Consumer Awareness and Adoption of Green Banking Services

Abstract

Green banking is an upcoming area with sustainability emerging as a need of the hour. The awareness level, acceptance level, adoption level is not as expected. There is a need for increasing the awareness level and acceptance level among the various stakeholders. Objectives include to study the awareness level of Green Banking among the customers and bank employees and to study the challenges faced by in implementing Green Banking. Primary data has been collected from bank employees and customers through two structured questionnaires. Two bank employees and one hundred customers had been contacted for the study using a convenience sampling method. Majority of the bank employees have claimed that their bank is undertaking good efforts to promote green banking and the primary benefits of green banking as perceived by respondents include environmental sustainability, accounting, enhanced customer satisfaction and competitive advantage. The primary challenge in implementing green banking is the lack of customer awareness, resistance to change within the bank, technological limitations and security concerns and high implementation costs.

Keywords

• Green banking, sustainability, challenges of green banking, corporate social responsibility, technology.