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Financial service providers falling short

Financial service providers falling short

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Global Business Review Magazine
Sunday, June 11, 2023
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Financial service providers falling short

Financial service providers falling short

PA Consulting (PA) has published new global research. That is revealing an overwhelming majority of people expect sustainable financial services to become the norm (93%). According to the research, consumers are currently facing a critical knowledge gap. This should serve as a wake-up call to financial services providers.

PA surveyed 3,500 consumers globally. Also, consumers of all age groups and geographies are looking to live, shop, and bank more sustainably. Most consumers do not realise how much of an impact their financial decisions can have on sustainability. A lack of education (57%), the research revealed that pricing (62%); trust (57%); availability (56%) and accessibility (55%) are key barriers to adoption of sustainable finance products. Financial service firms must urgently address gaps in knowledge and consumer trust to drive adoption. Mark Lancelott, sustainability expert at PA Consulting, says that their survey reveals a worrying gap between consumers’ expectations of their financial services providers and their confidence in, and understanding of, the products currently available to them.

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Consumers don’t realise how big an impact their financial choices can have on their ambitions. Jason Hill, financial services expert at PA Consulting, added that the pressures to meet the challenge of making sustainable finance mainstream by 2025 will come not just from consumer demand. There will be new non-financial reporting requirements and rules to prevent green-washing coming into force imminently.

Their research highlights the pent-up demand for financial products and services. Failing to meet expectations will compromise customer retention. There are three core initiatives, such as build credibility, educate, and innovate. It will take investment and ingenuity, but it is critical the industry pivots, now.

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Recent News

Investors caught off guard as Bank of Canada’s inflation indicator fails

BoC sets rates to two-decade peak with room for more

US markets’ slump deepens to a half-year peak; its consequences

US markets’ slump deepens to a half-year peak; its consequences

Dollar edges up as jolt from Fed minutes wanes

Dollar unflinchingly holds position amid uncharted numbers

Deutsche Bank snapped by Credit Suisse

Timeline until: Credit Suisse stumbled and UBS went to its aid

Relentless debt: US loans are dragging; root cause multiplies

Relentless debt: US loans are dragging; root cause multiplies

UK to slash bond issuance

Banks toss bets for high-jeopardy bonds

Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

Recent News

  • BoC sets rates to two-decade peak with room for more
  • US markets’ slump deepens to a half-year peak; its consequences
  • Dollar unflinchingly holds position amid uncharted numbers
  • Timeline until: Credit Suisse stumbled and UBS went to its aid
  • Relentless debt: US loans are dragging; root cause multiplies

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