Are US banks at Money 20/20 (Vegas) ‘lagging behind’ more ‘climate-conscious’ banks globally?

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Carbon footprinting technology embedded in banking apps could significantly reduce US emissions, but will require a “change of behavior” from some of the country’s biggest players.

Monday 17e October 2022, Nevada USA: Carbon footprint management fintech Cogo has announced that it will be attending Money 20/20, Las Vegas (October 23-26). Cogo’s technology currently enables millions of people and businesses around the world to measure, reduce and offset their carbon footprint through their everyday banking apps and accounting software.

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He believes that the United States could become one of his biggest markets, alongside his already established markets, the United Kingdom, New Zealand and Australia, but that a “change in behavior” in big is needed from the biggest players in the country.

Ben Gleisner, Founder of New Zealand-based Cogo, said, “Money 20/20 is about the future of banking and fintech; but America’s banks don’t need a crystal ball to read the writing on the wall.

The truth is that they are lagging on a global scale where mainstreaming carbon footprint is quickly becoming a “hygiene issue”.

Customers across the United States are looking for help to understand and reduce their impact on the climate. In a very crowded market, US banks that can establish themselves as a lifestyle partner for the conscious consumer will enjoy major growth and engagement.

He adds: “Many banks are already reducing operational emissions. Carbon footprint management tools will help them support clients, who collectively have at least 100 times the bank’s footprint, on the path to implementing planet-saving actions at scale, with clear benefits.

First U.S. partnership imminent

Cogo is currently in talks with several of the largest US banks regarding the integration of carbon footprinting into their day-to-day banking applications and will launch its first partnership with a US bank in the coming months, making history in the management of the carbon footprint in the United States.

The win will follow relationships already in place with banks in the UK, Australia and South East Asia, including NatWest (UK), ING (Netherlands), CommBank (Australia) and Westpac (AU). /NZ).

“’Pathfinder’ banks that engage in bolder and more courageous climate action will have an easier time attracting employees seeking value-driven businesses. Additionally, in the midst of a recession, banks that allow their customers to make more conscious spending decisions that could help them save on their total spend will gain a definite competitive advantage,” Ben believes.

How it works

The Cogo Personal and Business Carbon Manager solutions enrich transactional data – such as electricity and fuel expenses – and attribute a carbon emission to each transaction. Cogo can then calculate a carbon footprint for the individual or company.

Additionally, customers can also access personalized advice on actions they can take to make simple, positive changes to reduce their carbon footprint. For businesses, the end-to-end optimized solution also allows customers to share their progress, which can help them retain and attract customers, which positively impacts business results.

“Cogo’s solution will allow banks across the country to capitalize on the full potential of transactional data to generate personalized insights into each customer’s finances; and offer them the opportunity to align their spending with their concern for the environment.

As customer centricity evolves, this should play a huge role in attracting and retaining customers over the coming months. The solution also allows banks to accurately segment customers who may be interested in “greener” loans or banking products.

In line with this, Bank of America single-handedly committed to $1.5 trillion in sustainable finance by 2030. Cogo increases the sustainability of a bank’s portfolio; helps with compliance with increasingly stringent legal requirements, including possible climate-related financial disclosure, and has significant benefits for the brand as a champion of sustainability,” Ben believes.

Ben will be attending the US event – along with key members of the company’s US team – where Cogo has a booth (booth number 4421) and expects to have high-level meetings with financial institutions that are ready to take advantage of the “first come”. in this space.

Cogo is available for interviews throughout the event. Come visit us at booth 4421.

About Cogo

Cogo is a carbon footprint management product that helps individuals and businesses measure, reduce and offset their impact on the climate.