Cogo and Tandem Bank have announced an extension of their partnership to integrate a carbon management solution into Tandem's banking app.
Emma Kisby, Chief Executive Officer of Cogo for EMEA, emphasised the importance of banks in environmental efforts: "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 Green Gap Index highlights a continuing willingness among consumers to lower their carbon footprint, but also identifies a lack of awareness and comprehension about their environmental impact which serves as a barrier to greener choices.
Cogo's research supports this finding, indicating that 75% of banking customers desire information about the environmental outcomes of their expenditures, and 62% seek assistance from their bank to reduce their impact.
To address these issues, Tandem plans to implement the new app functionality with a limited group of users before broader availability next year. This functionality, through Cogo's integration, will allow all UK consumers to access the app's green tools, regardless of their association with Tandem, simplifying the enrollment process for these services.
Emma Kisby further highlighted customer engagement with Cogo's tools: "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."
Maria Khan, Director of Product and Digital at Tandem Bank, expressed satisfaction with the extended partnership: "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 delivers carbon management solutions that help individuals and businesses to measure, understand and reduce their impact on the climate. Cogo does this through partnerships with some of the world's banks to integrate carbon-tracking functionality into their banking apps. The company uses best-in-class models to provide accurate ways to measure carbon emissions specific to local markets and cutting-edge behavioural science techniques to nudge customers to make more sustainable choices.
As the UK's greener, digital bank, Tandem's on a mission to help the UK transition to a lower carbon lifestyle. Tandem is focused on offering greener ways to save, borrow, spend and share. From loans for greener home improvements and lower emission vehicles, to EPC discount mortgages and green savings, our products make it easier for more people to choose a greener lifestyle - helping save money, whilst reducing carbon footprints.
