The recent waves of social unrest in response to racial violence – layering on top of disruptions already present from the pandemic – has left many brands with a central challenge: How to address these complex, potentially polarizing issues in a meaningful way? Or should they even respond at all? What is a brand’s role in driving social change?
The answer is surprising: Consumers increasingly expect brands not only to respond to a crisis, but to be part of leading social change. In their most recent study, the Edelman Trust Barometer found that an eye-popping 80% of consumers expect brands to ‘’solve society’s problems.” It has become clear that simply messaging support for movements isn’t enough. Consumers clearly reward brands they believe in with loyalty – brands consumers believe are part of making change happen.
One powerful recent example of message married to action: Variety recently reported that Netflix has pledged to invest $100 million dollars – or 2% of its available cash – into banks that support Black communities. It’s a bold move for the streaming giant, and one that’s meant to move beyond lip service to have a significant impact, as Talent Director Aaron Mitchell affirms in a recent blog post: “We believe bringing more capital to these communities can make a meaningful difference for the people and businesses in them, helping more families buy their first home or save for college and more small businesses get started or grow…”
That Netflix chose banking as its vehicle to support equality and justice also shines a light on the critical role of the financial industry– and financial brands, generally – as being part of meaningful, positive change in our communities. At moments of crisis and change, it’s another powerful reason to Believe in Banking.
To learn more about how your banking brand can deliver on purpose and values, email: firstname.lastname@example.org.