Know Your Customers – improving your Corporate Social Responsibility

It’s not only what you achieve, it’s also how you behave. Some small organizations can still behave somewhat undetected way to achieve successful results. For medium and large organizations that is not what governments and customers expect from them. Transparency on Corporate Social Responsibility (CSR) are key in this and therefore a significant number of countries agreed on these in, amongst others, the OECD Guidelines for Multinational Enterprises.

This week, the latest results have been presented in The Netherlands on Transparency in the Banking area. And although some institutions score really good, others really need to take it at least one mile further to get a good or even fair score.

We agree with the recommendations of the report that compliance regulations can help/force in being more transparent, e.g., the SEC in the USA is enforcing more detailed information than their Dutch peer, the AFM. And also for Basel II the financial institutions need to know who they are dealing with in the end. The phrase – in the end – makes it even more difficult for the CSR, because not only the ultimate legal entity is now needed, but additional details per region and per sector are required. Continue reading ‘Know Your Customers – improving your Corporate Social Responsibility’

ING: Customer Information is Power

ING

ING is looking to make more use of its customer data for behavioural targeting. The financial services company has seen a five-fold in customer contacts in the past few years (think of Internet banking). They also have a lot of information on each customer through they payment transactions they do. If the customer would allow ING to use this information the bank could analyst the energy, phone and other bill and deliver specific offers together with other companies.

The ING PR department rushed to tone-down the debate by saying that this is only a possible scenario. A flood of data privacy concerns would be connected to initiatives like these.

The ING idea is thought provoking. How much does you bank know about your and the companies you do business with? How would they be able to use this and could it be of benefit to you?