Oct. 22, 2008 - Financial services firms are touting their green offerings in a bid to stay competitive as the markets take a tumble, according to new Mintel research. "Going green can help financial services companies cut overhead costs, attract environmentally aware consumers and stay ahead of the competition," explains Susan Menke, senior financial services analyst at Mintel. "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."

Through its direct marketing and print advertising tracking service, Mintel reports that the most popular green move by banks is to offer incentives to customers who opt for paperless statements and online bill pay.

For example, some banks will plant a tree for every customer who stops paper statements. Other banks will reward customers who go green with more greenbacks. Citizen bank recently launched a program that rewards customers ten cents for each electronic payment they make, up to $120 per year.

"With economic woes top of mind, many Americans are now looking for tangible, real-life benefits from companies who go green," says Menke.

Some financial institutions are offering products specifically designed for the eco-consumer, according to Mintel. PNC Bank, for example, offers a home equity line of credit specifically designed for borrowers making green home improvements. Similarly, the U.S. Federal Credit Union promotes auto loans with lower rates for customers buying vehicles that get more miles to the gallon.

"Incorporating green elements across business and marketing plans can help financial services companies stand out today while setting a course for growth tomorrow," Menke says.