Thursday 7 January 2021

Almost half of banking customers ‘would move money if they knew their bank was financing fossil fuels’

Almost half of the banking customers would move their money if they found out the bank was financing fossil fuels.

That's one of the findings of new research by Deloitte, which suggests seven-in-ten customers are likely to choose banks with positive social and environmental impacts.

Almost 61% of 1,250 UK banking customers who took part in the survey wish that their bank would do more to create a positive social and environmental impact.

Three-fifths of the customers think their bank is strongly committed to sustainable and environmental causes, according to the research.

However, almost 64% of the respondents would like their bank to allow them to mobilise a portion of its profits to a cause they support.

Richard Hammell, UK Head of Financial Services at Deloitte, said: “Issues such as climate change and sustainability are playing a more prominent role in customers’ behaviour.

“Banks have an opportunity to dial up their efforts, to engage with customers by telling the story of their positive impact, and to use social and environmental impact as a source of innovation for new products and services.”

Katherine Lampen, UK Sustainability and Climate Change Lead at Deloitte, added: “As in all sectors, the banking industry is seeing increasing pressure from investors, regulators and customers to prioritise action on climate risk. Whilst it is encouraging to see over half of respondents agree that their bank is strongly committed to environmental impact, there is still more to be done."