Corporate Social Responsibility in the Banking Industry: An Overview

Abstract

AbstractCurrently, the business field is based on common ground, engaging in pro-social and environmental behaviour is therefore essential. The pressures to do so have enforced a trade-off between the adoption of corporate social responsibility (CSR) policies and the corporate financial performance. In this regard, several case studies show that it is possible “to do well while doing good”, for example, in terms of reputation, image, trust and resources. This is particularly important in the banking industry, given that the reputation and growth of banks’ non-performing loans have suffered in many developed countries. Currently, banks are therefore strongly committed to CSR in order to regain their corporate reputation and image, as well as a positive financial performance over time. But what exactly do CSR practices mean? We address this question in the context of the banking industry since its answer is of crucial importance for the industry’s economic development and plays a key role in its sustainable development.KeywordsCorporate Social Responsibility (CSR)Sustainable developmentBanking industry.