CLOSE
Loading...
12° Nicosia,
01 October, 2025
 
Home  /  Comment  /  Opinion

What role do banks ultimately play?

Beyond the profits, we unveil the societal heartbeat of banks

Opinion

Opinion

By Yannis Georgoulas*

Are banks merely financial entities providing a range of services to the public and businesses, solely driven by profit for shareholders? Banks serve as the heart of our economic and social systems, propelling the growth of our country. Without them, many of the projects we see around us wouldn't have materialized, and the cohesion of our society would be at risk, hindering the public's ability to transact, purchase homes or cars, and even impeding the education of families' children.

Banks are indispensable for the smooth functioning of a state, and we are fortunate to have swiftly overcome the previous banking crisis. However, banks bear responsibilities not only to regulators and shareholders but also to society. They must avoid taking excessive risks that could jeopardize economic stability and, at the same time, operate transparently and ethically, considering the social impact of their business decisions. This includes contributing to social progress and improving living conditions in the communities they operate. Additionally, the ethical obligations of banks encompass safeguarding customers' data, preventing illegal use, and supporting sustainable development and environmental protection through investments and corporate social responsibility. Thus, banks are more than just businesses; at their core lies society and sustainability.

Rather than solely focusing on profit, banks must simultaneously emphasize the social impact of their activities. They should provide financial services to vulnerable groups and communities often excluded from the banking system, promoting the financing of social projects and initiatives. Their actions should be based on values of fairness, solidarity, and transparency, thus fostering a more just, transparent, and sustainable society.

*Mr. Yannis Georgoulas is a strategy and business consultant.

[This op-ed was translated from its Greek original and may have been edited for brevity and clarity]

TAGS
Cyprus  |  banks

Opinion: Latest Articles

You can describe what computers do, but not how they work. What seemed like knowledge collapses the moment someone asks for details. Photo credit: Unsplash

The things we think we know

If you want to know whether someone else really knows what they’re talking about, ask ''How'' not ''Why.''
Opinion
 |  OPINION
From donkeys to Mars and smartphones to AI. Are we still the same species at heart? Photo credit: AI

A new kind of human?

Generational divides, technological leaps, and the reshaping of human identity.
Paris Demetriades
 |  OPINION
AP photo

Genocide

Does our government even understand the word ''genocide''...
Pavlos Xanthoulis
 |  OPINION
Were they sleepwalking, or did they fully grasp that they were living through something terrifying and singular, but simply had no way to respond? Photo courtesy of Alexis Ugolini Facebook

Are we sleepwalking?

Momentous and inexplicable things are happening, catching us off guard every day.
Alexis Papachelas
 |  OPINION
Don’t get me wrong…but…

Don’t get me wrong…but…

Cyprus welcomes U.S. expertise, but maybe it’s time to invest in prevention, local talent, and common sense closer to home. ...
Shemaine Bushnell Kyriakides
 |  OPINION
X