BANKING ON BANKS 2024: ESG
Executive summary of Banking on Banks 2024: ESG
MEETING SHIFTING CUSTOMER VALUES
In its 2023 report, CRIF looked at the importance of the environment and other ESG-related factors when it came to financial services and consumer attitudes.
The results found that high proportions of individuals across all markets wanted to bank with a provider that protects the environment, helps them understand the impact of their own spending habits, and what action they can take to ensure their impact on the planet is positive.
This year, CRIF has gone a step further, gauging exactly what motivates consumers in relation to their values and ethics, how this translates into expectations on banks and insurers, and the risks of failing to meet these expectations.
The report looks at the growing generational divide around ESG-related issues and how they are likely to continue informing the decisions that younger consumers make. It also delves into the differences between markets, where consumers in some countries place more importance on efforts by financial providers to support sustainability and promote transparency in their business.
As with CRIF’s previous reports in 2024 (looking at topics of credit and debt; and data and trust), this report moves beyond Europe to include the US to allow a wider global view. The US is included in this year’s survey while Spain, which was surveyed in 2023, has been omitted. CRIF’s research now covers 7,000 nationally representative adults across six major economies: Austria, France, Germany, Italy, the UK, and the US.
The results, together with the evolving legal framework, set out a clear range of objectives for financial providers. Consumer attitudes are shifting, especially as the impacts of climate change become more apparent and the conduct of large companies is increasingly scrutinized. Consumers are not only expressing disdain for those who fail to meet their own personal values but are showing a willingness to act. For younger consumers, switching to a provider who better meets their expectations on transparency, sustainability and ethics is increasingly common.
Banks and insurers who meet these demands, while enabling their customers to further their own green credentials through their products and services, can better retain their customers and also attract new ones.
