As Javelin Strategy & Research tracks financial institutions’ progress along the Digital Maturity Path, sizable gaps remain between the experiences being currently delivered by banks and the optimum level of engagement. For that reason, it’s difficult to see where a growing rollout of digital features related to environmental impact fits the needs of today’s customers. Banks face considerable hurdles in making such features truly meaningful, including:

1. Ensuring that they are more than old features in new packaging.
2. Gathering data that enables truly insightful advice.
3. Not blaming or shaming customers for their purchases.
4. Avoiding backlash and brand damage for treading into politically polarizing areas.

Banks that press forward with these features should take care to ensure that they engage customers in meaningful ways and promote sustainability in a way that’s not alienating. As it stands now, most banks have bigger digital initiatives to worry about.

Companies Mentioned:

Bank of the West, Canadian Imperial Bank of Commerce, Cogo, Doconomy, Itaú Unibanco, Mastercard, National Australia Bank, NatWest, Personetics