Green fintech, Cogo, is today announcing its partnership with the UK’s greener digital bank, Tandem, has evolved to now offer customers a carbon management solution which is integrated into the bank’s app. Working together since Nov 2022 the extension to this partnership will enable customers to easily measure, understand and reduce their carbon footprint.
Emma Kisby, Cogo CEO, EMEA: “Banks have a critical role to play in helping to motivate and mobilise their customers to decarbonise. Tandem already supports their customers with greener living, through initiatives such as their green home plan, so the partnership with Cogo is a natural extension which will help to engage customers further.”
Tandem’s annual Green Gap Index has shown that despite an ongoing willingness among consumers to reduce their carbon footprint, a general lack of awareness and their impact and potential solutions present major obstacles to progress in making greener choices. Cogo’s research has also shown that three out off our (75%) of banking customers want to know about the environmental impact of their spending, and over two thirds (62%) want their bank to help them reduce their impact.
Tandem aims to roll out this new app functionality with a smaller segment of users before rolling it out more widely next year. Through the integration with Cogo’s services, Tandem will also open up the app to all consumers in the UK, irrespective of whether they are Tandem customers or not. This would mean a simplified sign-up process for anyone to be able to use the free green tools and services provided within the app.
Kisby adds: “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 of4-6mins. 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.”
Maria Khan, Director of Product and Digital at Tandem Bank, says: “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.”
*Cogo and the Behavioural Insights Team research, 2022
