RESEARCH REPORT
In brief
Is banking about to have its electric car moment?
Our research shows that purpose isn’t only about doing the right things for customers and society—it is also a powerful way to drive growth and higher market valuations.
Purpose helps banks enhance profitability and shareholder value
4 pts
The share of customers planning to switch to a new main bank in the next year averages four percentage points lower among Purpose-Driven Banking Leaders when compared with other banks.
3 pts
Over the 4 years to June 2020, Purpose-Driven Banking Leaders achieved an average return on equity (ROE) that was 3 percentage points higher than that of the other banks.
Why banks are making slow progress on the purpose-driven journey
For banks, clarity of purpose paired with digital banking maturity is a winning combination.