Independent Banker - March 2021 - 57

Study after study shows
that consumers-
especially younger
people-expect the
brands they support to
commit to sustainability.
How can community
banks put eco-friendly
strategies to work?
By Karen Epper Hoff man
Community banks have
long distinguished themselves
by striving to connect with
the local areas in which they
operate. But in the interests of
thinking globally and acting
locally, many are choosing a
more ecologically friendly path.
In the past few years,
consumers have become
more aware than ever of
environmental issues and the
views of businesses on those
issues. Younger customers,
in particular, show a distinct
preference for companies
that share their concern for
environmentally positive
or sustainable initiatives,
products and services.
Millennials are particularly
concerned for the planet's
well-being and currently make
up the largest portion of the
workforce. And, importantly,
74% of millennials say they'd
be more likely to buy from
brands that support causes
they care about, according
to Nielsen. And members of
Gen Z are as, or even more,
likely to take the same action.
While the ability to address
" green " issues is sometimes
seen as the domain of
conglomerates and megabanks
with deep pockets and big
environmental impacts,
consumer expectations are
rippling out to businesses of all
sizes and industries. Indeed,
some community banks are
already cultivating their own
environmental strategies.
" There are many ways
community banks can support
the environment both in their
backyards and beyond, " says
Huntley Garriott, president of
$8 billion-asset Live Oak Bank
in Wilmington, N.C. " [While
Live Oak Bank is] just getting
started on formal reporting, we
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Independent Banker - March 2021

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Table of Contents
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Independent Banker - March 2021 - Table of Contents
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