Post by nurnobisorker22 on Feb 20, 2024 15:18:22 GMT 10
More than two-thirds (67%) of financial services consumers want their bank or financial institution to be more sustainable in the future, according to the new report produced by cloud banking platform Mambu . In the report “Is the gra** greener on the sustainability side?” ” More than 6,000 users of financial services, worldwide, were surveyed about their positions towards green finance. The results reveal that, while the majority favor greener options, consumers have little confidence in the industry's sustainability credentials. Nearly half (48%) said access to green financial services has become more important to them over the past five years, yet more than two-thirds (67%) of global consumers believe their current financial institution participates. in greenwashing , as the practice aimed at creating an illusory image of ecological responsibility is known.
Additionally, only two in five (42%) think their current bank or financial institution clearly communicates its sustainability commitments, and only 37% know which ones have been adopted or publicly announced. There is also confusion about what exactly “green finance” is, with more than a third (35%) of consumers not fully understanding the difference between green finance (a product that has been designed to protect the environment or to managing the impacts of finance and investments on Guatemala Mobile Number List the environment) and ethical finance (those that take into account not only returns, but also environmental, social and governance factors), indicating the need for greater education and communication within the industry. In Mexico the figures are less encouraging since only a third (33%) of consumers have heard of ethics or green finance and 23% of them do not understand the difference The adoption of green finance is far from widespread. Just over 1 in 4 (26%) consumers have consciously used a sustainable banking product or service.
But of those who have, the vast majority (84%) were more satisfied with these services than with traditional banking products. Although, in the Mexican market, almost two-thirds (62%) of consumers admit that the availability of green financial services has become more important to them in the last five years. The survey shows that consumers want more power to hold banks accountable, from which they expect greater transparency. Nearly three-fifths (58%) would like more control over how and where their money is invested, to align with their personal values. Meanwhile, more than half (55%) would like to have a say in the types of green financial products and services their financial institution develops in the future. Anna Krotova, Chief Sustainability Officer at Mambu, said: “Our research shows that consumers are increasingly looking for ways to make green financial decisions, but remain skeptical about banks' commitment to the sustainability agenda.
Additionally, only two in five (42%) think their current bank or financial institution clearly communicates its sustainability commitments, and only 37% know which ones have been adopted or publicly announced. There is also confusion about what exactly “green finance” is, with more than a third (35%) of consumers not fully understanding the difference between green finance (a product that has been designed to protect the environment or to managing the impacts of finance and investments on Guatemala Mobile Number List the environment) and ethical finance (those that take into account not only returns, but also environmental, social and governance factors), indicating the need for greater education and communication within the industry. In Mexico the figures are less encouraging since only a third (33%) of consumers have heard of ethics or green finance and 23% of them do not understand the difference The adoption of green finance is far from widespread. Just over 1 in 4 (26%) consumers have consciously used a sustainable banking product or service.
But of those who have, the vast majority (84%) were more satisfied with these services than with traditional banking products. Although, in the Mexican market, almost two-thirds (62%) of consumers admit that the availability of green financial services has become more important to them in the last five years. The survey shows that consumers want more power to hold banks accountable, from which they expect greater transparency. Nearly three-fifths (58%) would like more control over how and where their money is invested, to align with their personal values. Meanwhile, more than half (55%) would like to have a say in the types of green financial products and services their financial institution develops in the future. Anna Krotova, Chief Sustainability Officer at Mambu, said: “Our research shows that consumers are increasingly looking for ways to make green financial decisions, but remain skeptical about banks' commitment to the sustainability agenda.