What is sustainable banking?
We want everyone to do their part to protect the environment. In the UK, 94% of people say the environment is important to them.
By promoting sustainable banking, financial institutions can raise customer awareness of the environmental impact of their spending and support more sustainable behaviour.
Consumers and governments are putting increasing pressure on banks to implement sustainable banking practices. Banks and financial service providers are also thinking about the future, now addressing the need and potential to promote sustainable development. One of the ways banks can move towards more sustainable banking is by allowing customers to use their banking details to manage their carbon footprint.
With the vast amount of data at their disposal, banks can provide their customers with accurate estimates of the carbon footprint of transactions with merchants. You can also create features that encourage your customers to change their behaviour. Additionally, the bank can make it easier for clients to subscribe to green bonds and other ESG-compliant products.
What is its appeal?
Merchants, banks, individual citizens, and the planet itself all benefit from sustainable banking.
Full functional use of bank data. Through open banking, banks can expand customer relationships, explore new financial products, and generate additional revenue streams. You can also elevate your brand by engaging in innovation. Retailers can cater to their customers and promote new, more sustainable products. At the same time, consumers get a better picture of their ecological footprint and learn how to minimize the environmental impact of their spending.
Neo banks and digital challengers are already integrating sustainability-as-a-service solutions to differentiate themselves and appeal to younger generations. At the same time, banks must avoid being exposed to green-washing accusations. To encourage sustainable spending, banks should also consider insights from behavioural economics and nudging.
Global Payment is a pioneer in sustainable banking. We offer banks and other financial institutions the opportunity to offer sustainability-oriented services to their clients, including personalized sustainability advice based on financial data. To meet growing market demand, we are partnering to provide carbon footprint calculation services to banks across the UK. Our solution allows banks to assess the carbon footprint of their customers based on their banking transactions. This is the first step in our strategy to provide comprehensive and sustainable banking services.
Wherever you want to go, we are here to help you grow.
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