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1、1A global benchmark for sustainable banking 2023CHALLENGER VS TRADITIONAL BANKS2OVERVIEWTable of contentsCHAPTER 1Foreword:Peter-Jan van de Venn,VP Global Digital Banking,MobiquityCHAPTER 2Main findingsCHAPTER 3SummaryCHAPTER 4MethodologyCHAPTER 5How Mobiquity can help34161718CONTACTGet in touch193C
2、HAPTER 1ForewordPeter-Jan van de Venn,VP Global Digital Banking,MobiquityWe are pleased to present this specialised report,an extension of our broader“Global benchmark for sustainable banking.”This edition focuses on the nuanced differences between traditional and challenger banks in their approach
3、to sustainability.While the global conversation around sustainability continues to gain momentum,its important to recognise that the financial sector is part of this evolving dialogue.Our broader report provides an industry-wide perspective,but this focused analysis aims to offer insights into the u
4、nique challenges and opportunities that different types of banks face.Our previous work has highlighted a notable gap between intent and action in the banking sector.In this edition,we explore whether this gap varies when comparing traditional institutions with challenger banks.With significant inve
5、stment opportunities linked to climate change mitigation and adaptation,the subject remains relevant for all players in the field.Regulatory changes are on the horizon,but they are just one part of the equation.A new generation of consumers and employees is gradually shaping the way brands think abo
6、ut their purpose,extending beyond mere compliance to a more holistic view of what sustainability means.Technology continues to offer innovative solutions,from artificial intelligence to advanced data analytics.However,the effective use of these tools requires a cultural commitment to sustainability
7、as a core organizational value.This report aims to provide a nuanced understanding of how various types of banks are approaching their sustainability commitments.While immediate action is beneficial,the report also acknowledges that the journey towards sustainability is a marathon,not a sprint.The s
8、trategies for achieving these goals are as diverse as the institutions implementing them.4CHAPTER 2Main findingsThe 2023 survey found that there has been a shift in awareness and focus around sustainable banking with a decrease of board reporting and representation incorporating sustainability as pa
9、rt of their business strategy in comparison to 2022.Mobiquity surveyed 600 C-suite banking executives across the United States,United Kingdom,the Netherlands,and Australia.5CHALLENGER BANKSTRADITIONAL BANKSUnited States32%Talent management28%Present economic climate31%Digital transformation 24%Digit
10、al transformation27%Increasingly burdensome regulatory compliance24%Increasingly burdensome regulatory compliance United Kingdom31%Consumer confidence29%Present economic climate28%Present economic climate29%Talent management25%Sustainable banking28%Sustainable bankingNetherlands33%Talent management3
11、3%Increasing competition31%Sustainable banking32%Present economic climate29%Present economic climate 27%Digital transformationAustralia29%Digital transformation 29%Talent management 29%Sustainable banking 29%Sustainable banking 29%Present economic climate28%Present economic climateC-suites surveyed
12、in challenger banks most frequently said that talent management and sustainable banking are top concerns at board level in their organisation,compared with C-suites surveyed in traditional banks,who all said the present economic climate(29%)is the top concern at board level.Top concerns at board lev
13、el for challenger and traditional banks across the United States,United Kingdom,The Netherlands and Australia.6Over two thirds(67%)of C-suites surveyed in challenger banks said yes,sustainability challenges are being reported to board level,compared with under two thirds(64%)of C-suites surveyed in
14、traditional banks who said the same.The numbers dropped substantially for both challenger and traditional banks when compared to 2022.Reporting on sustainability at board levelCHALLENGER BANKS0%20%40%60%80%100%202120222023TRADITIONAL BANKSUnited States0%20%40%60%80%100%202120222023United Kingdom0%20
15、%40%60%80%100%202120222023Netherlands0%20%40%60%80%100%202120222023AustraliaCHALLENGER BANKSTRADITIONAL BANKSCHALLENGER BANKSTRADITIONAL BANKSCHALLENGER BANKSTRADITIONAL BANKS7In 2022 more than three quarters of challenger and traditional banks had a ESG representative at board level,in 2023 this dr
16、opped under 75%.Banks with a sustainability representative at board level0%20%40%60%80%100%202120222023United States0%20%40%60%80%100%202120222023United Kingdom0%20%40%60%80%100%202120222023Netherlands0%20%40%60%80%100%202120222023AustraliaCHALLENGER BANKSTRADITIONAL BANKSCHALLENGER BANKSTRADITIONAL
17、 BANKSCHALLENGER BANKSTRADITIONAL BANKSCHALLENGER BANKSTRADITIONAL BANKS8Just over two thirds(67%)C-suites surveyed in challenger banks said that sustainability is important as part of their business strategy,compared with almost three quarters(73%)of C-suites surveyed in traditional banks who said
18、the same.The importance has declined in all regions compared to 2022.The importance of sustainability as part of banks business strategy0%20%40%60%80%100%202120222023United States0%20%40%60%80%100%202120222023United Kingdom0%20%40%60%80%100%202120222023Netherlands0%20%40%60%80%100%202120222023Austra
19、liaCHALLENGER BANKSTRADITIONAL BANKSCHALLENGER BANKSTRADITIONAL BANKSCHALLENGER BANKSTRADITIONAL BANKSCHALLENGER BANKSTRADITIONAL BANKS9The Netherlands is leading the way,while the United States is falling behind in taking steps to foster sustainable behaviours.Across the board traditional banks are
20、 ahead or at level of the challenger banks apart from the United States.Banks taking steps to foster sustainable behaviours and outcomes0%20%40%60%80%100%202120222023United States0%20%40%60%80%100%202120222023United Kingdom0%20%40%60%80%100%202120222023Netherlands0%20%40%60%80%100%202120222023Austra
21、liaCHALLENGER BANKSTRADITIONAL BANKSCHALLENGER BANKSTRADITIONAL BANKSCHALLENGER BANKSTRADITIONAL BANKSCHALLENGER BANKSTRADITIONAL BANKS10Top 3 strategic imperatives as part of the banks sustainability agenda across all regionsApart from traditional banks in the Netherlands,all banks embrace emerging
22、 technologies such as Machine Learning,Artificial Intelligence,GenAI,cloud and data analytics.United StatesEmpowering customers to embrace sustainability Offering customers sustainable productsEmbracing emerging technologiesAligning to global reporting standards on ESGEmbracing emerging technologies
23、12312Digitalising processes to reduce the banks carbon footprint3CHALLENGER BANKSTRADITIONAL BANKSUnited KingdomDriving sustainability as part of an ESG strategyEmbracing emerging technologies Mitigating climate change risks through assessing client portfolioMitigating climate change risks through a
24、ssessing client portfolioEmpowering customers to embrace sustainability 12312Embracing emerging technologies3CHALLENGER BANKSTRADITIONAL BANKSNetherlandsDriving sustainability as part of an ESG strategyEmbracing emerging technologies Offering customers sustainable productsOffering customers sustaina
25、ble productsEmpowering customers to embrace sustainability 12312Digitalising processes to reduce the banks carbon footprint3CHALLENGER BANKSTRADITIONAL BANKSAustraliaEmbracing emerging technologiesOffering customers sustainable productsDriving sustainability as part of an ESG strategyEmpowering cust
26、omers to embrace sustainability Embracing emerging technologies12312Investing in green finance initiatives3CHALLENGER BANKSTRADITIONAL BANKS11Initiatives employed by banks to be sustainableBanks in all regions are developing digital applications for clients to be sustainable and digital solutions to
27、 create sustainable outcomes.Australia is focussing on encouraging remote working to reduce customer and staff travel,as they did last year.United StatesDeveloping digital applications for clients to be more sustainable.12312Digital solutions to create sustainable outcomes.Accelerated Cloud adoption
28、.Investing in carbon credits.Developing digital applications for clients to be more sustainable.3Digital solutions to create sustainable outcomes.CHALLENGER BANKSTRADITIONAL BANKSUnited KingdomInvesting in carbon credits.12312Digital solutions to create sustainable outcomes.Encouraging remote workin
29、g among employees to reduce travel.Digital solutions to create sustainable outcomes.Developing digital applications for clients to be more sustainable.3Encouraging remote working among employees to reduce travel.CHALLENGER BANKSTRADITIONAL BANKSNetherlandsDigital solutions to create sustainable outc
30、omes.12312Developing digital applications for clients to be more sustainable.Closing branches.Digital solutions to create sustainable outcomes.Developing digital applications for clients to be more sustainable.3Accelerated Cloud adoption.CHALLENGER BANKSTRADITIONAL BANKSAustraliaInvesting in carbon
31、credits.12312Encouraging remote working among employees to reduce travel.Digital solutions to create sustainable outcomes.Encouraging remote working among employees to reduce travel.Closing branches.3Developing digital applications for clients to be more sustainable.CHALLENGER BANKSTRADITIONAL BANKS
32、12Main barriers to adopting sustainable behavioursC-suites surveyed in challenger banks most frequently said the top barrier to adopting sustainable behaviours in their company is limited access to talent and expertise(25%),whilst C-suites surveyed in traditional banks most frequently said the top b
33、arrier is the cultural legacy that needs to be shifted.United StatesLimited access to talent and expertiseBudget implicationsLack of incentives for adoptionLimited access to talent and expertiseCultural legacies need to be shifted12312Industry demands3CHALLENGER BANKSTRADITIONAL BANKSUnited KingdomI
34、ndustry demandsLittle knowledge of the market and how to drive sustainabilityLack of a cohesive ESG strategyCultural legacies need to be shiftedStakeholders e.g.shareholders and investors12312Lack of a cohesive ESG strategy3CHALLENGER BANKSTRADITIONAL BANKSNetherlandsLack of universally recognised r
35、egulation and enforcementLimited access to talent and expertiseLack of a cohesive ESG strategyBudget implicationsIndustry demands12312Little knowledge of the market and how to drive sustainability3CHALLENGER BANKSTRADITIONAL BANKSAustraliaLittle knowledge of the market and how to drive sustainabilit
36、yLimited access to talent and expertiseLack of a cohesive ESG strategyBudget implicationsLimited access to talent and expertise12312Cultural legacies need to be shifted3CHALLENGER BANKSTRADITIONAL BANKS13Experienced benefits of sustainable bankingBoth challenger and traditional banks see diverse ben
37、efits of sustainable banking.Ranging from increased profitability and cost reduction to improved retention and competitive advantages.United StatesIncreased profitabilityCost savings through innovative digital products&servicesMaintain practices against business competitionGaining competitive advant
38、ageIncreased operational efficiency across the business12312Accelerated innovation3CHALLENGER BANKSTRADITIONAL BANKSUnited KingdomMaintain practices against business competitionContributing to a positive impact within societyIncreased customer retention and growthCost savings through innovative digi
39、tal products&servicesImproved brand reputation12312Increased customer retention and growth3CHALLENGER BANKSTRADITIONAL BANKSNetherlandsAccelerated innovationAttracting dedicated long-term investorsMaintain practices against business competitionImproved brand reputationIncreased profitability12312Inc
40、reased operational efficiency across the business3CHALLENGER BANKSTRADITIONAL BANKSAustraliaAccelerated innovationContributing to a positive impact within societyMitigating riskAccelerated innovationAttracting dedicated long-term investors12312Cost savings through innovative digital products&service
41、s3CHALLENGER BANKSTRADITIONAL BANKS14Banks currently engaging with metaverse technologies in preparation to enter the metaverseIn 2022 traditional banks were engaging the most with metaverse technologies.That interest has slowed down substantially in 2023.Australia being the exception.0%20%40%60%80%
42、100%20222023United StatesUnited KingdomNetherlandsAustraliaCHALLENGER BANKSTRADITIONAL BANKSWe are currently engaging with and investing in technologies such as virtual reality(VR)and augmented reality(AR)in preparation for entering the metaverse.15Top 3 emerging technologies and digital tooling ban
43、ks are currently engaging withUnited StatesCHALLENGER BANKSTRADITIONAL BANKSCyber security technologies1.Cloud computing2.ChatGPT3.Machine learning(ML)and artificial intelligence(AI)1.Embedded finance solutions2.SaaS Core Banking3.United KingdomCHALLENGER BANKSTRADITIONAL BANKSOpen banking APIs1.P2P
44、 payments2.Machine learning(ML)and artificial intelligence(AI)3.Cyber security technologies1.Big data technologies2.Extended reality:augmented reality(AR)and virtual reality(VR)3.NetherlandsCHALLENGER BANKSTRADITIONAL BANKSBlockchain and Web3 technology1.Metaverse technologies2.ChatGPT3.Cyber securi
45、ty technologies1.Machine learning(ML)and artificial intelligence(AI)2.Big data technologies3.AustraliaCHALLENGER BANKSTRADITIONAL BANKSDigital wealth manage-ment technologies1.Metaverse technologies2.Extended reality:augmented reality(AR)and virtual reality(VR)3.Machine learning(ML)and artificial in
46、telligence(AI)1.ChatGPT2.Intelligent automation and robotic process automation(RPA)3.16CHAPTER 3SummaryThe present economic climate and talent management are in the way of sustainable banking for both challenger and traditional banks.Traditional banks in all regions cited the present economic climat
47、e as one of their top concerns.These concerns are hindering the 2022 increased focus on sustainable banking.The 2023 data shows that the reporting on sustainability at board level as well as having a sustainability representative at board level decreased,as well as the importance of sustainability a
48、s part of banks business strategy.For the United States all percentages were lower than we first conducted the research in 2021.Traditional banks are slightly ahead from challenger banks when it comes to taking steps to foster sustainable behaviours and outcomes.The data for the United States also h
49、ere showed the lowest percentages for all regions.The main barriers to adopting sustainable behaviours were limited access to talent and expertise for challenger banks.Where most traditional banks mentioned that cultural legacies needed to shift.When asked what are the experienced benefits of sustai
50、nable banking,most challenger banks said that sustainable banking helped them to maintain practice against competition.Traditional banks experienced increased operational efficiency and cost savings through innovative digital products&services.The digital mindsetThe 2023 data shows that both challen
51、ger and traditional banks are engaging in emerging technologies and use these to support ESG reporting and transparency in the industry.Technology and sustainability are becoming increasingly intertwined,as more importanceis placed globally on being environmental conscious and socially responsible.B
52、y embracing technologies like AI,ML,ChatGPT and Data Analytics,banks can optimise theiroperations,leading to greater efficiency.Enhanced data insights enable banks to make more informed decisions,minimising risks and improving resource allocation.Digital banking is reducing the need for physical inf
53、rastructure and paper-based transactions,contributing to lower carbon footprints.Fintech solutions empow banks to offer green financial products and services,promoting transparency and encouraging customers to make sustainable choices.By aligning technology with sustainability goals,banks can play a
54、 pivotal role in fostering sustainable development,addressing global environmental challenges,and driving sustainable practices that contribute to a greener future and benefits the banks as well.17The research was conducted by the independent market research companyCensuswide,with 600 C-suite bankin
55、g executives 18+across the United Kingdom,the Netherlands,the United States and Australia during 12.04.2023-25.04.2023.Censuswide abide by and employ members of the Market Research Society,which isbased on the ESOMAR principles.CHAPTER 4Methodology18Sustainable banking is data driven.Everyday bankin
56、g services are affected by the sustainability trend.The increase of mobile banking and online payments supplies banks with vast amounts of real time data.This real time data has generated a platform for digital applications and tools.Banks can interact,educate and communicate with their clients in m
57、any new ways.As banks are moving towards being more sustainable in a measurable way,new technologies such as advanced data analytics,blockchain or artificial intelligence can help banks to evaluate and reduce their environmental impact.Artificial intelligence(AI),advanced data analytics,tokens,and d
58、istributed ledger technologies(DLT)are promising solutions for a sustainable finance industry with a widearray of use applications such as:Analysing a banks portfolio on sustainability/ESG.Measuring the impact of green financial products.Supporting consumers to purchase sustainable products and prov
59、iding greener investment choices.Utilising big data to measure the environmental impact of banks assets.Leveraging big data scraping with smart decision-making tools to reduce management costs.Implementing green investment strategies.Applying transaction-based carbon accounting.Adopting carbon insig
60、ht tools.CHAPTER 5How Mobiquity can helpCreating an innovation roadmap and delivering itCarbon Bank is an initiative to implement decarbonization strategies in line with the Paris Agreement through business change and innovations.Carbon Bank accelerates sustainable food production with initiatives t
61、hat reduce and remove carbon emissions from the atmosphere.It contains multiple value propositions focussed on both the enterprise market(Carbon Farming and Decarbonizing Supply Chain)and retail market(Carbon Insights).Our sustainable banking workHelping consumers understand their CO2 footprintFor a
62、 large European bank we created,designed and built a digital application to help banking clients to understand their CO2 footprint.The digital carbon insights application integrates with the banks mobile banking application for consumers.The carbon footprint insights are based on the real transactio
63、n history.19CONTACTGet in touchLegal Disclaimer The material in this document has been prepared with the aim of providing information and is for illustrative purposes only and is not meant to be legally binding.Mobiquity accepts no liability whatsoever in contract,tort or otherwise for any loss or d
64、amage caused by or arising directly or indirectly in connection with any use or reliance on the contents of this document.Rights and Permissions The material in this work is copyrighted.With the exception of fair use for journalistic or scientific purposes,no part of this report may be reprinted or
65、reproduced in any form or by any means without the prior written permission of Mobiquity.In all journalistic or scientific purposes Mobiquity must be indicated as reference.Mobiquity encourages dissemination of its work and will normally grant permission promptly.Peter-Jan van de VennVP Global Digital Banking,Mobiquity+31 6 4328 4093 ArkenboutVP Business Development APAC,Mobiquity+31 6 4310 6062