Green FinTech Cogo and Tandem Bank collaborate to integrate a carbon management solution into Tandem’s banking app, enabling customers to effectively measure, understand, and reduce their carbon emissions.
This initiative is part of an ongoing partnership that began in November 2022, with the latest update aimed at enhancing user engagement and environmental awareness.
The motivation behind this collaboration is to leverage banking platforms to facilitate sustainable living. Tandem has been actively supporting its customers through various green initiatives, including the notable green home plan. The integration with Cogo’s carbon management tools represents a strategic enhancement designed to engage customers more profoundly in making sustainable choices.
Cogo specializes in delivering sophisticated carbon management solutions that are incorporated into the banking apps of major global banks. Their approach uses advanced models for accurate carbon emission calculations tailored to specific local markets and behavioural science techniques to encourage more sustainable consumer choices.
Tandem Bank, known for its commitment to ‘greener’ banking, offers an array of initiatives aimed at promoting environmentally friendly practices among its customers. The bank’s Green Gap Index highlights the persistent willingness of consumers to reduce their carbon footprint contrasted with a lack of awareness and understanding of their environmental impact.
The extended functionality of Tandem’s app will initially be available to a select group of users before a broader rollout planned for the next year. This feature will not only be available to Tandem’s existing customers but also to all consumers across the UK, enabling easier access to the app’s green tools and services through a simplified sign-up process.
Emma Kisby, Cogo CEO, EMEA, said, “We know from our experience working with other banks globally that customers have a positive response to learning about their carbon footprint. On average, our banking clients see a 14+ NPS uplift from customers using the carbon footprint technology, with average dwell times of 4-6mins.
“These types of positive customer metrics are almost unheard of for banks due to the typically transactional relationship they have with clients, so there is a clear opportunity for banks to align purpose with profit.”
Quotes: Cogo CEO, EMEA, Emma Kisby said, “Being aware and understanding your carbon impact is vital to consumers in making changes to cut their own emissions. Cogo allows Tandem to integrate this seamlessly, and I’m proud we can extend our partnership and roll this out to Tandem customers and to those who want to make green choices.”
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