We’re expanding to the US and Canada. Here’s why.
How far we come in embracing sustainability by 2030 will determine much of our lives for the next century. Sustainability has become a no-brainer for banks looking to merge growth with purpose and we are making that available in the US and Canada.
The United States and Canada have complex and brimming markets. Historically difficult to enter, this competitive landscape has immense potential for success and penchant for defining the future. But our entry has other things at stake.
Success isn’t measured just on traditional business metrics but more importantly on impact and change. Green banking is set to revolutionize the American and Canadian markets as it opens new avenues for deeper digital integrations and sustainable revenue streams that enable customers to take charge of their impact – on their terms.
Digitalization meets sustainability
From the internet to personal computers to smart phones, the influence of this region is unmatched. It has revolutionized and characterized much of daily life in the 21st century.
This digital advancement is needed to drive the sustainable solutions to fight the climate crisis. Yet, this has long been a big blind spot for the market.
All the while, its European counterparts have built a comparative advantage in the space with a robust climate tech environment blending the best in open data, machine learning, and behavioral science to develop scalable solutions for the cutting-edge financial institutions for community banking.
Embracing a greener version of banking also comes with additional benefits that are good for business. Green banking offerings can unlock an increase of yearly growth of up to 25%, reduce regulatory risks, and improve employee retention in a competitive labor market.
With 2030 planetary deadlines fast approaching and market-ready solutions for financial institutions maturing, we are entering the US and Canada and bringing with us our expertise and experience.
Unleashing potential with scalable solutions
ecolytiq is building a presence here cognizant of the opportunity and potential of this new market but also aware that things need to change.
Some of the world’s most influential and wealthiest banks call the US and Canada their home and their impact is massive. 18 of the largest banks and asset managers in the US are responsible for funneling funds into the fossil fuel industry. Its sum represents enough emissions to rank it as fifth-largest emitter if it were a country.
The wealth that sits behind those nearly two billion tons of carbon contains the means to fund a better future. For that to happen, a shift in the financial paradigm needs to occur. This applies to all banking stakeholders, especially retail customers.
These overweight footprints are in dire need of a rigorous diet, and it starts with education and transparency around personal impact and actionable solutions – delivered through financial institutions.
A market ready for change
On the precipice of a climate economy explosion, there has never been as much energy for climate action in North America as there is now. The historic adoption of the Inflation Reduction Act in the United States has injected new vigor into a developing market of much-needed climate solutions.
That is just the beginning. The Security and Exchanges Commission has already released proposals for the new regulations in the American financial markets. Mandating climate disclosures and defining ESG to avoid greenwashing are in the works and poised to set these markets on a new trajectory.
[Read more: ESG, the misunderstood problem child of finance]
We are entering at a time when the potential for impact has never been higher. As change sweeps the financial industry, banks are becoming aware of the need to act. A report by Mobiquity finds that while 99% of US banks find sustainability to be important to the core of their strategy, only 37% offer sustainable banking products.
This gap between knowing and doing must close if banks are to become agents of climate action and innovators of tomorrow. The future is promising. In just one year, 35% more banks said they are taking action foster sustainable behavior.
We have the momentum, the know-how, and the demand on our side. In forging a better world, all that’s left to do is to collaborate, now and wholeheartedly. Not acting and staying silent has become an active decision to continue in the wrong direction with our planetary future hanging in the balance.