Banking on Banks 2024: ESG infographic

Industries across the globe are experiencing a profound shift, driven by regulatory bodies as well as evolving consumer expectations around ethical and environmental responsibilities.

Nowhere is this more apparent than in the financial services sector. In the UK alone, it is estimated that the investments held by the biggest banks and investors emit 805 million tons of carbon per year.

In an era where climate change, sustainability, and corporate ethics are top of mind for so many, consumers are understandably demanding more from their financial providers. CRIF’s latest Banking on Banks report looks at how environmental, social, and governance (ESG) principles are changing expectations and reshaping the landscape of banking, insurance, and financial services.

There has been growing recognition of the pivotal role financial providers must play in driving environmental and social change. Consumers now expect banks and insurance companies to not only reflect their values but support their efforts to lead more sustainable lives.

This third Banking on Banks report highlights a gap between consumer expectations and what financial institutions are currently offering. Despite the rising demand, many consumers feel that their providers are not doing enough to bridge the gap to ensure financial services are also sustainable services.

The report also looks at the widening generational divide in attitudes toward sustainability and transparency, revealing how younger consumers are increasingly willing to seek out new providers when their values are not aligned.

Those banks, insurers and other financial providers that work to meet these expectations will increase trust and loyalty among their customers, while bolstering their role in advancing efforts to combat climate change and promote more ethical and transparent standards in financial services.

With this report, CRIF has set out key insights for providers to help them better align their services with their existing and prospective customers’ values and ensure success in a world where commitments to the environment, sustainability and good governance