SAN FRANCISCO – A new Green Banking report by Javelin Strategy & Research finds that despite financial institution's green efforts including an electronic statements push, three out of four consumers are still clinging to paper statements.
The report finds that the reason green banking habits have yet to take hold is because consumers are not aware of how they can make a difference and financial institutions have yet to find incentives that compel customers to participate.
According to Javelin, if every U.S. household stopped receiving paper bills and statements, 687,000 tons of paper would be saved every year–enough to circle the Earth 239 times.
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Javelin researchers believe availability, accessibility and complexity are the central challenges stalling the adoption of green banking behavior. Financial institutions must focus on products and promotions that speak directly to environmentally conscious consumers, including "green audit" calculators to help consumers compute the environmental impact of their banking behavior, a one-stop paper statement shut-off option for all accounts and green banking marketing campaigns that reward customers for eco-friendly practices.
Among the companies mentioned in Javelin's Green Banking Report five were credit unions: Credit Union One of Oklahoma, Sound CU, Star One CU, Technology CU, and Vancouver City Savings CU.
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