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Through mandatory ESG (environmental, social, governance) reporting large companies must disclose their ESG activities showing how sustainability risks are incorporated in their decision-making and production processes. This disclosure obligation, however, does not apply to small and medium-sized enterprises (SME), creating a gap in the ESG dataset. Banks are therefore required to collect sustainability data of their SME customers independently to ensure complete ESG integration in the risk analysis process for loans. In this paper, we examine ESG risk analysis through a smart science approach laying the focus on possible value outcomes of sustainable smart services for banks as well as for their (SME) customers. The paper describes ESG factors, how services can be derived from them, targeted metrics of ESG and an ESG Service Creation Framework (business ecosystem building, process model, and value creation). The description of an exemplary use case highlighting the necessary ecosystem for service creation as well as the created value concludes the paper.
Small and medium-sized enterprises often face resource deficits and there- fore depend on cooperating with other actors to stay innovative in a competitive environment. Establishing and maintaining actual co-creation and service inter- action strategies however is challenging. A reason for this is the complexity of finding methodologies and tools to create valuable outcome and the lack of knowledge of collaboration toolsets, also in virtual environments. This paper introduces an Innovation-Method-Framework consisting of innovation methods for increased service interaction and value co-creation among service stakeholders. Also, toolsets for the framework’s practical application are provided.
The ESG Service Creation Framework represents an innovative approach to the Environmental, Social, and Governance (ESG) considerations of the financial industry. It is designed to support the identification of the stakeholders in the service ecosystem and the potential of value co-creation. This work is concerned with the practical evaluation of the ESG Service Creation Framework. For this purpose, a series of expert interviews with specialists from the German-speaking financial sector were conducted, the evaluation of which is incorporated into the revision of the framework. The insights of the interviews, on the one hand, indicate the usefulness for such a framework especially for stakeholders less familiar with innovation processes. On the other hand, several suggestions for improvement were collected. The latter results are adopted to build an improved version of the framework and culminate in an illustrative service creation example. The evaluation of the framework, and the collection of valuable feedback contributes to the advancement of sustainable financial practices as well as the integration of ESG factors into corresponding products and services.
