As sustainability remains a focus for consumers, Westpac is linking up with fintech Cogo to help customers track their carbon footprint.
GenZ and Millennials are interested in understanding their carbon footprints, so adding tracking tools can be a competitive differentiator for banks.
Westpac wants to help its customers make greener spending choices.
The bank has partnered with Cogo to give its app users high-level insights into their carbon footprints, at a time when young people have expressed interest in having their banks’ help them better understand their climate impacts, according to a Cornerstone Advisors survey.
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 changes month to month and compares with the Australian national average.
The carbon footprint tracker “is a great conversation starter that encourages our customers to consider their carbon emissions,” said Westpac chief sustainability officer Siobhan Toohill. Meanwhile, the bank is on a path to bring its own net emissions to zero.
NatWest, ING, Santander, and RBS have also worked with Cogo, while Standard Chartered and Bank of the West have partnered with carbon tracker Doconomy.