Harvard Case - Beneficial State Bank (A): Organization and Measurement of Social Impact
"Beneficial State Bank (A): Organization and Measurement of Social Impact" Harvard business case study is written by Maureen McNichols, Jaclyn C. Foroughi. It deals with the challenges in the field of Social Enterprise. The case study is 17 page(s) long and it was first published on : Jan 31, 2016
At Fern Fort University, we recommend that Beneficial State Bank (BSB) continue to prioritize its social mission while strategically expanding its operations to achieve greater impact and financial sustainability. This involves a multi-pronged approach encompassing social impact measurement, strategic partnerships, innovation in product offerings, and scaling its impact through targeted growth.
2. Background
Beneficial State Bank (BSB) is a unique financial institution founded in 2007 with a mission to 'use the power of banking to create a more just and sustainable world.' Unlike traditional banks, BSB prioritizes social impact alongside financial returns. The bank invests in businesses and organizations that promote environmental sustainability, affordable housing, community development, and other social causes. The case study focuses on BSB's efforts to measure and report its social impact, a crucial aspect of its social enterprise model.
The main protagonists of the case study are:
- Kat Taylor: Co-founder and CEO of BSB, driving the bank's social mission and innovative approach.
- The BSB team: Dedicated to measuring and reporting social impact, ensuring alignment with BSB's mission.
- The stakeholders: Including investors, borrowers, and the broader community, who benefit from BSB's social impact.
3. Analysis of the Case Study
The case study highlights the challenges and opportunities of measuring social impact in a social enterprise. BSB uses a variety of tools and frameworks to assess its impact, including:
- Triple Bottom Line (TBL): BSB considers financial, social, and environmental performance, reflecting its commitment to sustainable business models.
- Social Return on Investment (SROI): BSB measures the social value created by its investments, demonstrating the positive impact beyond financial returns.
- Social Impact Bonds (SIBs): BSB explores innovative financing mechanisms to attract investors and fund social programs with measurable outcomes.
However, the case study also reveals the limitations of existing social impact measurement frameworks. These frameworks are often complex, subjective, and difficult to standardize, making it challenging to compare impact across different organizations.
4. Recommendations
To enhance its social impact and achieve sustainable growth, BSB should implement the following recommendations:
1. Enhance Social Impact Measurement:
- Develop a standardized framework: BSB should collaborate with other social enterprises and industry experts to develop a standardized framework for measuring social impact. This framework should be transparent, robust, and applicable across different sectors.
- Leverage technology: BSB should utilize technology to automate data collection and analysis, improving efficiency and accuracy of social impact measurement.
- Integrate impact measurement into decision-making: BSB should embed social impact metrics into all its business decisions, ensuring alignment with its mission and driving positive change.
2. Foster Strategic Partnerships:
- Collaborate with NGOs and government agencies: BSB should forge strategic alliances with nonprofit organizations and government agencies to expand its reach and impact. These partnerships can leverage complementary expertise and resources to address complex social issues.
- Engage with impact investors: BSB should actively engage with impact investors who prioritize social returns alongside financial returns. These partnerships can provide access to capital and expertise for scaling BSB's impact.
- Build a network of social enterprises: BSB should actively participate in social enterprise ecosystems and networks to share best practices, collaborate on projects, and collectively advance the field of social entrepreneurship.
3. Innovate Product Offerings:
- Develop innovative financial products: BSB should develop innovative financial products tailored to specific social needs, such as affordable housing loans, green financing, or microfinance solutions.
- Explore impact-oriented banking services: BSB should expand its offerings to include impact-oriented banking services, such as socially responsible investment funds or community development banking programs.
- Promote financial literacy: BSB should actively engage in financial education initiatives to empower individuals and communities to make informed financial decisions.
4. Scale Impact Through Targeted Growth:
- Expand geographically: BSB should strategically expand its operations into new markets with significant social needs, leveraging its proven model and expertise.
- Develop a robust growth strategy: BSB should develop a comprehensive growth strategy that balances financial sustainability with social impact. This strategy should include clear goals, metrics, and timelines.
- Embrace technology for scalability: BSB should leverage technology to automate processes, improve efficiency, and scale its operations while maintaining its social mission.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: BSB's core competency lies in its commitment to social impact and its innovative approach to banking. The recommendations align with this mission and leverage BSB's existing strengths.
- External customers and internal clients: The recommendations address the needs of BSB's diverse stakeholders, including investors, borrowers, and the broader community.
- Competitors: The recommendations position BSB as a leader in the social enterprise space, differentiating it from traditional banks and attracting investors and customers who prioritize social impact.
- Attractiveness: The recommendations are designed to enhance BSB's financial sustainability while maximizing its social impact.
6. Conclusion
Beneficial State Bank has the potential to become a leading force in the social enterprise movement. By embracing a multi-pronged approach that combines social impact measurement, strategic partnerships, product innovation, and targeted growth, BSB can achieve greater impact and financial sustainability while staying true to its mission of creating a more just and sustainable world.
7. Discussion
Other alternatives not selected include:
- Focusing solely on financial returns: This approach would neglect BSB's social mission and alienate its key stakeholders.
- Expanding too rapidly: This could lead to a loss of focus on social impact and compromise BSB's core values.
Key assumptions:
- The market for social enterprise banking will continue to grow.
- BSB will be able to attract investors and customers who prioritize social impact.
- BSB will be able to effectively measure and report its social impact.
8. Next Steps
BSB should implement the recommendations outlined above in a phased approach:
- Year 1: Develop a standardized social impact measurement framework and pilot innovative financial products.
- Year 2: Expand geographically and forge strategic partnerships with NGOs and impact investors.
- Year 3: Scale operations and refine the growth strategy based on learnings and feedback.
By taking these steps, BSB can solidify its position as a leading social enterprise and continue to make a positive impact on the world.
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Case Description
In November 2004, as presidential hopeful John Kerry conceded the presidential race to George W. Bush, husband and wife team and Democratic supporters Tom Steyer (MBA '83) and Kat Taylor (JD/MBA '86) found themselves at an impasse in their political endeavors. The lost presidential bid was not only disappointing but left the couple seeking out new avenues to benefit from their time, passion, and energy. For Taylor, the idea of a beneficial bank was not new; in fact, the notion of starting a bank to help underserved communities had been suggested to her almost 20 years earlier when Taylor sought career advice from then-economic advisor to Governor Jerry Brown of California, Michael Kieschnick. At the time, the idea seemed implausible but now, with their newly unleashed resources, the idea of community banking as a leverage point in both communities and the overall financial system seemed almost compulsory. Specifically, they wanted to create a triple bottom-line bank that produced social justice and environmental well-being while also being economically sustainable not just in the community but across the financial system. Still, determining how best to structure the organization in order to ensure the fulfillment of its intended benefits presented a significant challenge to the couple. This case describes the founding vision and organizational structure for a triple bottom-line bank. It covers governance issues, regulatory considerations including Dodd-Frank, a discussion of the bank's business model including competitive strategy and the importance of human capital, and measures of impact.
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