Impact of Digital Banking on Reducing Carbon Footprint in Financial Operations

The most important issue that we are facing worldwide is climate change, so the banking sector
is facing is adopting eco-friendly practices. The major contributor for environmental damage
is the carbon footprint. By using electricity in the office, it contributes to the footprint for the
financial sector, paper-based operations. Digital banking is one of the effective solutions for
this.
The carbon foot print can be reduced by electronic platforms instead of going to banks. By
following these, it helps to cut down carbon emissions associated with traditional banking.
Due to coronavirus, the coronavirus pandemic increased the use of online platforms. The
customers & banks were dependent on online service only.After the pandemic, every financial
institutions realized that digital transformation not only improves efficiency but also protects
the environmental, social & governance.
Digital India, UPI, and Aadhaar-enabled systems made digital banking grow faster. This
project is focused on how digital banking give hands to reduce the carbon footprint and how
financial institutions can add more strength to their environmental responsibility through
digital innovation.