Snowdrop Solutions, a leading provider of advanced transaction data enrichment solutions for banks and financial institutions, has announced a partnership with Ample Earth, a sustainability solution provider helping payment networks and banks identify responsible businesses and create sustainable loyalty programs.
According to FinTech Finance, the reason for this partnership is to offer a climate solution that seamlessly integrates into digital banking applications. This collaboration positions both companies at the forefront of sustainable FinTech, aiming to enhance transparency on merchants, reward sustainable purchases, and accelerate the adoption of sustainability practices.
Snowdrop Solutions specialises in advanced transaction data enrichment, helping banks and financial institutions provide clearer insights into customer spending. Their robust transaction enrichment API tags transactions with sustainability indicators, empowering banks to educate their users about the eco-social friendliness of their purchases.
Ample Earth focuses on sustainability solutions for payment networks and banks, highlighting the social and environmental impact of merchants. By creating sustainable loyalty programs, they encourage positive behavioural changes and foster brand affinity and loyalty among consumers.
The partnership will enhance transparency on merchants by providing consumers with clear insights into the sustainability practices of the businesses they support. This transparency fosters stronger brand affinity and loyalty.
Additionally, by recognising and rewarding conscious spending, the partnership aims to encourage positive behavioural changes that contribute to a better future. Furthermore, the collaboration facilitates seamless integration of sustainability data across banking and payment channels to promote broader adoption.
People often struggle to understand sustainability due to the complexity of the data and the time-consuming process of verifying “green” claims. By leveraging Snowdrop Solutions’ transaction enrichment API, this collaboration provides banks and financial institutions with granular insights into brands’ environmental and social performance, helping customers make more sustainable choices and incentivising better purchasing decisions.
Raja Darbari, CEO & co-founder of Ample Earth, stated, “We are delighted to partner with Snowdrop Solutions to launch our pioneering sustainability solution. Enriching transactions with sustainability data will make it easier for people to see the impact of their spending and find value-aligned brands. By simplifying sustainability, we can empower millions of businesses and customers to use their purchasing power as a force for good.”
In today’s competitive landscape, sustainability is a crucial differentiator, enabling banks to retain customers and gain a competitive edge. According to the EPAM banking report, 30% of customers (rising to 37% for those aged 18-34) consider changing banks in the next 12 months. By equipping banks with insights and tools to promote mindful consumption, this collaboration empowers them to enhance customer retention and attract new ones.
Kenneth Hart, CEO & founder of Snowdrop Solutions, said, “Adapting to the needs of today’s digital banking generation, who place a high value on environmental responsibility and purpose-driven purchases, is crucial for banks to remain competitive. This partnership seamlessly aligns with this mission. With our extensive experience and a proven track record, we empower banks with the crucial tools to provide transparency and reliable reward systems that resonate deeply with their eco-conscious customer base. That’s why companies continue to trust us to deliver exceptional products that achieve proven results.”
This partnership marks a significant leap forward in new finance by seamlessly integrating sustainability into digital banking. Snowdrop Solutions and Ample Earth have joined forces to deliver a powerful solution that benefits all stakeholders.
By combining payment and sustainability data, banks can drive responsible consumption through tailored products, services, and rewards, nurturing a symbiotic relationship between finance and sustainability.
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
