Case study: How Zenus Bank identifies and works on strategic business opportunities to increase positive and reduce negative impacts
Zenus Bank, a digital bank based in the US, utilizes advanced technology to enable individuals in over 180 countries to easily open US bank accounts online—without the need for US citizenship, residency, or company registration. This provides clients with the unmatched security, flexibility, and convenience of US banking standards. Zenus Bank is a signatory of the Principles for Responsible Banking (PRB) and is, accordingly, identifying and working on strategic business opportunities to increase positive and reduce negative impacts. Tweet This!
This case study is based on the 2024 PRB Reporting and Self-Assessment Template by Zenus Bank 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:
- Principle 3: Clients and Customers
- Principle 4: Stakeholders
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- How Zenus Bank proceeded with stakeholder identification and consultation, and
- How Zenus Bank identified and worked on strategic business opportunities to increase positive and reduce negative impacts
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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.
Zenus Bank is committed to actively and responsibly engaging with key stakeholders—including local regulators, investors, and its executive team—to support the achievement of broader societal goals. Each stakeholder group plays a vital role in shaping Zenus Bank’s strategy, ensuring compliance, and aligning the bank’s efforts with long-term sustainability objectives.
As Zenus Bank expands its banking services, it also aims to connect with external stakeholders who share the bank’s commitment to the United Nations Sustainable Development Goals (SDGs) and the most impactful areas aligned with its mission. This network will include industry experts, environmental organizations, community leaders, advocacy groups, and others who offer diverse perspectives and specialized expertise. These collaborations will not only strengthen Zenus Bank’s strategic initiatives but also foster valuable partnerships to promote sustainability, gender equality, financial health, and financial inclusion.
By incorporating stakeholder insights and feedback, Zenus Bank can make more informed decisions and refine its action plans. This collaborative approach will enhance the effectiveness of the bank’s efforts and help Zenus Bank adapt to the changing landscape of the financial industry, creating meaningful, long-lasting positive impact.
How did Zenus Bank identify and work on strategic business opportunities to increase positive and reduce negative impacts?
In its 2024 PRB Reporting and Self-Assessment Template Zenus Bank reports that it identified and worked on strategic business opportunities to increase positive and reduce negative impacts as follows:
Zenus Bank consistently identifies key business opportunities and takes steps to grow its services. In 2024, Zenus Bank further pinpointed strategic business opportunities and expanded its offerings. The bank planned to launch corporate accounts by the end of the year and has already implemented B2B2C solutions through BIN Sponsorship and virtual accounts.
This growth enhances Zenus Bank’s impact on Gender Equality, Financial Health, and Financial Inclusion. By onboarding a diverse range of businesses, Zenus Bank addresses global banking needs, providing accessible USD accounts and targeting customers committed to sustainability initiatives. Additionally, Zenus Bank offers secure, transparent solutions for NGOs managing public funds, ensuring seamless financial transactions that align with its broader commitments to inclusion and 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 Zenus Bank, 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://zenus.com/media/mrxlt5hg/2024-zenus-unep-fi-report.pdf
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