Banks’ attempts to steer clear of taking positions on controversial social issues like mental health, climate change, and ESG may be hurting their ability to acquire and retain customers according to new research.
Toomey’s accusations are really the ones that are “out of bounds” since many organizations take stances on social issues that have nothing to do with the industries they operate in .The vast majority of financial institutions shy away from taking a stand on social issues for a good reason: They don’t want to piss anyone off.political tightroping“Like it or not, this is a very polarized time in our history.
PNC CEO Bill Demchak believes the government should be the one to make policy choices on social and environmental issues, not banks. According to Demchak, “trying to shame people out of certain exposures for social reasons without a plan, without a formidable plan on the other side to actually cause changes, is nuts.”Taking a stand on social issues may be the customer-centric thing to do, however.
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