According to research, 24% of banks currently offer sustainability tools, while only 17% of banking customers use them. However, 28% of customers surveyed said they would switch to a different bank which provides tools to track their carbon footprint.

The survey involved over 2,000 UK customers and 113 senior retail banking executives.

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Tasha Chouhan, UK & IE banking director at Tink, commented: “It’s great to see such high numbers of customers wanting their banks to help them to make more sustainable choices, and even better to see that many banks are already starting to deliver on this demand.

“For the forward-thinking banks who are already offering carbon tracking tools, now is the time to ramp up customer engagement to ensure people know how to easily access these tools”, Chouhan added. “Those who do will be in a strong position to deliver on expectations and win loyalty from both existing and new customers.”

Multiple banks have stepped up their efforts in tackling their carbon footprint to get in line with the UN’s goal of reaching net zero by 2050. In May this year, UOB and Singapore-based Keppel announced signing a Memorandum of Understanding to support businesses’ decarbonisation goals.

However, concerns about greenwashing keep abounding the market, with the European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) releasing a unified definition of greenwashing.

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Current greenwashing levels are perceived as low or medium for banks and medium or high for investment firms. It is, however, expected to increase in the future.

“It is vital that banks don’t miss the chance to compete on their sustainability proposition and, in turn, foster better engagement with their customers”, Chouhan continued. “Thanks to technology offered by fintech partners, banks who may be further behind can quickly catch up by seamlessly integrating sustainability-based features into their offering.”