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Prospective Innovation at Ethical Banking and Finance

Vol:0, №:0, Year:2013

How to measure the social impact of the ethical banking: SROI vs RAI. The Fiare case

ICADE/Marketing/ - universidad Pontificia Comillas


The present work aims to promote the search for a valid method to measure the social impact of ethical banking using the case study as methodology. Rather than develop a method for measuring the social impact of the ethical banking it tries to analyze the existing methods and the current situation. The financial crisis of 2008 has highlighted the weaknesses of the current financial system and has caused a great loss of confidence in the society. The ethical banks responds to these weaknesses and its great growth since the crisis points out that that is the alternative that many people are looking for. Yet it is still a small and little-studied sector, but the growing presence indicates that it is gaining influence in the financial market. The growth of the sector also brings new challenges that need to be overcome in order to be able to continue to grow. One of these challenges is the justification and impact communication. Although the issue of measuring the social impact is highly topical in areas close to the ethical banking sector and, therefore, there is a wide variety of different approaches (as e.g. SROI) there is not enough research in the concrete case of the ethic banks’ social impact. The application of different approaches to the case of the Spanish initiative Fiare does not have the pretension of projecting the social impact of this company, but the detection of the difficulties and facilitators in the measurement of the social impact of such a project. The concrete research questions this paper aims to answer are 1. To what extent can the existing methods for measuring the social impact of the Ethical Bank used? 2. What other aspects should be considered in terms of measuring the social impact of banking ethics?

Monographs and articles in magazines

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 Web resources

Pages of entities:

SPANISH ASSOCIATION OF BANKING. "Balance sheets of banking in Spain - November 2011" , last access: 12.03.2012

CHARITY BANK. "Annual review 2010" last access 29.02.2012

FEBEA.” Febea products”, last access 02.03.2012

FIARE. “Memoria 2010”, last access 02.04.2012

“Somos”, last access 28.02.2012

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SANTANDER. "2011 Activity report" & blobtable = MungoBlobs & blobkey = id & SSURIsscontext = Satellite + Server blobcol = urldata & SSURIcontain, last access 25.03.2012

SETEM (2006). "The ethical finance in Europe" , accessed 23.11.2012

SROI NETWORK. "Publications" last access 02.04.2012

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"Banco Santander" last access 12.04.2012

"BBVA group" last access 12.04.2012

" FIARE" last access 12.04.2012

"Fiare Galiza"! / pages/Fiare-Galiza/111442925632562 last access 12.04.2012

"Fiare Illes Baleares"! / pages/Fiare-Illes-Balears/111380098934044, last access 12.04.2012

"Fiare Xarxa Valenciana"! / FiareXarxaValenciana, last access 12.04.2012

"Fiare area Center"! /fiarezonacentro last access 12.04.2012

" Triodos Bank, a bank where it has more than money " last access 12.04.2012

Key words
Social Impact, ethical banking

Carlos Ballesteros and Lucia Herden (2013), How to measure the social impact of the ethical banking: SROI vs RAI. The Fiare case in Leire San-Jose, Jose Luis Retolaza (eds.) Prospective Innovation at Ethical Banking and Finance (Studies in Philosophy, Law and Economics), - Sumy: Vinnychenko M.D., pp. 39-59. Available at

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