Understand the current trends and opportunities in sustainable financial services. Our sustainability in financial services market report provides in-depth analysis of sustainability in banking and also covers consumer attitudes towards sustainability, perceptions of sustainability in financial services and the importance of environmental credentials in banking. Use Mintel’s research to become more informed and tackle challenges in your industry. Read on to discover our insights.Â
Sustainability in Financial Services – Industry Overview
With the majority of consumers showing concern over the environment, there is a large market for sustainable financial services.Â
However, there is a concern that the cost-of-living crisis will put sustainability on the back burner. Brands must shift the perception to highlight the cost savings of sustainable purchasing and green financial products to counter concerns about short-term costs.
Consumer Trends in Sustainable Banking
The need for affordable green financial products is heightened by the cost-of-living crisis. With many households looking to cut back, a third of consumers say rising living costs mean they cannot pay more for sustainable financial products.Â
- Sustainable banking market consumer trends: 79% of people say they find it hard to know if one financial provider is more sustainable than another.
- Consumer attitudes towards sustainable finance market: 55% of consumers believe a bank’s environmental credentials would be an important consideration if they were moving their account. This is only likely to grow in the future.Â
- Sustainable banking market challenges: Just 28% of consumers trust financial providers’ environmental claims, highlighting a significant challenge for brands around messaging and transparency.
Sustainability in Banking – Opportunities and Future Trends
More transparency and consistency are required to help consumers gauge sustainable finance. There is a need to help consumers fully understand the environmental impact of financial providers. Banks must highlight the positive efforts they are making in this area while remaining transparent about historical fossil fuel financing. In the longer term, financial services must move towards sustainability, so the onus is not on the consumer to research environmental claims. Until then, regulation and help understanding ratings will be vital.
Read on to discover more about our Sustainability in Financial Services Market Report, read our UK Everyday Sustainability Market Report, or take a look at our extensive financial services market research.
Our UK Sustainability in Financial Services Helps You to Quickly Understand
- Consumers’ leading environmental concerns.
- Perceptions of sustainability in financial services and other organisations.
- Where consumers research their bank’s environmental records.
- Trust in financial providers’ environmental claims.
- The importance of environmental credentials in banking.
- Attitudes towards sustainability and the rising cost of living.
Popular Financial Service Companies Covered in this Report:
HSBC, Barclays, Santander, Natwest, Nationwide, Starling Bank, Monzo, Revolut, Treecard, Tred.
Expert Analysis from a Financial Services Specialist
This report, written by Adrian Reynolds, a leading analyst in the financial services sector, delivers in-depth commentary and analysis to highlight current trends in the sustainable food market and add expert context to the numbers.
With the majority of consumers showing concern over the environment, there is a large market for green financial products. It remains difficult for people to know if one provider is more sustainable than another, however, with greater regulation needed to standardise green claims and ratings. It is important sustainable bank account options are offered but this must be alongside banks reducing investments in fossil fuels and highlighting renewable energy projects. Otherwise consumers will increasingly look towards challenger brands with sustainability at their core.
Adrian Reynolds
Principal Analyst – Financial Services