Across almost every industry, we are seeing this shift – from growth at any cost to conscious prosperity.
Automotive companies are finding greener means of powering their vehicles. For example, in an effort to reduce global carbon emissions, Swedish automaker Volvo says it will phase out all diesel, petrol, and hybrid options and only sell electric cars by 2030.
Meanwhile, consumer packaged goods manufacturers and retailers are encouraging healthier choices and ethically driven supply chains. Take our client, Mondelēz International, the global snacking company, which is investing $50 million in community programs that help at-risk families make informed food choices and access nutritious foods.
And as our Banking in the Age of Instinct report reveals, financial institutions are no exception. Many are transitioning from delivering financial services to enabling financial betterment. This could be through offering opt-in blocks on spending at gambling websites to protect vulnerable consumers, making focused investments in female founders, decreasing lending to businesses in the fossil fuel industry to promote sustainability, or enabling those currently outside the system to open a bank account.
These kinds of purpose-led initiatives are helping banks secure their continued existence in an uncertain future. According to research, consumers are 72% more likely to be loyal to companies that lead with purpose.
At Genpact, we are committed to our purpose: The relentless pursuit of a world that works better for people.
Our purpose shines through the work we do with financial institutions across the globe. With our industry and digital transformation expertise, we empower banks to offer their customers, employees, stakeholders, communities, and partners more than they could traditionally expect from banks.
For example, meeting customers where they are with helpful, optimized interactions and interfaces so they can focus on what matters to them most. Enabling commercial clients to stay afloat during turbulent times. Or creating a safer world for us all by stopping criminals, such as traffickers, from committing fraud or using the banking system to launder money.