Harvard Case - New Resource Bank: In Pursuit of Green
"New Resource Bank: In Pursuit of Green" Harvard business case study is written by Christopher Marquis, John Almandoz. It deals with the challenges in the field of Social Enterprise. The case study is 25 page(s) long and it was first published on : Sep 13, 2011
At Fern Fort University, we recommend that New Resource Bank (NRB) embrace a hybrid organizational model that combines its existing commercial banking operations with a dedicated social enterprise arm focused on environmental sustainability. This approach will allow NRB to leverage its existing infrastructure and expertise while simultaneously expanding its impact by directly supporting sustainable business models and impact investing initiatives. This strategy will be guided by a triple bottom line framework, prioritizing financial, social, and environmental outcomes, and will be further strengthened by a commitment to transparency and stakeholder engagement.
2. Background
New Resource Bank (NRB) is a community bank headquartered in California, aiming to become a leader in sustainable banking. Facing increasing pressure from stakeholders and a growing market demand for environmentally conscious financial services, NRB seeks to align its business practices with its commitment to environmental sustainability. The case study explores NRB's efforts to develop a strategy that balances its financial goals with its social and environmental aspirations.
The main protagonists of the case study are:
- David Arkin: CEO of NRB, passionate about environmental sustainability and committed to integrating it into the bank's core operations.
- The Board of Directors: Responsible for overseeing NRB's strategic direction and ensuring its financial viability.
- The Bank's Employees: Representing a diverse range of perspectives on the bank's social and environmental responsibilities.
- Stakeholders: Including customers, investors, community members, and environmental organizations, who have varying expectations and demands regarding NRB's sustainability efforts.
3. Analysis of the Case Study
NRB faces a critical juncture, needing to balance its financial imperatives with its growing commitment to environmental sustainability. To effectively analyze the situation, we can utilize the Stakeholder Theory framework. This framework emphasizes the importance of understanding and managing the needs and expectations of all stakeholders, including:
- Customers: NRB's customers are increasingly interested in sustainable banking options, seeking loans and investments aligned with their values.
- Investors: Investors are increasingly looking for investments that generate both financial returns and positive social and environmental impact.
- Employees: NRB's employees are motivated by the bank's commitment to sustainability and want to contribute to its success in this area.
- Community: NRB operates within a community that is directly impacted by environmental issues and expects the bank to be a responsible corporate citizen.
Additionally, we can apply the Triple Bottom Line framework, which emphasizes the importance of considering financial, social, and environmental outcomes in decision-making. This approach encourages NRB to measure its success not only by its financial performance but also by its positive impact on society and the environment.
4. Recommendations
To effectively achieve its goals, NRB should implement the following recommendations:
- Establish a Dedicated Social Enterprise Arm: Create a separate entity within NRB that focuses on impact investing and sustainable business models. This arm will provide loans, investments, and advisory services to businesses and projects that demonstrably contribute to environmental sustainability.
- Develop a Clear Social Impact Measurement Framework: Implement a robust system for tracking and reporting the social and environmental impact of NRB's activities. This framework will ensure transparency and accountability, allowing NRB to demonstrate its commitment to sustainability and measure its progress towards achieving its goals.
- Engage in Strategic Partnerships: Collaborate with other organizations, including nonprofit organizations, NGOs, and social entrepreneurs, to expand NRB's reach and expertise in sustainable finance. This approach will foster innovation and knowledge sharing, enabling NRB to leverage the strengths of other organizations working in the field.
- Develop a Targeted Marketing Strategy: Communicate NRB's commitment to sustainability to its target audience, including both existing and potential customers. This strategy should highlight NRB's unique value proposition as a sustainable bank and emphasize the positive social and environmental impact of its products and services.
- Embrace a Culture of Sustainability: Integrate sustainability into NRB's core values and culture, encouraging employees to adopt environmentally conscious practices in their daily work. This can be achieved through training programs, employee engagement initiatives, and a commitment to diversity and inclusion in hiring and promotion practices.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: NRB's existing banking expertise and infrastructure can be leveraged to support its new social enterprise arm. This approach aligns with NRB's mission to promote environmental sustainability through its financial services.
- External Customers and Internal Clients: The recommendations address the needs and expectations of NRB's customers, investors, employees, and the broader community. By offering sustainable financial products and services, NRB can attract a new customer base while also enhancing its reputation among existing stakeholders.
- Competitors: NRB's competitors are increasingly adopting sustainable practices, making it crucial for NRB to differentiate itself by developing a clear and compelling value proposition. By focusing on impact investing and sustainable business models, NRB can position itself as a leader in the emerging market for sustainable finance.
- Attractiveness: The recommendations are financially attractive, as they leverage NRB's existing resources and tap into a growing market for sustainable financial services. The triple bottom line approach ensures that NRB considers both financial and social returns on its investments.
6. Conclusion
By adopting a hybrid organizational model that combines its existing commercial banking operations with a dedicated social enterprise arm, NRB can effectively balance its financial goals with its commitment to environmental sustainability. This approach will allow NRB to leverage its existing infrastructure and expertise while simultaneously expanding its impact by directly supporting sustainable business models and impact investing initiatives. This strategy will be guided by a triple bottom line framework, prioritizing financial, social, and environmental outcomes, and will be further strengthened by a commitment to transparency and stakeholder engagement.
7. Discussion
Other alternatives not selected include:
- Focusing solely on traditional banking practices: This approach would fail to address the growing demand for sustainable financial services and could damage NRB's reputation among environmentally conscious stakeholders.
- Becoming a fully-fledged social enterprise: This approach would require significant changes to NRB's existing business model and could potentially compromise its financial stability.
The primary risk associated with the recommended approach is the potential for conflicting priorities between the commercial banking arm and the social enterprise arm. To mitigate this risk, NRB should establish clear governance structures and performance metrics for both entities, ensuring that they work collaboratively towards a shared vision.
8. Next Steps
To implement the recommendations, NRB should take the following steps:
- Phase 1 (Year 1):
- Establish the social enterprise arm and develop its initial investment strategy.
- Develop a social impact measurement framework and begin collecting data on the impact of NRB's activities.
- Engage in strategic partnerships with key stakeholders in the sustainable finance sector.
- Phase 2 (Year 2):
- Launch the social enterprise arm's first investment initiatives.
- Develop a targeted marketing strategy to promote NRB's sustainable banking products and services.
- Implement employee training programs to foster a culture of sustainability within NRB.
- Phase 3 (Year 3):
- Evaluate the performance of the social enterprise arm and adjust its investment strategy as needed.
- Expand NRB's partnerships and broaden its reach in the sustainable finance sector.
- Continue to promote NRB's commitment to sustainability through its marketing and communication efforts.
By taking these steps, NRB can effectively position itself as a leader in sustainable finance, while simultaneously achieving its financial goals and contributing to a more sustainable future.
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Case Description
New Resource Bank was founded in San Francisco in 2006 with a mission focused on environmental sustainability. The case illustrates the opportunities and challenges of banking on values and the challenges of organizations defining a social and environmental commitment. The case also highlights the tension and potential synergies between social mission and shareholder value in the context of the crisis of 2008, the taken-for-granted expectations and norms arising from a commercial bank charter, and the distinct perspectives of bank regulators, founders, investors, and other stakeholders of the newly founded bank.
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