Bank of the West: banking for climate change
San Francisco based (a company) announced yesterday that it has launched its first checking account that will be directly supporting global climate action in an effort to build a better future for the planet, the 1% for the Planet Account.
1% of net revenues made from the account will be donated to not-for-profit climate change organisations at no cost to the customer. The first beneficiary will be , a nonprofit created in 2007 that focuses on legislation regarding the climate crisis.
"When you talk about climate change people are often at a loss as to what they can do personally to effect change," commented , Chief Marketing Officer at Bank of the West. "The 1% for the Planet Account allows consumers not only to bank with a group that is progressive on energy policy and is striving to meet the demands of the Paris Accord, but also that donates 1% of the account’s revenue to address climate change at no cost to the consumer."
What are the key account features?
- A 100% biodegradable/compostable debit card, “so when your card expires, it expires for good.”
- A carbon tracking tool working with online banking, allowing customers to keep track of every purchase and its carbon impact
- No monthly service charge when one deposit is made per statement, including no minimum balance and no direct deposit is required
Bank of the West’s release of this account is part of the company's movement to use more sustainable practices, this includes restricting financing acts that are harmful to the planet like fossil fuels, palm oil and big tobacco.
Frictionless banking, the Salesforce way
Alan Donnelly has enjoyed a long and successful career in the IT and financial services industry. He has worked with banks, insurers, payments companies, fintechs and more in support of business transformation programmes for some of the biggest names in the business for the past 27 years.
Today, he’s head of financial services for Salesforce UK, the leading global, cloud-based CRM platform that integrates customers and companies. Donnelly is also currently leading the Salesforce operation that is digitally transforming the UK arm of the Madrid-based Santander Group.
“I have had the pleasure of working with many financia
l institutions over many years,” he says. “Typically, it was involved in helping customers build big banking systems and banking platforms that ran what we would call systems of record. But now, as I've moved into Salesforce and we're building our financial services business, we are really now helping our customers engage with their customers.”
The partnership withSantander is a multi channel operation that sees Salesforce helping the bank to engage better with corporate clients and retail customers via their branches and the internet, says Donnelly.
“We're also helping them with customers, who maybe wish to acquire mortgages and mortgages for the life events. I guess it's a multi connectivity environment. But in every case, Santander needs to understand the customer's requirements and better serve those customers in the right time and the right fashion,” Donnelly explains
He adds, “I also think the ability to contact customers whenever they need help and support, as we've seen in the recent pandemic, has proven critical - so I think technology is definitely much more connectable and effective than it was before.”