Needless to say, COVID-19 has brought the world to its knees and shaken it to its core. So it might surprise you to hear that according to a recent study by Pew Research Center, more people are concerned about climate change than the global pandemic.* Consumers who are carbon conscious have multiplied in such vast numbers that carbon consciousness is now mainstream.
In this edition of Meniga’s Fintech Insight Series, Carbon Conscious Banking, we provide insight into the current state of climate awareness that is sweeping the globe and why banks are in a unique position to answer to these needs.
62% of banking consumers would like their bank to provide a carbon footprint overview **
Carbon footprinting opens the door
The response to climate awareness has been immediate with ESG and Carbon as hot topics in the financial services industry - as seen in Forbes, TechCrunch and BBC.
And as concerned as people are about climate change, there has always been a roadblock with regards to how complicated it can be to take action or make meaningful change.
The needs for carbon-conscious consumers are straight forward — they want to understand their personal impact, and they want easy-to-perform ways to take action.
An individual’s carbon footprint, the estimation of the total greenhouse gases emitted by the activities they undertake and the products they buy and consume, is one of the most effective ways to cater to these needs.
Banks are well-positioned to provide the solution
As custodians of personal financial data, banks are in a unique position to build a compelling digital journey for their customers that can encompass carbon footprinting. We use our decades of experience in banking customer behaviour and explain what makes a successful carbon solution and why. We also share real-life examples of banks that have implemented a carbon footprint solution for their banking customers.
85% of bankers across Europe believe that helping customers track their carbon footprint will increase customer engagement***
This insight paper is a collection of our research into the current climate and behaviours of this specific customer segment, how implementing carbon solutions can positively impact both the environment and customer engagement, as well as how simple these solutions can be implemented.
Also, check out our previous papers in Meniga’s Fintech Series, ‘Financial Fitness in a Post-Covid Economy’, ‘Innovating with Open Banking’, ‘Meaningful Engagement in Digital Banking’ and ‘Data-Driven Business Models in Digital Banking’.
*Pew Research Center/ 7 in 10 across 14 countries see climate change, disease as major threat | Pew Research Center
**Meniga Global Consumer Survey 2021
***Meniga’s Global Sustainable Banking Survey 2021