Piraeus Bank Case Study: Investing in a "green" community

Introduction

Consumers are increasingly aware of their role within the wider global community as the impact of human activities on the planet and its inhabitants becomes more apparent. This has led to a rise in ethical consumerism, a trend from which FS providers are not immune. Piraeus Bank is meeting this consumer demand by associating its brand with "green banking".

Features and benefits

* Target the ethical consumer by understanding how to build an authentic "green" offering.
* Understand how to use social media as a tool for cementing brand values without the need to market FS products or services.
* Learn to demonstrate the important role FS providers play in the community by bringing together and supporting consumers under a common cause.

Highlights

Piraeus Bank's social media campaign is focused on environmentally friendly and sustainable ideas and products rather than on the products and services offered by the bank itself. This demonstrates the bank's commitment to its "green" values and highlights an innovative use of social media to build a brand through the support of a particular cause.
Globally, the demand for FS providers to have a clear "green" policy is strong, with very high demand in emerging economies. This is not a demand that providers can ignore.
Providers play an important role within the community, and building a relationship with consumers will help providers to gain trust. Communities of all scales are important to consumers and providers must demonstrate that they are a positive force within these.

Your key questions answered

* How has Piraeus Bank attracted ethical consumers?
* Why is it important for FS providers to be involved in the wider welfare of the communities in which they operate?
* How can social media be used to cement brand values without discussing a provider's FS offering?
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OVERVIEW
Catalyst
Summary
ANALYSIS
Introduction
Piraeus Bank has aimed to develop a truly "green" brand
Piraeus Bank transformed its business through a three-year "green banking" project
Piraeus Bank bolsters this "green" brand image with a range of socially responsible banking products and financial incentives
Piraeus Bank's offering is an authentic commitment to supporting environmental causes
Piraeus Bank caters to the rise in ethical consumerism
FS providers must play a positive role within the community
Investment in the "green economy" is predicted to promote sustainable economic growth
Investing in the "green economy" is seen as an antidote to the financial crisis
The demand for ethical investments is revealed by a dramatic increase in funds
Piraeus Bank has used social media to cement its brand values
Piraeus Bank uses its social media resources as a platform for promoting a wider green agenda
Piraeus Bank's social media campaign has been awarded for its unique approach
Piraeus Bank's "green banking" offering is strongly aligned with the Connectivity Megatrend
Connectivity is crucial for building a community
Conclusions and implications
APPENDIX
Additional data
Definitions
The Datamonitor Financial Services Consumer Insight Megatrend Framework
Methodology
Secondary sources
Ask the analyst
Datamonitor consulting
Disclaimer
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