When it comes to people choosing where to keep their money safe, or where to get a loan or mortgage, we all have less information about the societal impact of our bank choices than we do in our choice of breakfast eggs.
Shopping for eggs, we have a remarkable number of clearly-labeled, meaningful choices for how to spend our valuable dollars.
From cage-free to pasture-raised to organic eggs, carton labels provide us useful information to help us distinguish one farm’s practices from the next. This labeling not only helps us purchase the types of eggs we want, but also vote for and grow the markets that help to produce them.
Want to minimize fertilizer runoff? Buy USDA Certified Organic eggs. Want to support local business? Buy eggs from a nearby farm. Are you an animal rights supporter? Check for the Animal Welfare Approved certification.
This conscious consumerism isn’t limited to eggs nor food for that matter. Clothing, housewares and cars all market information about the societal impact of how these goods get to us, and the mark they make on the world when we use them.
But banking? We all know that where we all spend our money matters, but we don’t always remember that where we all keep our money matters, too.
The majority of our money in our savings and other bank accounts isn’t actually in the bank. Banks are required to keep only 10% of our deposits on hand. The rest of our money is used by our banks for lending and investing in different markets.
So here’s the crux of it all:
Food and clothing companies give us lots of information about how our purchases of these products impact lives and the world around us.
These purchases are comparatively small relative to the life savings we each keep our banks.
We have a markedly low amount of information about what difference our choices in banking are making.
This is where Mighty comes into play.
Mighty uses public data to help you find banks that share your values. Banks that use your vote of confidence (and your business) to finance communities and causes in the world.
Want your money to help build rural economies? Care about small businesses? Interested to help support life-changing investments in poor communities? There’s a bank for that.
With an estimated 6,000 FDIC-Insured banks in the country, and with money increasingly being managed digitally by all, we all have more banking choices than we realize.
To be sure, labels don’t always paint the full picture. Measuring the impact of businesses on markets and ultimately on communities and the environment is an evolving practice. But increased accountability of companies to transparently communicate the impacts of their business models is not just the right thing to do. It’s the way that business will succeed in the future.
Mighty is making great strides to help label products and services from competitive banks innovating toward community impact for customers hungry for this value proposition.
We hear from people all the time who want to contribute to a world they believe in. People are seeking businesses that are making transparent the community benefits of their products.
Mighty exists for the people who want their products with clear labels communicating the impact being achieved through the product.
Or in egg parlance, sunny side up.