If you’ve seen the news lately, you know that “going green” is more than just a trend—it’s a necessity. As more people—your customers—demand sustainable and ethical practices from the businesses they support, it’s important for financial businesses to meet these standards. Not only is it the right thing to do, but being eco-friendly can also save you money in the long run.
Going green benefits both you (by saving money) and the environment (by reducing pollution and conserving resources). Is there a better example of a win-win situation?
You only have to check how companies ahead of the curve are doing it to see that it makes good business sense. Starting from the ground up, let’s go in-depth on three initiatives your financial business can take to go green right now:
1. Ditch Paper and Commit to Digital Banking
Paper receipts were a necessary evil when we did all our shopping in brick-and-mortar stores. But now that more and more of us are shopping online, there’s no excuse to hang on to this outdated—and environmentally harmful—practice.
If you’re old enough to remember when we used paper checks to pay our bills, you know that paperless banking has been around for a while. But even if you’re used to the idea of electronic statements and bill payments, you might not have considered how much paper your financial institution uses behind the scenes.
From processing applications and onboarding new customers to keeping records and handling customer inquiries, there’s a good chance your business is using more paper than you realize. And while going paperless might seem like a daunting task, there are plenty of software solutions that can help you manage the transition with ease.
If you’re starting from scratch, it might be best to go in stages. You can begin by digitizing as much of your customer-facing documentation as possible and then slowly work your way towards a paperless back-end office.
Over time, you’ll not only save money on paper and printing costs, but also on the time and resources required to store, manage, and locate physical documents.
A final perk: once you’ve digitized your documents, it’s a small leap to start using artificial intelligence (AI) and other technologies to automate your workflows from start to finish.
2. Update Your Equipment and Save Energy
Most offices have a trusty old copier or printer that’s been chugging along for years, even though it’s on its last legs. And while it might be tempting to hold on to this workhorse until it finally gives out, doing so is costing you money in the form of higher energy bills and repair costs.
Outdated equipment is generally less energy-efficient than newer models, so it’s important to upgrade your office machines when they reach the end of their lifespan. In addition to saving money on energy costs, you’ll also be doing your part to reduce greenhouse gas emissions.
When shopping for new equipment, look for the Energy Star label, which indicates that a product meets strict energy-efficiency guidelines set by the US Environmental Protection Agency.
And because change can be hard, don’t feel like you have to do it all at once. Start by replacing your most energy-hungry machines and then work your way down the line. Some ideas on where to start:
- Replace old, inefficient desktop computers with new Energy Star models or laptops.
- Swap out your office’s fluorescent light bulbs for LEDs.
- Install a programmable thermostat to help manage heating and cooling costs.
Be sure to involve your employees in the selection process. That helps offset any resistance to change and gets everyone on board with the new energy-saving initiatives.
3. Be an Advocate
It’s not enough to simply adopt green practices within your financial institution—you also need to be an advocate for change.
When it comes to sustainability, it’s important to remember that every little bit counts. And as a business leader, you have the power to inspire employees, customers, and even other businesses to do their part.
It can be tempting to fly under the radar, for fear of being seen as preachy or out of touch. But the truth is that people are looking to businesses to take a stand on social and environmental issues.
Putting your advocacy front and center may lose you a few customers, but it will also attract new ones who share your values.
These won’t be fly-by-night relationships either—your shared values will help forge a bond that can weather any storms that come your way. For example, if most of your customes buy and sell properties, a commitment to environmental sustainability will attract those who plan to invest in “green” buildings. This gives you a chance to deepen relationships with your best customers while also expanding your customer base.
As the world grapples with the consequences of climate change, it is clear that we all need to do our part to protect the environment. Financial businesses have a unique opportunity to lead the way in combating climate change through green initiatives. By committing to digital banking, updating equipment to save energy, and being an advocate for change, financial businesses can make a material difference in the fight against climate change.
The finance world often gets a reputation for being staidly conservative, afraid to rock the boat. But it doesn’t have to be that way. It’s time for the finance sector to step up and take the lead. Show the world that you’re committed to sustainability with these initiatives. Your bottom line—and the planet—will thank you!