Data Snack: Benchmarking sustainability efforts by banks across economies
- Banks across many of the world's major economies have a renewed focus on sustainability in 2022, making it a key component of a bank's strategy.
- Banks are moving towards sustainability in a variety of ways, including digitizing their processes, offering sustainable products, assessing portfolios and educating customers.
Sustainability is more important today for organizations across industries than it has ever been. To speak of banking in particular, sustainability was found to be among the top three concerns across boardrooms in the US, UK, and Australia.
In fact, Mobiquity’s recent study on sustainable banking found that even compared to last year, there is a greater awareness of sustainability measures that need to be taken. Furthermore, board representations have also evolved to be more sustainability-focused.
The report surveyed over 600 C-suite banking executives across the US, UK, Netherlands, and Australia, and it provides an interesting peek into where global banking stands in relation to sustainability. In this data snack, let’s quickly overview what they found.
At board level, reporting on sustainability has increased across all regions. This reporting often begins with a sustainability vision statement, where a company outlines what it wishes to achieve with its sustainability efforts. From then on, a shortlist of issues to address is created, goals are set, a strategy is developed, and KPIs are put in place.
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