“Go Green” Corporate Social Responsibility (CSR) initiatives have become more prominent as large corporations look to boost their images, and help various charities and organizations across the United States. Citibank is the latest financial institution to launch a new initiative that will assist thousands of New Yorkers in going green.
Citibank is not alone in their initiative; they teamed up with MasterCard to create the “Citi Bike initiative,” a non-public funded program, which Citi will be spending $41 million over the next five years to sponsor. The program, scheduled to launch in July 2012, will distribute 10,000 Citibank-branded bikes at approximately 600 stations in New York City. In addition to their efforts to go green and provide a healthy commute, Citi Bike will be demonstrating a positive social impact by dividing any profits the program generates between the operator of the bike share service and the city of New York.
Sound complicated? The process of renting a Citi Bike is simple, and inexpensive. Riders can purchase one of three rental passes: 24-hour, 7-day or annual. To unlock their bikes from any of the estimated 600 docks, annual riders will be given a physical key, while 24-hour and 7-day riders will be given a temporary code. The return is just as simple, riders will be able to give back their borrowed bikes at any of the city-wide docking locations. For more information on the Citi Bike program, check out the full story at TheFinancialBrand.com.
Like Citi, many banks across the nation have caught wind of the benefits CSR initiatives can bring to companies and communities, and have taken action in their own creative ways. Another example is Bank of America, who supports hunger relief by partnering with Feeding America to support their nationwide food distribution and consumer outreach programs.
Does your city have a bike share program? What creative CSR initiatives does your FI take? Let us know in the comments section below, or Tweet @bankingdotcom.