The pivotal role retail banks can play in the fight against climate change is gaining more and more traction. In a recent article for Finextra, John Nystrom goes into detail about where we are as carbon-conscious consumers and the potential of transactional data.
People in the Nordics were asked about their motivations behind thinking and acting more sustainably.
40% of respondents said they lack the digital tools to help them to be more sustainable.
Knowledge is the top factor regarding what is most likely to motivate them to reduce their personal climate footprint.
He also touches on how in the past, banks’ investments are moving from fossil fuels to sustainable funds but that housing and private consumption can be significantly reduced if individuals are provided with the right tools.
Consumers need to gain more knowledge about the impact of their consumption.
The financial sector can play a significant role in this area using data. Indeed, as we consume, all our transactions are recorded and stored within the bank. Carbon footprint is often calculated by using consumer expenditure data.
We at Meniga understand fully the impact retail banks can play in the fight against Climate Change. For the past couple of years, we have worked tirelessly to fine-tune and launch our product Carbon Insight so that we can help banking customers worldwide understand and reduce their personal carbon consumption.
Finextra is the leading independent newswire and information source for the worldwide financial technology community. Finextra covers significant technology news in wholesale and retail banking, the capital markets and insurance.