Peter-Jan Van De Venn, VP of Global Digital Banking at Hexaware-Mobiquity. Our conversation centered around a pressing issue in the banking sector: the relegation of sustainability initiatives amidst the current economic crisis.
Peter-Jan brought to light some startling revelations from recent research. The study, involving 600 C-suite banking executives globally, indicated a significant shift in the banking sector's approach to sustainability. Notably, only two-thirds of these leaders now view sustainability as a key business strategy, a stark contrast to last year when it was unanimously seen as a top priority. This shift is particularly intriguing as more than a third of the executives acknowledge the profitability potential of prioritizing Environmental Societal Governance (ESG).
Our discussion delved into the reasons behind this dramatic change, particularly in the context of current economic uncertainties. Peter-Jan shared his insights on why banks are increasingly focusing on short-term bottom lines, potentially overlooking the long-term benefits and necessity of sustainable practices.
A key part of our conversation focused on the role of technology in driving sustainability in the banking sector. We explored how advancements such as AI, machine learning, cloud analytics, and even Augmented Reality can revolutionize the way banks operate and interact with customers. These technologies are not just tools for efficiency; they are catalysts for sustainable practices, enabling banks to make informed investment decisions, monitor their impact, reduce their carbon footprint, and provide more accessible digital services.
Peter-Jan also emphasized the importance of adopting a sustainability mindset, integrating it into a bank's brand and operations. He highlighted how Hexaware-Mobiquity is assisting banks like Aditya Birla Capital, Bank ABC, and the Bank of the Philippine Islands in leveraging digital technologies to drive both sustainability and overall performance.
Throughout our conversation, we touched upon the potential risks associated with sidelining sustainability, including reputational damage, missed opportunities for cost savings and innovation, and the broader societal impact.
