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More and more people are investigating the benefits of sustainable and ethical finance. Two-thirds are looking for more sustainable options for products and services in every aspect of their lives, and more than half are more likely to buy financial products from providers that show sustainable value.
but why? Following yesterday’s insights, we are again industry experts: wDo hats drive a surge in ethical banking?
Charles RadcliffeFounder and CEO of ESG Data Provider EthicsGradeSays that the pandemic has led many to reassess aspects of their lives.
He states: “There is no single factor, but the pandemic has paused us all to think carefully about what’s most important to us, so whether we’re looking for the next job or switching banking providers. The purpose and value adjustments are now higher in the priority list than before.
“In the last few years, ESG-focused capital has skyrocketed dramatically (triple growth over $ 40 trillion in eight years), which has a trickle-down effect on the focus companies have. rice field.
“We are also in an era when tweets from Deborah Meeden in response to the war in Ukraine can disrupt a company’s corporate strategy. Large brands need to be loyal to their values throughout their operations. Recognizing that there is, banks are just one sector that is turning around these principles. “
Ethical banking is not new. However, according to the SaaS cloud banking platform, another wave of consumer demand is clearly visible. Mambu.
Customers are asking banks to do more with a focus on access to digital services and their commitment to environmental, social and corporate governance (ESG), he said. Anna Kurotowa, Mambu’s Sustainability Director.
According to a Mambu survey, nearly two-thirds (63%) of global consumers say they want to make their major financial services sustainable, and 60% say they want to make all their financial services sustainable. I want to answer.
Consumers want more sustainable services, coupled with greater transparency from banks. Banks and financial institutions can achieve ethics, efficiency, innovation, retain customers and expand their markets. Need to be demonstrated. “
The proliferation of ethical banking is driven by several factors: Krzysztof Grzeszczuk, Senior Innovation Consultant for Software Company Netguru.
As awareness of the climate crisis grows, consumers become more cautious about brand and bank choices. Previously, a tree-planting program to switch from paper to electronic statements might have been sufficient, but customers Is now sensitive to the overall impact that banks have on society and the planet.
“If the corporate portion of the bank is still funding a coal-based industry, what are the uses of payment cards made of recovered plastic?”
Say it’s not only demand but also need Bertrand Gacon, CEO and co-founder of FinTech, Switzerland ImpaaktWe are committed to accelerating the transition to an impact-driven economy by harnessing the power of the financial industry.
“Sadly, the surge is caused by the dire environmental and social challenges we face,” Gacon commented. Governments, businesses and individuals recognize that the world needs to change and that finance is essential to that change. The entire financial sector, including banks, investment managers, pension funds and insurance companies, is under pressure. Being exposed.
“Customers want to understand the impact of their savings and investments, and the wide range of activities of the banks and asset managers they use. Are they still funding oil and gas? They are borrowers. How well do you check your supply chain? Are they actively funding climate change solutions?
“Shareholders and activist groups are asking similar questions, and legal issues are becoming more widespread. Finally, regulation as the government seeks to improve sustainable financial disclosures and prevent greenwashing. There is pressure on (SFDR, EU classification, etc.). “
There are three main factors that contribute to accelerating ethical banking as an industry trend, he says. Jay Nea, IT consultant SVP, industry manager, financial services and public sector Infosys.
