www.palgrave-journals.com/fsm/

© 2012 Macmillan Publishers Ltd. 1363-0539

Journal of Financial Services Marketing

Vol. 17, 2, 177–186

INTRODUCTION

The fi nancial and economic crisis, combined

with climatic and environmental changes,

have all necessitated new marketing practices

and innovative approaches, to create a better

future. In the light of these market

conditions, the fi nancial services market has

also been reshaped, requiring both inspiration

and new knowledge in marketing. The

Correspondence:

Constantine Lymperopoulos

University of the Aegean Business School, Department of

Business Administration, 8 Michalon str., CHIOS, 82100 Greece

E-mail: klimper@aegean.gr

functionality and sound performance of

traditional banking is in question, due to the

credit crisis, requiring a comprehensive

incorporation of ethical values and principles

into banking practices ( San-Jose

et al , 2009 ).

Accordingly, socially responsible banking is

evolving as a well-established series of

principles in the fi nancial services market, as

most banks offer fi nancial products that

consider sustainability issues, and have

become more transparent in reporting their

Corporate Social Responsibility (CSR)

activities ( Scholtens, 2009 ).

Original Article

A model of green bank marketing

Received (in revised form): 17 th May 2012

Constantine Lymperopoulos

is an Associate Professor at the University of the Aegean, Department of Business Administration and adjunct Professor at the Hellenic

Open University. He has a BSc in Business Administration from the University of Piraeus and an MSc and PhD from Kepler University,

Linz, Austria. His work experience has been in Henkel Hellas and the Ionian Bank of Greece.

Ioannis E. Chaniotakis

is a Deputy Director of Deposits and Investment Products Division of ATEbank. He holds an MSc in Marketing from the University of

London and a PhD in Marketing at the University of the Aegean, School of Business Administration, Greece. He has been Tutor in

Marketing in the Hellenic Open University.

Magdalini Soureli

is a Head of the Marketing Department of ATEbank. She holds a BSc in Marketing from Athens University of Economics and Business,

an MSc in Marketing from UMIST (UK) and a PhD in Management Studies from the University of Manchester (UK).

ABSTRACT In the light of current market conditions, the fi nancial services industry has

been reshaped, requiring new marketing knowledge to provide guidelines for successful

practice. To that end, corporate social responsibility, green marketing and a green brand

image (GBI) have attracted considerable interest in the banking sector, although no

framework has yet been established relating these constructs to one another. In this

article, the authors present exploratory research as a basis for developing a model of

green bank marketing. The model was tested to confi rm the dimensions of green bank

marketing and investigate its impact on a GBI, thus providing statistical evidence of the

relationship between the two variables.

Journal of Financial Services Marketing

(2012) 17, 177 – 186. doi: 10.1057/fsm.2012.10

Keywords:

green marketing ; corporate social responsibility ; green brand image ; green

product development ; green internal processing

178

© 2012 Macmillan Publishers Ltd. 1363-0539 Journal of Financial Services Marketing Vol. 17, 2, 177–186

Lymperopoulos

et al

Parallel with the need for CSR,

environmental or ‘ green ’ marketing has

emerged as a key issue that could potentially

resolve the present crisis, as it can be

considered as a tool for sustainable

development and for satisfying different

stakeholders ( K ä rn ä

et al , 2003 ).

As the protection of the environment

has become a mainstream issue, a

progressive increase in consumer

environmental consciousness has emerged

( Kalafatis

et al , 1999 ; Chen, 2010 ),

compelling companies to recognise that

environmental responsiveness can facilitate

innovation and lead to competitive

advantages ( Peattie and Charter, 1999 ).

Green marketing appears to offer a solution

for ‘ the day after ’ in the bank market, by

contributing towards sustainable

development ( Portney, 2008 ) and forming a

favourable environmental image that satisfi es

the customer ’ s environmental desires and

green needs ( Chang and Fong, 2010 ).

Consequently, future corporate managers

are expected to focus particularly on

environmental factors when making

decisions ( Portney, 2008 ). In support of this

notion, several banks already implement

environmental strategies and green banking,

investing heavily in their environmental

image in order to deal with contemporary

challenges ( Evangelinos

et al , 2009 ).

Therefore, bank CSR, green marketing

and green brand image (GBI) have all

recently attracted considerable research

interest. Many academic researchers have

attempted to examine bank practices that are

being implemented to protect the

environment, and a number of studies have

been conducted to explore the role of CSR

in banking. Furthermore, the concept of a

GBI has been considered in various studies

related to green management. However, the

current marketing literature has not yet

offered a holistic view of green bank

marketing. In particular, no previous study

has examined how green corporate social

responsibility (GCSR) may relate to green

bank marketing, as one of its constituent

variables and no relationship between green

marketing and GBI has yet been established.

This article aims at exploring the various

dimensions of green marketing in the retail

banking industry, focusing primarily on

GCSR. Moreover, it examines the effect of

green marketing on GBI. The study

combines different variables in order to

construct an initial conceptual framework of

green bank marketing and new measurement

scales for the model variables. The model is

then tested using quantitative data.

The remainder of the article is as follows.

First, the concepts of CSR, green marketing

and GBI are examined and relevant current

studies reviewed. The research problem and

methodology of the study are then presented,

followed by the research fi ndings. The article

concludes with a discussion of the academic

and practical implications of the study, also

providing directions for further research.

LITERATURE REVIEW

The concept of CSR

There is no single, commonly accepted

defi nition of CSR. ‘ It generally refers to

business decision making linked to ethical

values, compliance with legal requirements,

and respect for people, communities and the

environment ’ ( K ä rn ä

et al , 2003 ).

The dimensions of CSR vary ( Vaaland

et al

, 2008 ). Poolthong and Mandhachitara

(2009) cite several studies illustrating that

CSR may refer to charitable contributions,

cause-related marketing and green marketing,

including the environment, personnel and

community support, corporate philanthropy,

the disclosure of social information and

representation of women and minorities.

Portney (2008) discusses the new dimensions

of CSR and refers to the various voluntary

activities that companies undertake such as

the energy consumption reduction and

waste management, development of safer

or healthier products, improvement of

employees ’ working conditions, or

© 2012 Macmillan Publishers Ltd. 1363-0539

Journal of Financial Services Marketing Vol. 17, 2, 177–186 179

A model of green bank marketing

contribution to the communities in which

companies are located.

In the bank marketing literature, CSR

includes issues related to the quality of life,

ethical concerns about minority groups and

the environment, and cause-related

marketing programmes ( Donaldson and

Dunfee, 2002 ). Scholtens (2009) emphasises

particularly GCSR in banking, using the

example of a socially responsible bank that

offers savings accounts to the public,

promising that the savings will be used to

fi nance environmentally sound projects.

The concept of green marketing

Through the years, the concept of green

marketing has never been defi ned properly

( Kangis, 1992 ). Grove

et al (1996) consider

a vast number of diverse marketing decisions

that constitute green marketing, reviewing

a number of researchers and emphasising that

all four P ’ s of the traditional marketing mix

should be ‘ green ’ . They refer to the

development of products that consume low

energy and the associated pricing policies,

communication strategies and distribution

systems that may be followed.

Peattie and Charter (1999) attempt to

defi ne green marketing and consider it as

‘ the holistic management process responsible

for identifying, anticipating and satisfying the

requirements of customers and society, in a

profi table and sustainable way ’ .

In the bank marketing literature, the

defi nition of green marketing is similar to

that of other industries. Evangelinos

et al

(2009) suggest that green marketing refers

to the development of new, ‘ green ’ fi nancial

products, such as loans that fi nance cleaner

technology, and environmental strategies,

such as energy effi ciency and waste

management programmes, that improve

banks ’ environmental performance and

reputation.

The concept of green image

Chang and Fong (2010) defi ne green

corporate image as ‘ the perceptions

developed from the interaction among the

institute, personnel, customers and the

community that are linked to environmental

commitments and environmental concerns ’ .

More specifi cally, they consider that a

company enjoys a green image when its

green products are credible and stable, it

meets the customers ’ green needs, has a fi ne

environmental reputation and excellent

performance with respect to environmental

management and green innovation. Similarly,

Chen (2010) regards a GBI as a set of

consumer perceptions about the brand ’ s

environmental commitment and

environmental concern. According to his

study, the green image of a brand is

established through its professionalism in

environmental reputation, its success in

environmental performance and

trustworthiness regarding environmental

promises.

In the bank marketing literature, bank

image has generally been related to bank

reputation and superiority in comparison to

competition ( Lewis and Soureli, 2006 ).

Nguyen and LeBlanc (2001) also include a

comparison with competition in defi ning

bank image, while they also consider the

customer impressions of the bank. No

defi nition, however, can be found with

respect to green bank image.

Current studies on CSR, green

marketing and green image

A number of researchers examine the

concept of bank CSR and / or its relationship

with other marketing variables. Peterson and

Hermans (2004) analyse social responsibility

themes in US banking, by examining socially

responsible advertisements, whereas

Poolthong and Mandhachitara (2009) explore

the effect of social responsibility initiatives on

perceived service quality and brand effect in

retail banking in Thailand.

Scholtens (2009) examines the dimensions

of CSR in banking and identifi es four groups

of indicators about bank social responsibility.

The fi rst group refers to the adoption of codes

180

© 2012 Macmillan Publishers Ltd. 1363-0539 Journal of Financial Services Marketing Vol. 17, 2, 177–186

Lymperopoulos

et al

of ethics, the publication of sustainability

reporting and the implementation of

environmental management systems. The

second group includes bank ’ s environmental

policies and supply management. The third

group refers to the development of ‘ green ’ or

socially responsible fi nancial products, and the

fourth relates to a bank ’ s internal and external

social attitude and conduct.

In parallel, several studies explore the

notion of green marketing. Grove

et al

(1996) provide a framework that service

providers may adopt in order to implement

a green marketing strategy, focusing on

three main actions: reducing, recycling and

re-using resources. They suggest that service

organisations should design new processes

that require fewer resources as inputs and

place fewer demands on the environment

overall, while they also refer to the role of

social responsibility.

K ä rn ä

et al (2003) develop an

environmental marketing model, in which

environmental issues are genuinely integrated

into marketing strategies, structures and

functions. They suggest that environmental

marketing planning should be based on social

and environmental responsibility.

In relation to the banking sector,

Evangelinos

et al (2009) confi rm that there

are three dimensions of green marketing.

The fi rst refers to bank lending decisions

based on environmental criteria. The second

dimension deals with bank environmental

management strategies and the third is about

developing environmental fi nancial products.

However, the effect of green bank

marketing on variables such as image has not

yet been examined. Chang and Fong (2010)

do in fact examine the notion of GBI, but

only as a driver of satisfaction and loyalty,

not as a result of green marketing activities.

According to their survey on consumers who

had the experience with purchasing green or

environmental products in Taiwan, a green

corporate image exerts a positive effect on

green customer satisfaction and green

customer loyalty. On the other hand,

Chen (2010) suggests that companies develop

green marketing in order to comply with

environmental pressures, obtain competitive

advantages, improve corporate image, seek

new market opportunities and enhance their

product value. However, Chen (2010) does

not actually test the relationship between

green marketing and green image. Moreover,

his study is not related to the banking sector

but to information technology products.

Hartmann

et al (2005) relate green

marketing to green image by testing the green

branding effects on attitudes towards the

brand. They support that a well-implemented

green positioning strategy can lead to more

favourable perceptions of the brand, indicating

a positive relationship between green

marketing and green image. However, their

research is limited to an experimental online

setting.

THE RESEARCH PROBLEM

The above review of previous studies reveals

that there is a gap in current academic

knowledge, yielding three research problems.

First, the role of CSR in green bank

marketing has not been clearly defi ned.

Scholtens ’ study refers to green bank

marketing, but only as part of the broader

CSR concept ( Scholtens, 2009 ). Other

researchers, such as K ä rn ä

et al (2003) and

Grove

et al (1996) , imply a relationship

between CSR and green marketing, but not

in relation to the banking industry.

In addition to the above research data,

empirical research is needed to address CSR

broadly, by conducting more inductive,

exploratory studies, as there is still no clear

defi nition of social responsibility in a

marketing context ( Vaaland

et al , 2008 ).

Second, the current literature lacks studies

providing a holistic conceptual tool to guide

bank managers in implementing green

marketing. Evangelinos

et al (2009) attempt

to capture the dimensions of green bank

marketing, but their study focuses primarily

on the development of green services.

Green bank marketing should refer not only

© 2012 Macmillan Publishers Ltd. 1363-0539

Journal of Financial Services Marketing Vol. 17, 2, 177–186 181

A model of green bank marketing

to the services offered, but also to the

methods and practices that are followed

( K ä rn ä

et al , 2003 ) . Therefore, the notion of

green bank marketing should be explored

further and enriched with insights from

practitioners.

Third, the relationship between green

bank marketing and green image should be

tested and statistical evidence of the expected

positive effect of green marketing on green

image be provided.

METHODOLOGY

This article explores the dimensions of green

bank marketing, focusing particularly on the

role of CSR, as well as its effect on green

bank image. To that end, apart from the

research studies that were reviewed above to

provide insight into the concepts

of CSR, green bank marketing and green

image, the researchers conducted several

in-depth interviews with marketing managers

of banks in Greece, in order to identify the

main issues related to green bank marketing,

and generate primary knowledge on the

relevance of CSR.

Qualitative data were gathered to increase

understanding and provide insight into the

research problem ( Malhotra and Birks,

2006 ), and to capture the respondents ’

experiences and perceptions in their own

terms and specifi c contexts ( Kinnear and

Taylor, 1996 ; Aaker

et al , 1998 ; Malhotra

and Birks, 2006 )

.

A number of semi-structured in-depth

interviews were conducted with 12 managers

from the largest (asset wise) Greek banks,

based on their published balance sheets. The

research instrument used a catalogue of green

bank activities, policies and practices, as

identifi ed in relevant literature, and was the

basis of an interview protocol. However, the

questioning was open-ended to allow as

much discussion as possible and offer

interviewees the possibility to propose green

banking variables previously not identifi ed.

The duration of the interviews was between

1 and 2 hours. The interviews were analysed

through matching patterns, searching for

similarities and recurring themes (as in Miles

and Huberman, 1994 ). The approach was to

seek and evaluate similarities and differences

between managers ’ views.

The qualitative data collected through

personal interviews with the bank managers

generated useful insight. Many green

marketing issues, such as green product

development (GPD) and green processing

that previous research has already addressed

(see, Scholtens, 2009 ; Evangelinos

et al ,

2009 ) were confi rmed by the practitioners, as

dimensions of green marketing. Moreover,

the results of the qualitative study highlighted

the role of GCSR as a key success factor of

green bank marketing, thus supporting

previous studies of K ä rn ä

et al (2003) and

Grove

et al (1996) . Overall, the bank

managers ’ views defi ne green bank marketing

as a complex concept, comprising GPD,

GCSR and green internal processing (GIP).

They also suggest that green bank marketing

is important for the formulation of the bank ’ s

green image (according to Hartmann

et al ,

2005 ), which is crucial for customer

satisfaction and loyalty (as in Chang and

Fong, 2010 ).

To illustrate the above qualitative fi ndings,

the authors synthesised the managers ’ views

and developed a conceptual framework of

green bank marketing (depicted in Figure 1 ),

Green Brand

Image

Green Bank

Marketing

Green Product

Development

Green Internal

Processing

Green

CSR

Figure 1 :

Conceptual framework.

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© 2012 Macmillan Publishers Ltd. 1363-0539 Journal of Financial Services Marketing Vol. 17, 2, 177–186

Lymperopoulos

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including the variables of GPD, GIP and

GCSR, and the concept of ‘ GBI ’ .

In addition to this new model of green

bank marketing, the qualitative data from

bank managers enabled the authors to form

specifi c measurement scales of the model

variables. As a result, a number of indicators

for each of these model constructs could be

identifi ed and four new scales, not based on

prior measurements, were constructed.

The qualitative results suggest that

GPD

includes the following items:

‘ Development of business loans offered at

benefi cial terms to companies that are

active in sectors of green development ’

(GPD1). Qualitative data support this item

by referring to loans for companies that

apply renewable energy sources, green

logistics and waste management.

‘ Development of business loans offered at

benefi cial terms to companies that produce

environmental friendly products ’ (GPD2).

In relation to this item, managers

mentioned farmer loans granted for the

production of organic products.

‘ Development of home improvement loans

offered at benefi cial terms to individuals

for the improvement of house energy

consumption ’ (GPD3). Bank managers

referred to loans granted for the installation

of physical gas, replacement of window

glass and so on.

‘ Development of consumer loans offered at

benefi cial terms to individuals for the

purchase of green products ’ (GPD4).

Relevant qualitative data refer to loans for

installing photovoltaic systems and

purchasing hybrid cars.

‘ Development of deposit products that

invest in sectors that are environmental

friendly ’ (GPD5). Bank managers talked

about investments in companies that

produce eco-friendly products and green

mutual funds.

According to the bank managers ’ views,

GCSR

includes the following fi ve indicators:

•

•

•

•

•

‘ Sponsorships of projects, organisations

and institutions that contribute to the

protection of the environment ’ (CSR1).

Qualitative data that supports this indicator

refer to sponsorships for wild animal

protection and tree-planting.

‘ Special programmes for training customers

in how to protect the environment ’

(CSR2). In this context, bank managers

gave examples of communication

campaigns that provide useful tips for

customers to become more eco-conscious.

‘ Participation in various events to inform

the public about issues related to

environmental protection ’ (CSR3). Bank

managers referred to projects that urge

customers to care about the environment.

‘ Publication of brochures and informative

material, placed within the bank branches,

promoting the protection of the

environment ’ (CSR4). Qualitative data

support this indicator, as managers talked

about this practice.

‘ Design of special offi ces providing full

service to the entrepreneurs who want to

make investments in the “ green ” economy ’

(CSR5). Some bank managers referred to

the establishment of green branches

dedicated to serving only green banking

causes.

Bank managers also suggested that

GIP could

be expressed by the following three items:

‘ Appropriate tactics for maximising the

utilisation of bank ’ s resources and saving

energy ’ (CIP1). Qualitative data referred

particularly to processes such as recycling,

saving paper and water, supplying

environmental-friendly equipment.

‘ Special programmes for personnel training

in how to protect the environment ’

(CIP2). Bank managers reported on

directives that are given and seminars that

are introduced to train employees how to

work more effi ciently energy-wise.

‘ Interest in improving internal functions in

order to protect the environment ’ (CIP3).

•

•

•

•

•

•

•

•

© 2012 Macmillan Publishers Ltd. 1363-0539

Journal of Financial Services Marketing Vol. 17, 2, 177–186 183

A model of green bank marketing

The majority of managers also mentioned

that their bank tries to constantly improve

its systems and processes, by imposing

specifi c regulations and requirements for

environmental protection.

For the concept of

GBI , the measurement

items that emerged from the qualitative

research relate to the established scale of

Chen ’ s study ( Chen, 2010 ) and refer to:

‘ Consideration as best benchmark of

environmental commitments ’ (GBI1).

Qualitative data support this indicator, as

managers referred to benchmarking as an

image parameter.

‘ Professionalism about environmental

reputation ’ (GBI2). Bank managers

supported that those banks which enjoy a

green image exhibit a certain level of

professionalism in environmental issues.

‘ Success in environmental performance ’

(GBI3). Qualitative data suggested that

image is related to the bank ’ s success in

green activities.

‘ Establishment about environmental

concern ’ (GBI4). Managers referred to

green image as an established position the

bank holds in customers ’ minds.

On the basis of the above fi ndings, four

measurement scales for the model constructs

(

GPD , GCSR , GIP and GBI ) were

formulated and tested by means of interviews

with a number of bank customers. In

addition, the authors decided to design fi eld

research in order to test the reliability and

validity of the proposed model.

For the collection of quantitative data,

a survey was conducted in the greater area

of Athens, in which more than 50 per cent

of the total Greek population lives.

Non-probability, quota sampling was

implemented, due to time and budget

constraints. The target population comprised

bank customers, both men and women, over

18 years old. The quotas of the population

elements referred to the age and gender of

•

•

•

•

the respondents and were based on the 2001

census of the Greek population.

The research questionnaire, which was in

Greek, was fi nally administered to 600

participants by means of personal interviews.

Using Hair ’ s criterion that a sample size

should be at least fi ve times the estimated

parameters ( Hair

et al , 2006 ), the sample size

was considered adequate for statistical

analysis.

The respondents were asked to state their

level of agreement with several statements

according to 5-point Likert scales, which

measured multiple items of variables (from

1: ‘ completely disagree ’ to 5: ‘ completely

agree ’ ).

ANALYSIS AND RESULTS

The researchers, above all, examined itemto-

total correlations for all the latent variable

measurement scales, in order to purify the

initial measures, omitting items that had low

correlations, as suggested by Hair

et al ,

(2006) . Accordingly, the indicator GPD5 was

excluded before the structural model was

examined.

The reliability of the scales was tested by

computing Cronbach ’ s

coeffi cient, average

variance extracted and composite reliability.

As seen in Table 1 , the results suggest that all

scales of the latent variables were reliable.

Furthermore, the results for discriminant

validity are presented in Table 2 . By

checking the intervals of the correlation

estimates ± two standard errors for any two

factors, it is evident that the value 1.0 is not

included, so that discriminant validity is

established.

The research model was then specifi ed

in a structural model (shown in Figure 2 )

and tested using Amos 16.0. As presented

in Table 3 , although

2 statistics did not

show a good fi t of the model, all the

important indicators of the model fi t were

above the accepted values. For this reason,

the model was considered to be acceptable

( Figure 2 ).

184

© 2012 Macmillan Publishers Ltd. 1363-0539 Journal of Financial Services Marketing Vol. 17, 2, 177–186

Lymperopoulos

et al

Moreover, all the research propositions

were supported by the signifi cant path

coeffi cients estimated in the model.

CONCLUSION, IMPLICATIONS

FOR MANAGERS AND

FURTHER RESEARCH

This investigation set out to highlight the

role of CSR and provide deeper insight

into green bank marketing, which could

introduce radical changes and novel

approaches to the fi nancial services industry.

This could enable banks to extricate

themselves from the crisis and restore

customer trust. The fundamental objective

of the research is to investigate whether or

not a green marketing strategy could make

the difference for banks wishing to regain

their lost pride and recapture their customers,

through an enhanced green image.

To that end, the authors reviewed the

current literature, examined practitioner views

of green bank marketing and conceptualised

a model to depict the qualitative research

fi ndings. Moreover, they developed four new

measurement scales of the model variables and

tested the research model using quantitative

data, aiming not only at establishing new

measurement tools for future research, but also

providing banks with action-oriented insights

into implementing a green marketing strategy

and building a strong GBI.

Table 1 :

Reliability indicators results

Variable Cronbach’s

Average

variance

extracted

Composite

reliability

Green CSR 0.8865 0.60 0.82

Green Internal

Processing

0.8396 0.67 0.80

Green Product

Development

0.8782 0.68 0.84

Green Brand

Image

0.8949 0.70 0.87

Table 2 :

A summary of discriminant validity analysis

A pair of latent

variables

Correlation

estimate

Correlation

estimate + / − two

standard errors

GCSR – GIP 0.887 (0.842, 0.932)

GSCR – GPD 0.717 (0.677, 0.757)

GSCR – GBI 0.830 (0.785, 0.875)

GPD – GBI 0.671 (0.638, 0.704)

GIP – GPD 0.659 (0.627, 0.691)

GIP – GBI 0.800 (0.764, 0.836)

Suggested value

: The interval of the correlation estimate + / − two

standard errors, for any two factors, should not include the value

1.0 ( Anderson and Gerbing, 1988 ).

0.75

0.77 0.79

CSR2 CSR3 CSR4 GPD1 GPD2 GPD3

0.80 0.83 0.85 0.77

CSR1 GPD4

0.76

0.74

Green

Product

Development

0.96

0.91

CSR5

0.80

Green

CSR GIP1 GIP2 GIP3

0.71

Green

Internal

Processing

GBI2 GBI3 GBI4

0.87

GBI1

Green

Bank Image

0.85 0.83

Green

Bank Marketing

0.87 0.84

0.83

0.77

Figure 2 :

The model.

© 2012 Macmillan Publishers Ltd. 1363-0539

Journal of Financial Services Marketing Vol. 17, 2, 177–186 185

A model of green bank marketing

The qualitative results confi rmed that

GPD and green processing are important

dimensions of green bank marketing. Most

importantly, GCSR emerged as one of the

main variables that constitute green bank

marketing. Furthermore, qualitative research

showed that green marketing results in a

favourable, green bank image. The

quantitative data verifi ed the proposed

model and provided statistical evidence of

its validity and reliability. The research

fi ndings confi rmed that green bank

marketing is a complex, multidimensional,

latent construct, comprising mainly three

variables: GCSR, GIP and GPD. In

addition, the survey results provided

evidence of a positive effect of green

marketing on green image.

Academic knowledge benefi ts from

these research fi ndings, in that a new

model comprising different constructs is

conceptualised and tested, confi rming the

proposed hypotheses. The study goes one

step further than previous academic research,

by relating GCSR to green bank marketing

and green marketing to green image, as well

as developing specifi c measurement scales for

each of the green bank marketing-model

variables. This model could be enriched, at

a later stage, with consumer-behaviour

variables, such as bank customer involvement

and environmental awareness. It could also

be tested further, to generate evidence about

bank customers ’ attitudes and behaviour

towards green bank marketing.

Moreover, the study ’ s practical contribution

is wide-ranging, as various managerial

directions for a successful implementation of

green bank marketing emerge, including new

knowledge relevant to marketing effi ciency,

image enforcement and enhanced performance.

More specifi cally, in order for bank marketers

to ‘ go green ’ , this study reveals specifi c ideas

that can be put in action, such as sponsoring

environmental projects, training customers and

employees to become more conscious about

the environment, participating in relevant

events, publishing info-material, designing

special eco-branches and offering loans that

support green causes. On the basis of this

study, bank marketers should also pay special

attention to their internal processes, aiming at

continuous improvement and eco-friendly

system solutions. By engaging in these green

actions, banks can acquire environmental

reputation and establish their environmental

concern, which is necessary today more than

ever as a way out of the crisis dead-end.

The insights that this study generates can

result in enhanced planning and resource

allocation for green marketing activities and

create growth opportunities for banks. The

research provides banks with specifi c strategic

plans to consider when implementing green

marketing and policies for building and

enhancing their reputation. This new image

will in turn help banks to win back lost

customers and also attract new ones,

contributing to banks ’ sustainability and

future prosperity.

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