Open banking firm Tink and ecolytiq, a vanguard in climate engagement solutions, have come together in a collaboration.
Their united goal is to weave financial advisory and sustainability-focused education into a smooth and immersive experience.
The partnership stems from an ambition to harmonise money management tools and climate education aids. This combination will allow Tink to offer new and existing customers the option to integrate sustainability-based services, featuring scalable implementation across various markets.
Tink has carved a niche for itself in the FinTech sector with its open banking platform and data enrichment capabilities. The platform provides customers with enriched transaction data in real time, thereby enabling greater transparency in financial activities. Ecolytiq, on the other hand, stands out with its commitment to climate engagement solutions. Their sustainability features empower customers to understand and manage the environmental impact of their consumption habits.
By converging Tink’s open banking prowess with ecolytiq’s sustainability savvy, the collaboration aims to provide financial institutions with the tools to help their customers understand how their consumption patterns impact their environmental footprints. This, in turn, promotes a more comprehensive coaching experience in terms of expenditure and its connection to sustainability.
One of the key advantages of this partnership is the smooth integration of sustainability-focused features across financial institutions’ digital channels. ecolytiq’s climate engagement products will be made available directly on the Tink platform via a single API, thus bypassing the need to integrate multiple providers’ solutions.
For institutions already integrated with Tink, the collaboration will facilitate the seamless addition of sustainability-focused coaching to their suite of services. Simultaneously, institutions new to the open banking realm can implement both financial coaching and sustainability-oriented money management tools.
As part of Tink’s customer engagement and financial coaching suite, the ecolytiq sustainability services will be extended across all 18 markets where Tink currently has a foothold.
Co-Founder and Managing Director of ecolytiq, Ulrich Pietsch, remarked, “Pairing open banking with sustainable banking is good news for financial institutions looking to make a difference. With climate action being so urgent, our partnership puts banks in the position to immediately meet the rising demand for climate-forward banking products with minimal technical integration. It’s a win-win for banks, who are ready to embrace the future.”
Adding to this, SVP of Banking and Lending at Tink, Christophe Joyau, expressed, “The fusing of Tink’s open banking and data enrichment technology with ecolytiq’s sustainability-focused solutions presents an exciting opportunity to increase people’s understanding of their impact on the environment, and change consumer behaviour.
“Our recent research found that almost two-thirds of 18-34 year olds want more information about their carbon footprint, and nearly half of them would switch to a financial provider who allowed them to see the environmental impact of their purchases. As part of our growing offering in data-driven financial services, we are enabling financial institutions to better engage with their customers through embedded third-party providers, while also retaining customer loyalty.”
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