Eight in 10 banking customers would like to access more information about the carbon impact of their spending, according to Cogo.
Seventy-five per cent of UK mobile banking customers want to know more about the consequences of their spending, the carbon footprint management company revealed. Cogo and the Behavioural Insights Team collected data via a survey of 2,007 UK mobile banking users. Forty-eight per cent were also specifically in support of their bank helping them to make more pro-environmental purchasing choices.
This research suggests there are 52 million banking customers in favour of receiving green banking features. Becoming more environmentally conscious and offering more information to customers could therefore attract a larger customer base.
Emma Kisby, EMEA CEO for Cogo, comments: “Banks are uniquely positioned to positively impact and help to turn around the climate crisis. Offering green banking solutions to customers can make a big difference. Their reach means huge numbers of people could be able to access carbon footprint management features through a provider that they already have day-to-day interactions with.
“As the competitive playing field for big banks evens out, extra benefits that help customers manage their environmental impact can make a big difference. We are only at the beginning of the rise of the conscious consumer.
“Newer, environmentally astute generations are already opening their first personal and business accounts. Banks offering the green solutions that customers want will be able to access a bigger pool of potential retail banking customers.”
Customers also want more information to make sustainable decisions. Only 34 per cent indicated that carbon emissions are a factor taken into account when making purchases. This could suggest that the lack of information available related to this hinders consumers’ decision-making.
What are banks doing to tackle the climate crisis?
Initiatives that ensure money is not invested in companies that have a negative environmental impact have already been introduced by some banks. Triodos Bank, for example, is an ethical bank that ‘only finances companies that focus on people, the environment or culture’.
While some banks do not have initiatives in place; branchless app-based banks can also help the environment as they are paperless and with a far smaller carbon footprint than their traditional bank counterparts.
Cogo has partnered with the likes of NatWest, TSB as well as Hungarian bank OTP. Through these partnerships, it aims to help reduce the carbon impact of these banks. NatWest offers carbon footprint management features from Cogo in its mobile banking app.
Read our interview with Emma Kisby