Over two-thirds (67 per cent) of consumers want their bank or financial institution to become more sustainable in the future, according to research from cloud banking platform Mambu.

Mambu surveyed over 6,000 consumers globally on their attitudes to green finance. The research revealed that while the majority are in favour of greener financial options, consumers have “little trust” in the industry’s sustainability credentials.

Nearly half (48 per cent) said access to green financial services has become more important to them in the last five years, yet more than two-thirds (67 per cent) believe their current financial institution is guilty of “green-washing”.

Just two-in-five (42 per cent) think their current bank or financial institution “clearly communicates” its sustainability commitments, and only 37 per cent know what climate pledges they have publicly announced or committed to.

There’s also confusion around exactly what “green finance” is, as over a third (35 per cent) don’t fully understand the difference between green finance - a product that has been designed to protect the environment or to manage the impacts of finance and investments on the environment - and ethical finance - finance which takes into account not only financial returns but also environmental, social and governance factors.

The adoption of green finance is far from mainstream. Just over one-in-four (26 per cent) consumers have knowingly made use of a sustainable banking product or service.

But, of those, the vast majority (84 per cent) were “more satisfied” with these services than traditional banking products.

The survey also shows that consumers want banks to be more transparent and to have greater power in holding them to account.

Nearly three-fifths (58 per cent) would like more control over how and where their money is invested, to align with their personal values. And over half (55 per cent) would like a say on the types of green financial products and services their financial institution develops in future.

Anna Krotova, director of sustainability at Mambu, said: “Consumers are increasingly looking for ways to make greener financial decisions, but remain sceptical about how strongly banks are committed to the sustainability agenda.

“They want to play a more active role in making green finance the future of finance, and there’s a huge opportunity for forward-thinking players to get ahead in this transition.”

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