Sustainable Banking Initiatives: Responding to New Consumer Sentiment

Financial institutions can be at the center of consumers’ climate initiatives.  

November 16, 2022 – Legacy financial services may not immediately come to mind when considering sustainability and environmental impact, but they have not avoided consumer criticism. The industry’s business practices are under a sustainability microscope. Banks and credit unions must understand what tools are available to them to position themselves as “green” and make changes to ensure that their business practices are environmentally friendly, or they risk losing businesses or being flagged as “greenwashers.”

This report provides a background to the modern environmental movement, highlights global influencers and standards, and discusses how financial institutions can become more environmentally friendly. It is based on Q2 and Q3 2022 interviews and briefings with executives at six global market players that provide sustainability solutions to FIs, along with desk research and an author’s experience managing card programs in the U.S.

Clients of Aite-Novarica Group’s Retail Banking & Payments service can download this report and the corresponding charts.

This report mentions ABCorp, Amalgamated Bank, Ando Money, ASN Bank, Aspiration, Atmos Financial, Bank of Australia, Bank of the West, Beneficial State Bank, BlackRock, Carbon Zero, Clean Energy Credit Union, Climate First Bank, Cloverly, Commonwealth Bank, CompoSecure, CPI Card Group, Disney, Doconomy, ecolytiq, Federal Card Services, Fiserv, G+D, Good On You, GreenChoice, greenpenny bank (Decorah Bank & Trust Company), Helios, IDEMIA , JPMorgan Chase, Kindred Credit Union, Klarna, Meniga, Milkywire, Nestle, OnPoint Credit Union, Patch, PepsiCo, Perfect Plastic Printing, Rabobank, Royal Bank of Scotland, Thales Gemalto, Thames Technology, Tomorrow, Triodos Bank, Unilever, Valid, Verity Credit Union, and VSECU.

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