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What would it take for banks to move away from capital extraction and toward climate resilience, racial justice, and community wealth? Francis Janes, Senior Director of Industry Relations and Partnerships at Beneficial State Foundation, joins host Erin Axelrod to explore how banking can become a lever for social and environmental justice. Drawing on his work with banks and trade associations, Francis shares how mission-driven standards, corporate social responsibility, and stakeholder approaches can shift how capital is deployed in local economies.

They start with the unusual governance model behind Beneficial State that is helping protect purpose over the long term rather than prioritizing short-term shareholder pressure. Francis delves into why values-based and purpose-led banking remains relatively rare, and explains why examples of profitable, impact-aligned banking are important for changing what’s considered “normal.”

Francis then walks through working with banking associations to deliver education and training, using storytelling tools to highlight mainstream institutions doing meaningful work, and discusses place-based investing strategies designed around community-defined economic mobility plans, especially in historically marginalized communities.

Finally, he unpacks how individual action connects with industry pressure, explores how “move your money” and divestment efforts can complement the broader movement, and uncovers why coalitions and narrative matter in today’s political and economic climate. Join the conversation to discover how rethinking banking can help change the future and learn about alternatives that are actively working toward an equitable society.

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What You’ll Learn:

Understand how Beneficial State Foundation’s ownership model helps protect the bank’s mission. [0:01:58]
Discover how the foundation advances mission-driven banking and drives the wider industry toward systems change. [0:04:25]
Identify the key barriers to changing banking and what systems change looks like in practice. [0:06:56]
Learn how Francis got into mission-driven banking and how campaigns support systems change. [0:12:36]
Explore what keeps him motivated and how to face today’s challenges with stronger narratives, better data, and empathy. [0:18:19]
Hear how to get involved in the movement, and explore values-aligned banking options. [0:25:14]

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Memorable Quotations:

“A bank doesn’t have to be reactive to customer needs; they can be proactively looking at what the community has already identified as a true community need.” — Francis Janes [0:12:03]

“There are different [organizations] that community groups can participate in, be a member [of], and really push forward and challenge the system.” — Francis Janes [0:17:25]

“[The Beneficial State Foundation] is advocating for individuals, non-profit organizations, or corporations to think deeply about their current relationship with their bank.” — Francis Janes [0:25:25]

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Links Mentioned in Today’s Episode:

Francis Janes – LinkedIn: https://www.linkedin.com/in/francis-janes/

Beneficial State Foundation – Website: https://beneficialstate.org/

Beneficial State Bank – Website: https://www.beneficialstatebank.com/

Global Alliance for Banking on Values (GABV) – Website: https://www.gabv.org/

National Community Reinvestment Coalition (NCRC) – Website: https://ncrc.org/

The Greenlining Institute – Website: https://greenlining.org/

The Banks We Deserve – Powell’s Books: https://www.powells.com/book/banks-we-deserve-9781642833409

Erin Axelrod – LinkedIn: https://www.linkedin.com/in/erinaxelrod/
Erin Axelrod – X: https://x.com/erinaxelrod

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