How clients are asking banks to turn our greatest risk into their biggest opportunity

As I look at the everyday financial landscape today, I see a glaring disconnect. 

On one side, we have mounting climate concerns. On the other, we have people's day-to-day money struggles. 

And in the middle? A massive opportunity for banks to step up and make a real difference for both people and the planet.

Let me be clear: This isn't a wake-up call about the climate crisis—if you've missed that, this article isn't for you. Rather, it's about an industry's opportunity to evolve from commoditised transaction platforms into profitable drivers of positive change.

Our newest research, spanning 5,000 consumers across Europe, the US, and the UK, paints a stark picture that demands action. 

Here's the reality we're facing: 59% of EU respondents are more worried about climate change than ever before. Over two-thirds (68%) are concerned about how it will impact their quality of life and that of their loved ones. You'd think this level of concern would translate into action, right?

Wrong. 

This tension between wanting to act and feeling unable to do so is something I see over and over. It's not apathy–it's paralysis, fueling additional frustration and leading to friction and potential conflict. A striking 47% of Europeans agree they would not know where to start to address the climate crisis, and over half (54%) state they don't have access to the right tools and resources. 

How much clearer of a market signal does a business need, especially one that typically measures success in mere basis points?

So here's where it gets interesting–and where banks come in. A quarter (25%) agreed that the rise in the cost-of-living and managing their finances is more of an immediate priority to them than the climate crisis. 59% are feeling anxious about financial and money affairs. The same percentage, 59%, feel that not being in control of their finances is making it hard for them to focus on living more sustainably.

Do you see the opportunity here? People are looking to you for guidance. For support, for tools and for helping them help themselves. This is where the E and the S meet up in ESG. And the best platform for that is one of efficiency, credibility and greed. Yes, you read that right.

In Europe alone, 39% of consumers agreed they would like support from their bank to help them save more money, while 20% would like help from their bank to make more sustainable choices with everyday purchases.

Your customers are literally asking you to help them align their financial decisions with their environmental values. This carries value! The positive side effect of value creation can be measured in financial return. Hence, making money on saving the world will unleash the very support to do so. Turning greed green.

It's time for banks to get hungry for opportunity on the back of sustainability and on the front of responsibility. Banks have the expertise, the resources, and the reach to guide retail clients towards more sustainable financial decisions. Banks have the power to make eco-friendly choices the easy, default option for all customers. 

My firm belief is that banks are the very hubs for a fair, just and profitable transition. We see the front runners emerging; we support 106 banks already, and we are here to support those not wanting to miss out on future proofing the very relevance in the life of their clients. It is not the margin that matters; it is the matter that will give you a better margin. And your children too. See, that’s easy.  

The gap between financial wellbeing and climate action is real, but it's not insurmountable. Banks have a vital opportunity to act as the changemakers we need. Leading by data driven examples. It's time to bridge that gap and empower your customers to make sustainable financial choices that drive positive environmental impact.

The question is: are you ready to rise to this challenge? 

Because your customers–and our planet–are waiting.

Mathias Wikström, CEO Doconomy