Modern banking and fintech services have become hallmarks of modern convenience for people across the world. Billions of financial transactions happen every day over electronic platforms, yet these transactions have a hidden fee: their emissions. Climate change is creeping into every conversation, and the problem won’t go away until serious steps are taken to address it.
Financial industry consumers know the importance of sustainability. 6 in 10 are more likely to purchase services they consider sustainable, with 1 in 3 saying they’re willing to pay more for a greener product. Over half of banks recognize environmental concerns as an emerging risk over the next 5 years. Nearly every executive agrees sustainability is important to their business’s future, but 65% say they don’t know how to take effective action.
Let cloud computing be part of the solution. Cloud data centers are more energy efficient than traditional data centers. Their virtualization of high-carbon physical machines cuts emissions even further. Dematerialization also lowers the consumption of resources needed to build electronics, decreasing e-waste. Because cloud data centers can be built far away from their clients, those that take advantage of green energy grids compound their carbon-cutting benefits. Cloud migration is one step forward.