Improve Sustainability with Better Data Visibility
Banks must evolve to meet growing demand for greater sustainability. Customers, investors and employees are all increasingly concerned about climate change and are putting pressure on organisations to demonstrate their carbon reduction efforts and to improve the range of sustainable products on offer. Banks are no exception to this. Demand is growing for sustainable banking products such as green mortgages and green loans. Traditional banks are facing increased pressure from more innovative, digital new market entrants that already operate more sustainably—for example, providing customers with online digital statements instead of paper.
200 million The number of people served by WeBank, China’s first digital-only bank, just 5 years after launch. 16 10 million The number of customers attracted by South Korea’s KakaoBank in its first year. It now has approximately 5% of the country’s unsecured consumer loan market. 17
16. McKinsey & Company “Joining the next generation of digital banks in Asia” Jan 2021. 17. McKinsey & Company “Joining the next generation of digital banks in Asia” Jan 2021.
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