ING turns to carbon-tracking tool Cogo to allow clients to understand how their spending impacts the environment.
As everyday consumers put an onus on sustainability, it’s a competitive differentiator to help users to track their own environmental impact.
A whopping 83% of consumers think companies should be actively shaping environmental, social, and governance (ESG) best practices, according to PwC research, and, in alignment with that majority, Dutch bank ING is offering a subset of its clients access to carbon-tracking tools from fintech Cogo.
Cogo estimates the carbon emissions of all a user’s transactions, and then pairs that carbon data with behavioral science to nudge them on ways they can reduce their personal carbon footprints. Users will also be able to see how their footprint compares with the Dutch national average.
“We want to make it easier for our customers to make the right choices for their own financial health and for our planet,” an ING spokesperson told Insights Distilled. “Limiting our own footprint is essential, but as a bank we are ambitious, and we realize that we make the biggest impact together with all our customers.” NatWest, TSB, and Commonwealth Bank have also worked with Cogo.