Creating shared value in the banking industry: A case study from Finland

Abstract: The banking industry has been subject to criticism and scrutiny following the global financial crisis in 2008. In response to calls for businesses to embrace the society, the concept of creating shared value emerged with the idea to address societal challenges in the core of firm strategy. This research aims to increase the understanding about how and to what extent this can be achieved in the context of the case study of a relatively small national bank in Finland. Results suggest that among the three ways to create shared value, as suggested by Bockstette et al. (2015), furthering client prosperity is the most suitable way for small banks. Fueling the growth of regional economies and financing solutions to global challenges can be relatively more difficult to implement due to resource constraints and risks involved.

Keywords: Creating shared value, CSV, economic value, societal value, strategy, banking industry, Finland

Authors:

Paula Ilmarinen, corresponding author, paula.ilmarinen (at) gmail.com

Murat Akpinar, JAMK University of Applied Sciences, School of Business, Rajakatu 35, 40200, Jyväskylä, Finland, murat.akpinar (at) jamk.fi

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URN: http://urn.fi/urn:nbn:fi:jamk-issn-2341-9938-44