Implementing Corporate Social Responsibility in Banking Sector: A Literature Review

Abstract

For banks, CSR may be a useful marketing tactic to draw in and keep employers as well as consumers. Banking professionals should place a strong emphasis on embracing and putting CSR initiatives into practice in order to boost client happiness, loyalty, and other factors. Given that consumers are becoming more aware of their social responsibilities, corporate social responsibility (CSR) can be viewed as a successful means of enhancing customer satisfaction and loyalty in addition to the conventional marketing techniques of price, publicity, and advertising. Consumer perception of banks that engage in CSR efforts is expected to be favorable. As a result, this can improve the rapport between banks and clients, encourage contentment and loyalty, and offer a number of advantages. This literature review aims to explore the concept of corporate social responsibility (CSR) in the banking industry, identify the aspects of CSR that the industry needs to take into account, identify the methods used in research on the topic of CSR and the industry, and determine the advantages of implementing CSR in the industry. A total of twenty publications published between 2018 and 2022 that were quantitative in nature and used a mixed methodology were used.