Interview multiple candidates
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Search for the right experience
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Ask for past work examples & results
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Vet candidates & ask for past references before hiring
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Once you hire them, give them access for all tools & resources for success
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As we look forward to the remainder of the year, in September 2024, ecolytiq hosted its 3rd roundtable in London, this time in partnership with Visa.
With consumer preferences rising for sustainability, coupled with evolving regulations UK enterprises face to report on sustainability measures across the value chain, there is a critical role UK banks can play for both their retail and commercial customers.
We gathered together key players across the UK banking industry to dive deeper on this opportunity - including leaders from HSBC, Barclays, Lloyds Bank, Close Brothers, Wells Fargo, Co-op and Bank of America.
The challenge
Recent data shows that UK consumers having a growing preference for banks that support them in their sustainability journeys.
Research by Tink in 2023 found that:
- 40% of people surveyed in the UK want their bank to offer tools to help track their environmental impact
- Only 24% of banks currently offer such services.
- Almost 1 in 3 customers would switch to a bank that provides tools to track the environmental impact of their purchases.
At the same time, UK enterprises are also facing increased regulations to report on their sustainability measures – in the form of the Greenhouse Gas (GHG) reporting protocol. As a result, the 2024 UK Net Zero Business Census showed that Net Zero initiatives are a clear priority across enterprises:
- 76% of respondents say that Net Zero is a moderate to very high priority
- 52% of organisations report measuring at least a partial baseline carbon footprint, while 29% plan to do so within the next 12 months
- 46% of organisations report receiving requests for carbon data from customers or tender applications, including 37% of SMEs
While current regulations are targeted to large enterprises, they also directly affect small-medium enterprises (SMEs), which are an important part of their supply and value chains. However, SMEs typically do not have the resources and/or knowledge to effectively report on their sustainability measures. This challenge presents a compelling opportunity for UK banks to help solve a clear pain point for their SME customers, ultimately providing value for everyone.
The discussion
The roundtable sought to promote exchange around key banking leaders in the UK market about this opportunity to support their customers – both consumers and commercial enterprises - in their sustainability journeys.
They actively discussed both tailwinds and headwinds with the intent of how everyone can take further steps to bringing this to market. Here are some of the key takeaways:
- The opportunity to support commercial customers in their net zero journey is clear - particularly in the SME/micro businesses segment where they often lack resources and knowledge.
- Increasing UK regulations is putting urgency on businesses (both the banks and their customers alike) to accelerate their Net Zero journeys.
- Education, transparency and consistency are key success factors in implementing sustainability solutions, so that their banking customers are empowered to utilise the features to its full potential.
- Launching a sustainability initiative is often new territory for banks, but it is important to start somewhere and get started.
The journey towards Net Zero is underway in the UK, with most industries required to cut at least 90% of their total emissions before 2050. Banks are in a prime position to support their customers, both consumers and commercial customers alike, in their progress. In doing so, banks will not only be able to accelerate Net Zero goals at scale, but also provide an experience that promotes loyalty and retention among their customers.