Climate change is one of the key challenges of our times. From companies to individuals, actions to combat its effects are becoming unavoidable. Retail banks are no exception: customers expect them to contribute to making our world more sustainable. Although overall customer satisfaction with retail banks is high and the likelihood of switching banks is low, sustainability has become the key driver behind going to another bank.
Customers can be segmented in terms of sustainability persona based on belief in sustainability and actions they take accordingly. Our survey asked customers to pick their sustainability persona. Most of them see an important role for banks in accelerating sustainability, mainly by lowering their own emissions and helping their customers do the same. Other responsibilities banks could take on include sustainability as a basis for investment policy and incorporating it into setting interest rates for loans.
Given that the top-3 banks are seen as less sustainable and that sustainability is the key reason for switching banks, the customer base of the top-3 banks is at risk. In the base case scenario – in which the survey’s switching likelihood continues – 6% of the total customer base of the top-3 banks is at risk. In an accelerated scenario – in which we expect that customers will become more sustainable and increasingly act on it – 26% of the total customer base of the top-3 banks is at risk.
Our survey – conducted among 1,000 customers of Dutch banks – shows that 95% believe that people can make a difference for the climate and foresee an important role for banks in accelerating sustainability and more than 50% of already act on this belief. Only 5% do not believe in climate change or that people can have an impact on it.
Roland Berger conducted a survey among 1,000 customers of Dutch banks which shows that 95% foresee an important role for banks in accelerating sustainability.
