The Core Emphases of Corporate Social Responsibility by the Biggest Organizations in the Finnish Banking Sector

Abstract

It is a broadly accepted notion today that companies are increasingly facing an intensive pressure by society to engage socially responsible business policies. In addition, the significant social power of the banking industry in society and the irresponsible use of this power on several occasions over history have especially put the issue of responsible banking high on the public conversation.

The purpose of this hermeneutics research is to interpret an understanding of how the biggest organizations in the Finnish banking industry have approached the increased demand for socially responsible banking activities and policies. The method is a qualitative content analysis targeting to corporate social responsibility reports by Nordea, OP Financial Group and Danske Bank.

The empirical findings suggest that all of the analyzed organizations have adopted very similar approach to answer the pressure of responsible banking. These emphases are responsible business connection, compliance culture, environment, responsible employer and community engagement. Furthermore, it is argued here that the analyzed organizations have incorporated broadly different socially responsible business emphases, found in the literature, into their frameworks of socially responsible banking activities and policies.