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Broad Consumer Research
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Singapore has come a long way in its sustainability journey, government pushes and social responsibility have resulted in slightly positive consumer outcomes. However, more work needs to be done.
Make sustainable choices
46% of Singaporean consumers make sustainable choices
Bought Eco-Friendly Products
31% of online shoppers have bought eco-friendly products
Single-use plastic waste per cap
The average Singaporean generates 76kg of single-use plastic a year
Sustainability Trends
Government
FIs & Corporates
Retail
Top down approach
This means that it is a matter of time that, regulations will catch up and it will no longer be optional but compulsory for FIs & corporates to practise sustainability
It is no longer a matter of "if" but when will consumers will eventually pivot to more eco-friendly products and services as old non-sustainable businesses go out of phase. This is what we are focusing on
Size of the Market
Market Size of Global Sustainable Finance Market in 2031
USD 22,485.6 Billion
Market Size of Global Sustainable Finance Market in 2021
USD 3,650 Billion
Compounded Annual Growth Rate
20.1%
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Environmental Initiatives by UOB
UOB is not new to the sustainability game for the community, leveraging UOB Heartbeat, the bank has launched several initiatives to instill sustainable practises among employees and public alike.
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Competitor Analysis
DBS Bank
To better engage the general public and their employees, DBS has organized campaigns such as DBS Sparks, a web series aiming to engage the community on social and environmental issues. The company has also initiated the Zero Grounds Coffee Campaign to reduce food waste and encourage recycling habits.
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Additionally, DBS also recognizes the importance of staying relevant in today's society. The bank focuses on upskilling their staff and the public in digital skills, to align themselves with Singapore's digitalisation efforts.
OCBC BANK
OCBC has organized campaigns and held partnerships with several renowned companies to angle themselves towards sustainability. OCBC Cares is a campaign that aims to reach out to the less fortunate in society.
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The bank has also worked with NTUC to provide additional educational funding to underprivileged children. The funding covers nutritional needs, language, social and cognitive programmes.
Conclusion
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UOB is well poised and has a comparable number of campaigns against DBS and OCBC. The bank has explored a multitude of ways and means via art and education, to reach out and promote sustainability to various audiences in an interactive manner. Taking this into account, our team has decided to expand on UOB’s existing sustainability through Art and Education campaigns in a fun and engaging way for our solution.