Case study: How Zenus Bank works with its clients and customers to encourage sustainable practices

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’s primary stakeholders include local regulators, investors, and Zenus Bank’s internal executive team. This core group is crucial in shaping Zenus Bank’s strategy, ensuring regulatory compliance, and aligning Zenus Bank’s efforts with its sustainability goals.

As Zenus Bank expands its banking services, it will engage with external stakeholders who share Zenus Bank’s commitment to the Sustainable Development Goals (SDGs) and its impact areas. This extended network will include industry experts, environmental organizations, community leaders, and advocacy groups, among others. Collaborating with these external stakeholders will provide Zenus Bank with fresh perspectives, specialized knowledge, and partnerships to advance sustainability, gender equality, financial health, and financial inclusion.

The insights and feedback from these stakeholders will be essential in shaping Zenus Bank’s action plans. This collaborative approach will not only strengthen Zenus Bank’s impact but also enhance its ability to respond to the evolving needs and challenges in the financial industry.

How did Zenus Bank work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?

In its 2023 PRB Reporting and Self-Assessment Template Zenus Bank reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:

To promote diversity, inclusivity, and sustainability, Zenus Bank has adopted a proactive approach to client engagement. Recognizing the significant impact of women clients on economic and societal well-being, Zenus Bank has focused extensively on understanding and serving this demographic in its initial campaign.

Zenus Bank’s strategy centres on client engagement and feedback, driven by the belief that understanding clients’ needs is crucial for aligning Zenus Bank’s services with their sustainability goals. This initiative involves a comprehensive outreach campaign with carefully crafted questions designed to understand the client experience and aspirations. Key information Zenus Bank aims to gather from this campaign includes:

1. Client Onboarding Experience: Zenus Bank aims to understand how well its accounts fulfill clients’ financial needs, using this insight to identify opportunities for refining and enhancing its product offerings.
2. Account Suitability: Zenus Bank’s inquiries delve into how well clients’ Zenus Bank accounts meet their financial needs, helping Zenus Bank pinpoint areas for improvement.
3. Service Utilization: Zenus Bank assesses clients’ perceptions of its banking services, focusing on the most beneficial ones. For clients who haven’t explored the full range of Zenus Bank’s services, Zenus Bank investigates non-utilization to uncover potential challenges and alternatives.
4. Client Support: Zenus Bank seeks feedback on interactions with its client service team and invites suggestions for enhancement. By fostering such communication, Zenus Bank strives to build strong client relationships based on trust and open dialogue.

The insights gathered from these campaigns will serve as the foundation for developing policies and initiatives. Additionally, Zenus Bank aims to provide enhanced support for clients on their journey towards 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:

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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/2m3ltkae/unep-report-2023.pdf

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