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- How Fineco proceeded with stakeholder identification and consultation, and
- How Fineco 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.
Over the years, Fineco has implemented numerous listening and interaction initiatives that consistently engage a wide range of stakeholders to better manage mutual relationships. Through a thorough analysis of the needs and opinions of each stakeholder, the Group is able to create more focused strategies, enhancing decision-making and the delivery of products and services.
In 2023, the Stakeholder Map developed in 2022 was reaffirmed by the corporate bodies, identifying the primary stakeholders with whom Fineco conducts its engagement activities:
- Clients
• Employees
• Financial Advisors
• Financial Community
• Savers
Detailed descriptions of stakeholder engagement activities for each category can be found in section 2.1 of Fineco’s 2023 NFS, which should be referred to for further information.
How did Fineco work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?
In its 2023 Consolidated Non Financial Statement Fineco reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:
In addition to the various client listening channels outlined in paragraph 2.1 of Fineco’s 2023 NFS, client engagement on ESG topics is primarily facilitated through financial education events dedicated to clients and prospects. These events also demonstrate a strong commitment to promoting awareness of responsible finance. Consistent with this approach, specific targets have been set within the new MYP ESG 2024-2026 to enhance client engagement on sustainability issues by offering ESG-focused events across all business areas of the Network.
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 Fineco, 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:
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