Javelin opens eyes to green banking issues

[img_assist|nid=7897|title=|desc=|link=none|align=left|width=100|height=83] Javelin Strategy & Research conducted a research on green banking issues, including consumer habits, green banking behaviors and recommendations for financial institutions seeking to attract environmentally conscious consumers. As per results of the research irrespective of the fact that major part of consumers expresses an interest in adopting green banking behaviors, three out of four consumers still receive paper statements. Javelin states that if every family in the USA stopped receiving paper bills and statements, 687,000 tons of paper would be saved every year - enough to circle the Earth 239 times.

"Green banking clearly has a direct, positive effect on the environment, but the benefits go much further, reaching into security and cost," said Jim Van Dyke, president of Javelin Strategy & Research. "Banks will save money every time a customer switches to electronic statements and transactions, and consumers significantly reduce their risk of becoming a victim of identity fraud by going paperless and using online banking services - everybody wins."

At present time environment protection draws more attention and grows in importance with bank customers. However, green banking habits are still less applied. This is attributed to insufficient understanding of the difference the new banking brings. Besides, the report says that financial institutions have yet to find incentives that compel customers to participate.

"Most consumers want to do the right thing, but if the process appears confusing or inconvenient, they simply aren't going to bother changing their banking habits," said Mark Schwanhausser, research analyst at Javelin Strategy & Research. "In many ways, it's up to banks to influence consumers. They must offer tangible, compelling ‘green' options and make them as simple as screwing in a CFL bulb."