Millennials are expected to be the largest adult population segment by the end of the decade, marking a shift in clientele for banks and financial institutions. In a bid to become more millennial-friendly, banks are not only focusing on online platforms and apps, but also striving to put transparency and honesty at the forefront of their engagement.
“Americans spend $36 billion a day as consumers, making decisions based on cost, convenience and quality,” said Andrei Cherny, co-founder and CEO of American bank Aspiration, in an article for Business Insider. “Now, for the first time, they’ll have an easy way to make spending decisions based on conscience, as well.”
Aspiration has launched a feature on its app that allows users to see the environmental and social impacts of their purchases: The Aspiration Impact Measurement (AIM). AIM rates businesses on how they treat employees and the environment, tallying these up to create a People score, which considers metrics such as salaries and diversity, and a Planet score, which rates factors including greenhouse gas emission and renewable energy use. The AIM then gives companies a rating from 1–100. Customers can use these two ratings to calculate their own Sustainability score, giving them a good indication of how their spending habits impact both people and the environment.