Corporate Social Responsibility in banking at ANZ Bank: Addressing Environmental and Social Concerns
Question
Task: How does ANZ Bank incorporate Corporate Social Responsibility in banking to address environmental and social challenges?
Answer
Introduction
Australians have grown concerned regarding recent reports on pollution and global warming which has resulted in businesses needing to adopt Corporate Social Responsibility in banking policies which address the problem (Kotler & Lee, 2011). This has affected all businesses including the Anz Bank which has also had to adapt and address CRS so as to retain customers and public confidence and satisfied.
Many people may wonder how a bank is associated with environmental pollution but the banking practices also contribute immensely towards environmental pollution and global warming making it important for the Anz Bank to also put in place the correct policy which addresses the concern. The report shall explore areas where Anz Bank contributes towards environmental pollution and discusses how the businesses CORPORATE SOCIAL RESPONSIBILITY IN BANKING policy helps address those concerns (Horrigan, 2010). It also proposes on areas which are not covered but can be included the CRS policy to help further improve the policy.
Research Question
Is the Banking liable to follow Corporate Social Responsibility in banking?
Research Aim
The research aims at identifying areas this the banking industry contribute towards environmental degradations and pollutions as well as how the banking system an assist with addressing social needs
Research Objectives:
The research shall help identify areas which the banking industry contributes towards Environmental and social concerns and help propose approaches which can be taken to improve the industries performance
Research Plan and Proposed Analysis
The research shall identify the different ways in which the banking industry continues towards environmental degradations through digital sources after which important recommendations can be made to improve the industry address the concerns.
CRS Coverage Areas at Anz Bank
The Banking system has often been considered to be free from pollutants that affect the environment negatively but on closer investigation, it’s possible to find areas in which the Anz Bank also contributes towards environmental pollution (SAGE, 2012). Having grown to become globally recognized brand, the bank would also need to take responsibility of its local community and address social needs.
With more customers having an access to the internet, it has become very important for Anz Bank to address its carbon footprint by developing an effective CORPORATE SOCIAL RESPONSIBILITY IN BANKING policy so as to retain a positive image among its customers (Rang, 2011).
Environmental - Anz Banks’ Carbon Footprint
Every individual and organization will have a carbon footprint and while many may claim they do not contribute directly towards carbon emissions and environmental pollution, they will be classified as secondary contributors (Camilleri, 2017). This makes it important for the Anz Bank to also evaluate both its direct and indirect contributions towards environmental pollution and degradation and develops a CORPORATE SOCIAL RESPONSIBILITY IN BANKING policy which addresses the concerned areas.
Recycle
Recycling has been identified as being a major contributor towards any organizations commitment addressing environmental concerns making it important for the business to put in place effective a recycling policy (Asbury & Ball, 2016, p. 200). It is also the first step linked to a business demonstrating its commitment towards addressing environmental and pollution control norms. Anz Bank has invested heavily towards putting in place the necessary hardware required to recycle waste being produced by the bank. Being a bank it produces a large amount of organic as well as non-organic waste which require proper management and recycling to prevent it from polluting the environment and harming the populations.
E-waste
Anz Bank utilized a large number of computers and multiple other digital technologies which are made up of heavy metals which can easily pollute the environment. This form of pollutant is known as e-waste and a growing concern during the 21st century due to the increasing number of digital technologies being adopted and used today (Hester & Harrison, 2009). To prevent e-waste from polluting the environment, Anz Bank put has put in place an effective e-waste management policy through which the IT department is responsible for managing all digital technologies and ensuring their appropriate disposal. This reduced the risk of e-waste being discarded incorrectly which would have devastating effects on the environment.
Paper Waste
Banks tend to utilize a lot of paper even after the adoption of digital communication due to the bank needing to register its transactions on paper to reduce dependency on digital information. This results in the Anz Bank also needing to utilize a considerable amount of paper at each of its branches where data is printed on to paper several time a data and stored. The records are later than discarded as new data as new data is printed and the old data shredded and sent for recycling (Morgan, 2009, p. 29).
This helps reduce the pressure on the environment where by the paper is recycles rather than fresh paper produced for use at Anz Bank branches. Anz Bank has also put in place an important policy related to using only recycled paper which ensures the business reduces the pressure on environmental resources such as cutting of trees which are used to produce pulp to create new mapper. Anz Bank is also adopting e-communication which is eliminating the requirement for use of paper to communicate which also contributes immensely towards addressing CORPORATE SOCIAL RESPONSIBILITY IN BANKING concerns.
Common Transportation for Staff
Humanity’s’ dependency on facile fuel has become very apparent during the past 50 years and the number of vehicles on roads has increased tenuously during this time. This has resulted in spiking he levels of pollution considerably making it among the biggest concerns for most urban regions to address. While there are many policies in place to prevent and reduce carbon emissions produced by vehicles, many go ignored and air pollution continues to worsen.
To address this concern and help demonstrate Anz Bank’s contribution towards the concern, Anz Bank emphasizes on its staff to utilize public transport systems (Habisch, Jonker, Wegner, & Schmidpeter, 2005, p. 103). This is very important as public transport systems help reduce each individuals carbon footprint which gradually contributes immensely towards the environment
Minimize Use of Air Conditions and Heat Dispensing Technologies
Anz Bank has also put in place an effective policy related to the use of Air conditions and other heat dispensing technologies and equipment which require being used at a setting which dispense the lead heat to the environment (Tomczyk, Silberstein, Whitman, & Johnson, 2016, p. 5). Anz Bank has therefore reviewed many of its STM air conditioning policies by providing ATM in open air environments which help reduce the requirement for Air conditioning thus helping reduce heat dispensing to the environment.
Community Development and Uplifting
The past 2 decades have seen customers change their perception towards businesses and many view the business as an entity which must also address the social needs. This public concern developed due to organizations growing wealthier while the communities around them languished in poverty. Soon the concern begins being addressed and companies began addressing social needs as part of their contribution towards improving social development and growth. Today a major part of CORPORATE SOCIAL RESPONSIBILITY IN BANKING involved businesses contribution towards the local community’s development through multiple projects aimed at delivering important knowledge and information to the community (E & C., 2004).
Anz Bank has also implemented this policy and will usually organize for community training sessions to educate the local communities around the bank branches regarding different concerns they may be facing. There is no limitation associated with the community development and upliftment programs but will usually be designed based on the evolutions and assessment made on the local community and identification of their needs. This then data is then evaluated and proposals forwarded to the Anz Bank CORPORATE SOCIAL RESPONSIBILITY IN BANKING department who evaluated the application to determine the ones which require the urgent attention some common community development programs organized by Anz Bank include.
Health and Awareness Programs
Health is wealth making it important for health to be the first concern any business or organization addresses on its CORPORATE SOCIAL RESPONSIBILITY IN BANKING policy. Anz Bank will usually evaluate the local communities health needs and help assist them addressing this concern. While Anz Bank may not have the expertise or knowledge to treat the poor suffering from different medical conditions, the bank can raise this concern with the local authorities to help create awareness regarding the problem (TERI, 2009).
In many situations, the local community is poor and lack the confidence and representation to approach the local authorities thus Anz Bank CORPORATE SOCIAL RESPONSIBILITY IN BANKING department helps bridge this gap by developing a proposal which is presented to the concerned authorities to address health and welfare concerns that may be affecting the local community.
Educating the Local Communities
Anz Bank also organized for education camps which are aimed at educating the local community related to current affairs and skills which can be used to improve their financial stature. In many communities lack of training programs and guidance leads to people from the communities remaining under the poverty line (Katamba, 2012). Anz Bank helps evaluate their current knowledge and skills sets and organizes training camps which can be used to help improve the communities generate income and become financially stable
Sharing Knowledge and Skill
Anz Banks’ department is also responsible for sharing information and assisting with skill development among the local community. This is very important as in many situations local communities lack access to information which leads many not working due to lack of understanding. By offering access to information and guidance, the local communities are capable of developing important knowledge and skills which can be used to generate income (Hawkins, 2006, p. 232). Over time experience will help the individuals master and perfect the skills but offering the initial guidance is the corner stone to ensuring community development.
Conclusion
To maintain customer confidence towards the brand, Anz Bank has also had to adapt and address environmental and community development and improvement concerns. Today addressing CORPORATE SOCIAL RESPONSIBILITY IN BANKING has become an important requirement every business must consider if they expect to retain their reputation among the community and customers. Today the public and customers understand their role towards protecting the environment making it important for the businesses to also demonstrate their concern and efforts towards addressing environmental and social concerns under their which fall under their Corporate Social Responsibility in banking policies.
Bibliography
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