Greenwash helps struggling banks

Adding a bit of green to marketing can help financial services companies keep their heads above water even as the economy tumbles.

Mintel Comperemedia has observed more US financial services companies going green in recent months and says While not only an good thing to do, green marketing and eco business tactics can help save companies money and help them attract new customers. Mintel spokeswoman Susan Menkes said:

“Going green can help financial services companies cut overhead costs, attract environmentally aware consumers and stay ahead of the competition. Although the economic crisis is the story of the moment, it’s important for companies to look beyond market ups and downs to the long-term trends of tomorrow. We expect ‘green living’ to affect businesses for years to come.”

Mintel sees numerous companies going green in direct mail and email advertising. Paperless statements and online bill pay, which eliminate waste and save on printing and mailing costs are becoming extremely popular. Some companies plant a tree for every customer who stops paper statements with others rewarding customers with green prizes and sweepstakes for paying bills online.

Other companies promote their green credentials to set their products and services apart in today’s market. Menke said:

“With economic woes top of mind, many Americans are looking for tangible real-life benefits from companies who go green. Incorporating green elements across business and marketing plans can help financial services companies stand out today while setting a course for growth tomorrow.”