Finheads & Trends

The number of challenges that legacy banks are facing is stacking up: Keeping pace with new and changing regulations; loss of market share caused by struggling to meet the needs of digital and non-digital native consumers alike; maintenance of outdated systems. They’re all issues that banks have to contend with.

Anew payment scheme is aiming to create a pan-European payment solution for both euro and non-euro markets. Known as the European Payments Initiative (EPI), the scheme aims to be the new standard in payments across all types of transactions in Europe.

And while the promise of EPI is very real, the scheme is yet to be fully realized and has plenty of hurdles to overcome if it’s to achieve its ambition of launching a true pan-European payment solution.

In the first installment of this series, we looked at the history of green finance, its growth and how financial insitutitions can benefit from going green. In this article, we take a global view of green finance, exploring the steps that key players are taking in going green.

In conjunction with our sister company, cxpartners, Sopra Banking Software conducted a deep dive into personalized onboarding journeys to better understand how customization affects the propensity to buy.

The global green finance market is growing rapidly. It’s anticipated that 2021 could see more than $1 trillion raised for sustainable financing. And the value of green bonds traded could hit $2.36 trillion by 2023. While climate change is still debated among politicians, investors are going green.

However, for many, the term green finance is still an ambiguous one, and for financial institutions, how best to respond to the burgeoning market is unclear.

Retail banking is undergoing a massive disruption, one driven by rapid innovation and aggressive new entrants. The financial services industry is increasingly competitive, and what works today won’t necessarily work tomorrow. It’s therefore vital for legacy banks to keep pace technologically and double down on one of their historical advantages: trust.