Understanding Bank Customers' Awareness of Green Banking and their Perceptions of Value Orientation: A Case Study of Standard Chartered Bank Zambia

Abstract

In the Zambian market, green banking is a relatively new concept, and Standard Chartered Bank Zambia has taken the initiative to embrace sustainable banking practices.  While the concern for green banking practices is increasing around the globe, green banking is not only limited in terms of practice but also in terms of awareness, as various studies suggest that customers are less aware about the green banking concept adopted by banks.  This highlights the need for a two-way effort involving banks and customers to effectively implement sustainable/green banking.  In this context, the study aims to assess the level of customer awareness regarding green banking and their perceptions of Standard Chartered Bank Zambia's value orientation. The study adopts a case study research design, focusing on Standard Chartered Bank as the only bank that has committed to integrating sustainability into its banking business.  Data collection involved mixed methods, including a survey questionnaire targeting bank customers and a document review to triangulate customer perceptions of the bank's value orientation.  Due to privacy constraints, the study employed purposive and convenience sampling techniques for selecting participants from the bank's customer population. The study findings reveal a low level of awareness among surveyed customers, indicating the need for the bank to increase awareness through enhanced communication efforts.  Despite the surveyed bank customers perceiving the bank as prioritising profits over stakeholders' needs, the study concludes that the bank follows a stakeholder-oriented approach, as evidenced by its commitment to employee welfare, social initiatives, and environmental protection. The limited awareness of green banking practices among customers may contribute to their negative perceptions, presenting an opportunity for the bank to address these concerns by improving awareness.