How banks are supporting local economies facing the current financial crisis: An Italian perspective

Abstract

Purpose

This paper aims to understand how Italian banks are supporting their local economies in facing the current financial crisis through corporate social responsibility (CSR) strategies.

Design/methodology/approach

This paper is the result of research conducted through multiple case studies to identify best practices in the Italian financial sector.

Findings

The research shows that banks are working in the CSR field, not only with a compliance approach, but trying also to support the local economies where they operate.

Research limitations/implications

Only a limited number of banks were studied and the research relied on banks' web sites and documentation – which may be affected by self‐reporting bias.

Practical implications

The paper presents an example of how banks can integrate societal need in their daily business, improving the context and by that improving also their reputation.

Originality/value

The paper illustrates that the current financial crisis offers banks the possibility to rethink their societal role and move from a compliance approach to CSR to a more strategic one.

Citation

Condosta, L. (2012), "How banks are supporting local economies facing the current financial crisis: An Italian perspective", International Journal of Bank Marketing, Vol. 30 No. 6, pp. 485-502. https://doi.org/10.1108/02652321211262230