Bank of the West is currying favor with customers who care about environmental sustainability.
The bank, which is a U.S. subsidiary of BNP Paribas, is launching a new checking account in early 2020 called 1% for the Planet that will show customers the carbon footprint of their purchases. The product launch is appealing to consumers who want to work with institutions that are aligned with their values.
“There’s a lot of data to indicate consumers are willing to switch brands in order to support a cause they believe in,” said Ben Stuart, chief marketing officer at Bank of the West. “We’ve seen a dramatic increase in new retail customers, as well as a dramatic increase in small and medium-sized enterprise business coming as a result of Bank of the West’s sustainable business practices.”