Study: Online Banking’s Environmental Benefits Can Drive Market Growth

August 9, 2007

Email this story Print this post Add your comments

Online-banking consumers can do well by doing good, improving financial control while eliminating the paper bills, statements and checks that harm the environment – saving 17 million trees and avoiding 4 billion tons of greenhouse gases a year – Marketing Charts reports.

According to a recent report from Javelin Strategy & Research, “2007 Online Banking and Bill Payment: Trends, Forecasts, and Strategies for Reinvigorating Growth and Adoption,” finds that those who have yet to use online banking have become more entrenched in their objections over time, saying they ”prefer to deal with people” or because of fears of fraud.

As a result, adoption of online banking has begun to slow, according to the report; but by underscoring the environmental benefits of paperless banking, financial institutions can continue to gain online customers, the report suggests.

Some key findings of the Javelin Strategy & Research report:

Some 61 million households now bank online (53% of the US households), which is projected to reach 82 million households by 2012, or 67% of US households.
39 million households pay bills at individual biller sites; that number is projected to reach 50 million by 2012.
Bills viewed or paid at bank sites will grow even faster as financial providers give consumers the features they’ve wanted all along.
The yearly benefits – if all US households viewed and paid bills online:
Saves 2.3 million tons of wood, or 16.5 million trees.
Reduces fuel consumption by 26 million BTUs – enough energy to provide residential power to San Francisco for an entire year.
Decreases toxic air pollutants by 3.9 billion pounds of CO2 equivalents (greenhouse gases), akin to having 355,000 fewer cars on the road.
Reduces toxic wastewater by 13 billion gallons, enough to fill almost 20,000 swimming pools.
Lowers solid waste generated by 1.6 billion pounds – equal to 56,000 fully loaded garbage trucks.
Removes 8.5 million particulates and 12.6 million nitrogen oxides from the air – on par with taking 763,000 buses and 48,000 18-wheelers off the streets.

In assessing other trends illustrated by the report, author Mary Monahan said, “People manage their assets and bills online to gain control of time, finances and safety. Bankers can meet consumer needs while providing vital environmental benefits.”

“In addition, emerging features such as two-way mobile or email alerts and preset user-defined limits and prohibitions (UDLAPs) can transform today’s overwhelming flood of online information into an experience that is green, safe and practical for everyone.”

Email this story Print this post Add your comments

Advertisers

Enhance Sustainability. Improve Profitability.

Learn how at the SAP Sustainability Resource Center. >>

Unclear about the EPA's new GHG Rule?

Learn how it could affect your business. >>

EPA mandatory emissions reporting starts Jan 1st

CSA Standards can help your organization get ready for compliance. Find out how. >>

Product Environmental Compliance Best Practices

How to achieve compliance at a significantly lower cost. Download the full report. >>

Join the Discussion

Recent Daily News [ see all ]

11/20/2009
11/19/2009
11/18/2009

Charts [ see all ]

European Paper Industry Cuts CO2 Emissions by 42% since 1990

S. America Takes Most Urgent View of Copenhagen Talks

Nike Tops Annual Climate Action Scores

Oceans May Trap more Carbon than Forests

Jobs

View All Jobs >> Post a Job >>

Comments and Discussions

Trade Association on Trade Group on EPA Chemical Regs: ‘If Everything is a Priority, Then Nothing is a Priority’
"Seriously… that..."

Gary Markowitz on Supermarkets Tackle Emissions Reductions, Fuel Efficiency
"Supermarkets waste over 10 percent of their energy through improper..."

peter in ireland on Ontario May Follow California’s Lead on TV Energy Efficiency
"Governor Schwarzenegger is shooting himself in the foot! 1...."

Environmental Leader on S. America Takes Most Urgent View of Copenhagen Talks
"The survey respondents (the PDF report mentions 4,000 respondents in 38..."

Jake on UPS Trying New Hydraulic Hybrid Trucks
"A point of clarification: the Reuters press release referenced herein reports that 20 UPS will purchase..."

Custom Organic Shirts on S. America Takes Most Urgent View of Copenhagen Talks
"90% of North Americans believe it is urgent to get a global climate..."

peter dublin on California City’s Green Building Ordinance Applies to Commercial Buildings
"Why energy efficiebnt regulation on buildings –..."

Environmental Leader