Innovation and Sustainability

In modern economics, both at the global and national level, there is a paradigm shift from exclusively market values to the values of socio-economic development, which prompts businesses to take into account the principles of corporate social responsibility (CSR), which represents a voluntary response to social problems, the fulfillment of moral and ethical requirements formed by society. Companies, realizing the advantages of a socially proactive position, are increasingly involved in solving social and environmental problems on a systemic basis, thereby strengthening their own reputation and positive image. This is especially relevant for banking institutions that are characterized by unstable functioning. The profitability of banks today is determined not only by their technological level in terms of providing services, however increasingly by their "profile" in the social environment, the foundation of which is reputation and compliance with the principles of social responsibility, which, at the same time, play the role of triggers in the formation of the foundation of trust in banking institutions. According to the results of the research, it was found that CSR practices implemented by Ukrainian banks are generally aimed at integrating the principles of social responsibility into corporate policy and the strategy of social investment growth in accordance with the interests of both internal and external stakeholders. Despite the fact that socially responsible business in the domestic banking sector is characterized by multifaceted implementation directions, banks generally use social and environmental CSR models, which mostly reflect the types of social support. The largest banks resort to a variable approach in the implementation of CSR initiatives that have an impact on various aspects of society. Other banks tend to use either an extensive system of corporate social responsibility, or choose one line of work, implementing it in full. CSR in the domestic banking sector is currently in its infancy, as its implementation requires business excellence and targeted balance

References