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Green Marketing in Financial Services - US - April 2009

Green marketing encompasses more than the promotion of environmentally friendly products. It promotes brands or companies as supporting environmental causes, and as running their businesses and operations in an environmentally positive way. Green messages have proliferated throughout the marketplace, and more and more people are becoming environmentally conscious.

This report will explore the financial services sector and the following issues:

  • The ways in which financial services companies use green messages in their marketing campaigns
  • What consumers expect and want from financial service providers relating to environmental issues
  • How the financial crisis has changed the green marketing dynamic
  • The future of green marketing in financial services

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Table of contents

  1. Scope and Themes

    • What you need to know
      • Data sources
        • Consumer survey data
          • Abbreviations and terms
            • Abbreviations
              • Terms
              • Executive Summary

                • Industry overview
                  • Market size and forecast
                    • Competitive context
                      • Market drivers
                        • Leading companies and innovators
                          • Advertising and promotion
                            • The consumer
                              • Cluster analysis
                              • Insights and Opportunities

                                  • Combining altruism with self-interest may be a particularly appealing way of convincing customers to go green
                                  • Inspire Insights

                                      • Trend: Extension of the time horizon
                                        • What we have seen
                                          • Implications for the industry
                                            • Trend: Market as conversation
                                              • There is more to an environmental marketing program than paperless
                                                • Implications
                                                • Market Size and Forecast

                                                  • Key points
                                                    • Consumers use green criteria in evaluating financial services companies
                                                      • Figure 1: Influence of environmental issues on choice of financial services company, January 2009
                                                    • Trend data indicate steady growth in green sentiment and activities
                                                      • Figure 2: Agreement with attitudes toward green practice, 2002-08
                                                    • Green practices will influence the majority of consumers in upcoming years
                                                      • Figure 3: Forecast for green influence of environmental issues on choice of financial services company, April 2009
                                                    • Socially responsible investing has finally come of age
                                                      • Figure 4: Total net assets in socially responsible funds, 1995-2007
                                                      • Figure 5: Total net assets in socially screened investment funds, 1995-2007
                                                  • Competitive Context

                                                    • Key points
                                                      • Walking the walk and talking the talk: green corporate practices
                                                        • Socially responsible investing can pay off
                                                            • Figure 6: Total number of socially conscious mutual funds, by company, March 2009
                                                          • Financial services companies have joined the green bandwagon
                                                            • Banking sector green advertising campaigns
                                                              • Figure 7: Banking, number of consumer direct mail, print or email campaigns referencing “green,” 2004-08
                                                              • Figure 8: Banking, number of consumer direct mail, print or email campaigns referencing “green,” by bank, 2008
                                                            • Investment sector green advertising campaigns
                                                              • Figure 9: Investment sector, number of consumer direct mail, print or email campaigns referencing “green,” 2004-08
                                                              • Figure 10: Investment sector, number of direct mail, print or email campaigns referencing “green,” by company, 2008
                                                            • Insurance sector green advertising messages
                                                              • Figure 11: Insurance sector, number of direct mail, print or email campaigns referencing “green,” 2004-08
                                                              • Figure 12: Insurance sector, number of direct mail, print or email campaigns referencing “green,” by company, 2008
                                                            • Credit card sector environment—themed advertising messages
                                                              • Figure 13: Credit card sector, number of direct mail, print or email campaigns referencing “environment,” 2004-08
                                                              • Figure 14: Credit card sector, number of consumer direct mail, print or email campaigns referencing “environment,” by company, 2008
                                                          • Market Drivers

                                                            • Key points
                                                              • The future is green
                                                                • Figure 15: Influence of environmental issues on choice of financial services company, by age, January 2009
                                                              • Green investing makes sense
                                                                • Government policies and incentives favor green businesses
                                                                  • Americans are beginning to go paperless
                                                                    • Figure 16: Most frequently used payment methods for key spending categories, 2006 and 2009
                                                                • Leading Companies

                                                                  • Key points
                                                                    • Bank of America, Citibank, and JPMorgan Chase have adopted more pro-green policies
                                                                      • Several credit cards are available that promote “green” causes
                                                                      • Innovation and Innovators

                                                                        • Key points
                                                                          • Discover recently issued a biodegradable credit card
                                                                            • Local banks and credit unions often lead for innovative environmental programs
                                                                            • Advertising and Promotion

                                                                              • Key points
                                                                                • Green marketing themes
                                                                                  • Online account management
                                                                                    • Figure 17: Bank of America, direct mail creative, August 2008
                                                                                    • Figure 18: Citizens Bank, print ad creative, October 2008
                                                                                    • Figure 19: Attitudes toward paperless checking accounts, by age, October 2008
                                                                                  • Recycling
                                                                                    • Figure 20: MetLife Bank, direct mail creative and envelope, July 2008
                                                                                    • Figure 21: American Express, direct mail envelope, October 2008
                                                                                    • Figure 22: Regions Bank, direct mail creative, February 2009
                                                                                    • Figure 23: SunTrust Mortgage, direct mail creative, August 2008
                                                                                  • “Green” home improvements
                                                                                    • Figure 24: Wells Fargo, print ad creative, April 2008
                                                                                  • Discounts for green vehicles
                                                                                    • Figure 25: Farmers, direct mail creative, January 2009
                                                                                  • Green corporate practices
                                                                                    • Figure 26: Bank of America, TV ad, April 2008
                                                                                    • Figure 27: Bank of America, TV ad, September 2008
                                                                                  • Investment in green companies
                                                                                    • Figure 28: Bank of America, TV ad, May 2008
                                                                                • The Consumer

                                                                                  • Key points
                                                                                    • Green issues influence choice of financial services providers
                                                                                      • Figure 29: Influence of cause marketing in choice of product, by gender, January 2009
                                                                                      • Figure 30: Influence of environmental issues on choice of financial services company, by gender, January 2009
                                                                                      • Figure 31: Influence of environmental issues on choice of financial services company, by males with age, January 2009
                                                                                      • Figure 32: Influence of environmental issues on choice of financial services company, by females and age, January 2009
                                                                                      • Figure 33: Influence of environmental issues on choice of financial services company, by race/Hispanic origin, January 2009
                                                                                      • Figure 34: Influence of environmental issues on choice of financial services company, by region, January 2009
                                                                                    • Green has many meanings
                                                                                      • Figure 35: What does it mean for a financial services company to be “green,” by gender, January 2009
                                                                                      • Figure 36: What does it mean for a financial services company to be “green,” by age, January 2009
                                                                                      • Figure 37: What does it mean for a financial services company to be “green,” by race/Hispanic origin, January 2009
                                                                                    • Green practices enhance a company’s appeal to consumers
                                                                                        • Figure 38: Attitudes toward green practices, by financial services companies, by gender, January 2009
                                                                                        • Figure 39: Attitudes toward green practices, by financial services companies, by age, January 2009
                                                                                        • Figure 40: Attitudes toward green practices, by financial services companies, by race/Hispanic origin, January 2009
                                                                                      • Recycling is the most important action for companies to adopt
                                                                                          • Figure 41: Most important action for financial services company to become more environmentally friendly, by gender, January 2009
                                                                                          • Figure 42: Most important action for financial services company to become more environmentally friendly, by age, January 2009
                                                                                          • Figure 43: Most important action for financial services company to become more environmentally friendly, by race/Hispanic origin, January 2009
                                                                                      • Cluster Analysis

                                                                                        • Key points
                                                                                          • Overview
                                                                                            • Figure 44: Green marketing in financial services, clusters, February 2009
                                                                                          • Believers
                                                                                            • Who they are
                                                                                              • Opportunity
                                                                                                • Doers
                                                                                                  • Who they are
                                                                                                    • Opportunity
                                                                                                      • Cynics
                                                                                                        • Who they are
                                                                                                          • Opportunity
                                                                                                            • Cluster characteristics
                                                                                                              • Figure 45: Influence of cause marketing in choice of product, by green marketing in financial services clusters, February 2009
                                                                                                              • Figure 46: Influence of environmental issues on choice of financial services company, by green marketing in financial services clusters, February 2009
                                                                                                              • Figure 47: What does it mean for a financial services company to be “green,” by green marketing in financial services clusters, February 2009
                                                                                                              • Figure 48: Attitudes toward green practices by financial services companies, by green marketing in financialservices clusters, February 2009
                                                                                                              • Figure 49: Most important action for financial services company to become more environmentally friendly, by green marketing in financialservices clusters, February 2009
                                                                                                            • Cluster demographics
                                                                                                              • Figure 50: Green marketing in financial services clusters, by gender, February 2009
                                                                                                              • Figure 51: Green marketing in financial services clusters, by age, February 2009
                                                                                                              • Figure 52: Green marketing in financial services clusters, by household income, February 2009
                                                                                                              • Figure 53: Green marketing in financial services clusters, by race, February 2009
                                                                                                              • Figure 54: Green marketing in financial services clusters, by Hispanic origin, February 2009
                                                                                                            • Cluster methodology
                                                                                                            • Appendix: Trade Associations

                                                                                                              Companies Covered

                                                                                                              • America's Community Bankers
                                                                                                              • America's Community Bankers (ACB)
                                                                                                              • American Express Company (The)
                                                                                                              • American Marketing Association (AMA)
                                                                                                              • Bank of America Corporation
                                                                                                              • Barclaycard
                                                                                                              • BITS
                                                                                                              • Citibank
                                                                                                              • Citigroup Inc.
                                                                                                              • Consumer Bankers Association
                                                                                                              • Credit Suisse Group
                                                                                                              • Credit Union National Association
                                                                                                              • Forest Stewardship Council
                                                                                                              • Greenfield Online
                                                                                                              • HSBC North America Holdings Inc.
                                                                                                              • Independent Community Bankers of America
                                                                                                              • ING Direct
                                                                                                              • Jackson National Life Insurance Company
                                                                                                              • JPMorgan Chase & Co
                                                                                                              • Liberty Mutual Holding Company Inc.
                                                                                                              • MasterCard Incorporated
                                                                                                              • Merrill Lynch & Co. Inc
                                                                                                              • Morgan Stanley
                                                                                                              • Morningstar, Inc.
                                                                                                              • OXFAM
                                                                                                              • Prudential Financial, Inc
                                                                                                              • SunTrust Banks Inc.
                                                                                                              • The American Bankers Association
                                                                                                              • The American Financial Services Association
                                                                                                              • The Financial Services Roundtable
                                                                                                              • Triodos Bank
                                                                                                              • U.S. Environmental Protection Agency
                                                                                                              • Visa U.S.A. Inc.
                                                                                                              • Wells Fargo & Company
                                                                                                              • World Wildlife Fund

                                                                                                              Green Marketing in Financial Services - US - April 2009

                                                                                                              £3,174.67 (Excl.Tax)