Sustainable commitment is now at the heart of corporate strategy. For a bank such as Spuerkeess, this takes various forms. While climate and environmental issues are a key priority, the social dimension remains fundamental, particularly for a state-owned bank like Spuerkeess, whose mission is to ‘contribute to the country’s economic and social development’. “With this in mind, one of the challenges is to support our customers according to their individual circumstances, ensuring we meet their needs and strengthen their financial resilience, particularly for the most vulnerable,” comments Laura Giallombardo, Strategy & Sustainability Officer at Spuerkeess.
Financial inclusion: a tool for tackling the risk of poverty
Financial inclusion is emerging as one of the key tools for combating the growing risks of poverty, which affects one in four children and 18% of the population in Luxembourg. For Spuerkeess, the issue goes further: it is about ensuring the financial resilience of the population, that is to say, an individual’s ability to withstand, adapt to and recover from economic or financial shocks, thereby ensuring their financial security.
“As part of our long-term commitment and our Spuerkeess 2030 strategy, we have been reflecting on how to strengthen our social mission. The challenge is how to balance regulatory requirements, technological development and the care needed to support each of our customers. How do we ensure we welcome them, regardless their circumstances? How do we respond to customers who may be facing difficulties? And, beyond simply welcoming them, how can we practically ensure the financial resilience of vulnerable people by meeting their specific needs?”, asks Laura Giallombardo.
A reality on the ground driven by the teams
At a bank such as Spuerkeess, branch staff regularly encounter a wide range of situations, some of which are complex or even sensitive: language barriers, age-related vulnerabilities, or customers facing personal difficulties. All of these situations require the ability to adapt and a focus on each individual customer.
The teams’ ability to adapt to a wide range of situations owes much to the bank’s strong corporate culture, but also to the linguistic richness and diversity that the institution has been promoting for several years, which faithfully reflects Luxembourg society. This helps to facilitate the inclusion of a diverse range of people.
This commitment, however, currently relies on informal practices and a set of skills that have been passed down through several generations at Spuerkeess, sustained by an oral tradition and the sharing of practices and values.
A social commitment to be developed and strengthened
“We have found that, at bank-wide level, there is no formal policy or procedure in place to ensure the welcome and support to which everyone is entitled,” explains Laura Giallombardo. “However, as numerous accounts attest, this care is very much real. In the branches, everyone does their utmost to welcome customers as they are and to give them the time and attention they need.”
At Spuerkeess, our aim today is to strengthen and formalise this social commitment, in order to meet the long-term needs of vulnerable people, tackle the causes of financial insecurity — such as excessive debt, poor housing and energy poverty — and support the financial resilience of as many people as possible.
Against a backdrop of growing risks of financial insecurity, the state-owned bank intends to strengthen this commitment by making it a central part of its strategy. “Our social mission must evolve,” says Laura Giallombardo. “Today, supporting those in vulnerable situations can no longer rely solely on individual initiatives or the goodwill of our teams. At the heart of a strategy, as part of a process of continuous improvement, it is important to provide tangible elements inherent to this mission and the objectives pursued, and to anchor the Bank’s commercial and technological strategy within a framework of social impact.”
The aim is twofold. Firstly, to ensure that every customer, whatever their circumstances, can access financial services under favourable conditions. Secondly, to strengthen individuals’ financial resilience by providing them with the tools, products and knowledge needed to cope with life’s uncertainties. This involves, in particular, considering the accessibility of services (physical, digital and linguistic), adapting products and enhancing financial education.
Towards a structured, transferable and measurable approach
This commitment now requires a clearer definition of the organisation’s mission and practices, supported by the introduction of performance indicators. “It’s about moving from an informal way of working to a structured, transferable and measurable approach,” explains Laura Giallombardo.
This shift has been driven in particular by growing requirements for ESG reporting, but also by a desire to embed these initiatives within a framework of continuous improvement. “The introduction of indicators, the formalisation of certain practices and the development of specific training programmes will not only enable us to manage this commitment more effectively, but also to highlight the bank’s genuine social contribution,” she continues.
Balancing social impact and economic performance
This development also raises a key question: that of the balance between profitability and social impact. “Supporting vulnerable customers takes time, and that time isn’t always profitable,” admits Laura Giallombardo.
Nevertheless, this approach is worth rethinking. “It is a question of putting economic performance at the service of our social mission, not the other way round,” adds the manager.
By further structuring its approach, the bank aims to strengthen its capacity to act, while reinforcing its role within Luxembourg society.