target audience: TECH SUPPLIER Publication date: Dec 2023 - Document type: IDC Survey - Doc Document number: # EUR151410523
Sustainability in EMEA Financial Services: Solid Progress But Old Habits Die Hard
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Abstract
This IDC Survey draws from IDC's 2023 European Financial Insights Survey, which queried 450 EMEA financial services institutions (FSIs) across nine markets. Sustainability was one of three focus areas investigated in the survey, which addressed major environmental, social, and governance (ESG) objectives among financial institutions. The survey also investigates FSIs' major customer-facing ESG initiatives, looks at the way FSIs are reducing their own carbon footprints, and provides an overview of key IT tools they have deployed to deal with ESG requirements. Furthermore, this IDC Survey showcases data from a 2022 consumer survey executed by IDC Financial Insights, which emphasizes the limited monetization potential of green products among European consumers.
"The monetization potential of green products remains a challenge for FSIs, as only 46% of consumers indicate willingness to pay a higher price for sustainability," said Tom Zink, senior research director at IDC Financial Insights. "While consumers show strong interest in their FSIs taking sustainability seriously and demand more regulation, they are not necessarily willing to share the cost of this transformation. Lenders in particular face massive opportunity cost, but as so often happens, only regulatory pressure will move the needle toward genuine sustainability in financial services."