What is a bank?
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A bank is a company that mainly works with three things: payments, savings and lending of money.
As with any other company, a bank is driven towards the goal of earning money. There are different ways for banks to earn money. For example, they lend out money to those who need it in exchange for charging interest. Interest is the price on loans of money. It is paid by the one who borrowed the money and obtained by the part who lended the money.
In order to lend money, the bank needs money. This is where your savings plays a huge part! Because when you put money at your savings account, you are actually lending the bank your money and gives them the opportunity to keep the “banking thing” rolling. Banks are competing with each other and they mostly do so by offering generous loan terms, awesome service and greater interest on your savings accounts.
Ella is able to keep track of these parameters. But since she is a robot, why stop there? Ella is also providing you with information about gender balance in every single board of directors, how the banks works with sustainable development and human rights. By processing all this information, Ella opens up the possibility of making money choices based on your values, goals and needs.
Sustainable and healthy economic consumption doesn’t have to involve a choice between profit and charity. When you invest your money in ways that are compatible with your values, the change begin. By stating that factors such as environmental impact, gender equality, and sustainable values affect which bank you chose to do business with - you are putting pressure on the banks. They want you to keep choosing them, because they need your money.