back Back

Financial services invest half a million in sustainability, says iResearch

By Joy Dumasia

July 29, 2021

  • Europe
  • Financial
Share

More than two-thirds (67%) of financial services firms invest more than half a million pounds into sustainability initiatives each year, according to a global poll of 550 decision-makers working within financial services enterprises, banks, hedge funds, insurance and pensions firms, conducted by the data-driven thought leadership agency, iResearch Services.

These organisations spend the highest portion of their total annual budget on digital transformation and IT (39%), while 25% goes on staff training and skills development. But most significantly, more than a quarter (28%) of this budget goes on initiatives and technology that will help to make their business operate sustainably.

More than half (56%) consider their sustainable physical presence a significant focus for the organisation, with 39% suggesting initiatives have lost pace due to the Covid-19 pandemic.

Almost one in five (15%) of the firms polled are investing more than £2 million per year into sustainability strategies, 22% are spending between £1 million and £2 million. In comparison, a third (30%) spend between £500,000 and £1 million. Only 15% of firms polled spend less than £250,000 annually on sustainable initiatives.

Institutions in China lead the way with an investment of more than £2million (40%), Germany (24%) leads the way in Europe spend over £2 million, with only 12% in the US spending this amount, and it drops further to only 8% in the UK. According to 48% of respondents, the biggest driver for firms to put in place sustainability strategies is to demonstrate alignment with their core vision and values.

Yogesh Shah, CEO at iResearch Services, said: “These responses clearly demonstrate that financial services firms are willing to put their money where their mouth is. It is clear that sustainability initiatives are demanded by customers, partners and prospects. Moving forwards, it won’t be enough to simply show good intentions, but to demonstrate tangible outcomes as well.”

Previous Article

July 29, 2021

Figure raises $200 mn in Series D funding, reaches $3.2 bn valuation

Read More
Next Article

July 29, 2021

Bookkeeper360 introduces AI-powered marketplace and Brex integration

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 11, 2025

Kivra and Trustly partner to develop Autogiro for seamless payments

Read More

February 10, 2025

Financial Cloud integrates GoCardless for seamless payments in the UK

Read More

February 10, 2025

ACI Worldwide partners with Banfico to tackle APP fraud in Europe

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q4 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2024
Know More