Trust as the Foundation of Charity: PrivatBank Supports the Development of Ethics in Social Initiatives

The head of communications and public relations at PrivatBank has underscored that trust is a key element in the realm of charity. She emphasized that trust is not only important but also a long-term, complex, and costly aspect to cultivate. Trust becomes the defining factor when it comes to supporting charitable initiatives.

A quote from renowned investor Warren Buffett resonates particularly well: "It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently." This statement highlights the importance of adhering to ethical principles and transparency in all aspects of charity.

The head of communications provided an example of how three years ago, PrivatBank became the first and only bank to support the organization Superhumans, which was just beginning its journey at that time. This decision was made based on trust in the individuals who initiated the project, as the bank already had a successful track record of collaboration with a medical institution in Vynnyky. This initial step of trust eventually transformed into a broader trust in the institution.

The mentioned cases demonstrate that successful charitable initiatives are grounded in simple yet vital principles: systematic reporting, a clear understanding of fundraising goals, and transparent financial behavior. Donors have the opportunity to see where their money is going and to know whom they are helping. Importantly, bank employees also became the first patients to receive prosthetic services.

In 2023, PrivatBank takes pride in being the first bank to support the center, but even more so in being among the top hundred major donors. This is a vivid example that trust is the only currency that does not devalue and must be continuously maintained through transparency and focus.

A recent study conducted by the Institute of Sociology of the National Academy of Sciences of Ukraine on behalf of the bank revealed that over 80% of Ukrainians consider charity an important part of their lives, yet only every second person knows whom they can trust with their money. According to the sociology data, the recipe for trust consists of two main ingredients: reputation and transparency. For 46% of respondents, reputation is a decisive factor, while over 70% believe that open reporting is essential.

This raises an important discussion about the culture of charity. We often discuss charity and fundraising, but how often do we talk about the ethical aspects of charity? Usually, this conversation arises only when public scandals occur that undermine the reputation of not just specific organizations but the entire charitable sector.

This year, PrivatBank decided to focus on the theme of charity ethics and initiated the project "Architecture of Trust" in collaboration with the Center for Social Change and Behavioral Economics. This simple yet significant commitment aims to share societal sentiments, showcase research results, and teach how to operate within the financial system while adhering to its requirements so that fundraising is seamless and collaboration with the bank only strengthens these efforts.

The bank's head noted that she was impressed by the overwhelming response to this initiative among charities, especially from those who regularly conduct fundraising in the regions. The trend is clear: charitable organizations are transitioning from volunteer initiatives to systematic work, realizing that charity must also be professional. Like any professional activity, it must be planned, transparent, and accountable, as this is the foundation of trust from donors.

She also discussed how financial institutions can act as catalysts for developing such systematic approaches. Firstly, through dialogue. At first glance, charity may seem quick and impulsive, while the financial system is more formalized. The meeting point is communication.

For instance, when there is an urgent need to raise money for evacuation, treatment, or purchasing a vehicle, people begin fundraising "here and now": sometimes to a personal account, sometimes through acquaintances. In such cases, the bank may not be aware of the volunteer's intentions, raising logical questions regarding client safety. Therefore, it is crucial for communication to be open, as trust arises when both parties move towards each other.

Secondly, it is important to understand that checks are not always a barrier. The primary criterion for clients when choosing a bank is stability and trust. This is the greatest value that a bank cannot afford to lose. Therefore, when offering clients a particular fundraising initiative, the bank must be confident in its partner, as its name is at stake. It is essential to inquire about reporting, verify ownership, and clarify the origins of large sums.

Research shows that over 50% of respondents consider each donation carefully, so ensuring transparency leads to an increase in both the number of donors and the amounts donated. For example, in 2021, the average donation was 16 hryvnias, while today it stands at 960 hryvnias. In just 2025, clients contributed 3.5 billion hryvnias to charity. For the fundraising efforts that the bank conducted with partners, a total of 367.5 million hryvnias was raised, of which 76 million hryvnias was PrivatBank's personal contribution. This indicates that clients trust the bank.

Thirdly, it is vital to cultivate a habit of donating among clients. Currently, this habit is held by 52% of respondents. How is it formed? Through systematic reminders about the importance of donation. The bank provides convenient tools that allow clients to donate easily, and it also conducts systematic reminders about the significance of charity. Following this logic, the bank has rethought its processes, created a system for informing clients, and convinced them that its partners deserve trust and involvement in joint donations.

Charity is transforming. It will never be the same as in the early months of the full-scale invasion. On one hand, this may be a negative aspect, but on the other, we observe how small volunteer initiatives are evolving into professional activities, which is a positive sign for the future of charity in Ukraine.