The NatWest Group is a leading bank in the UK, serving over 19 million individuals and businesses. NatWest recognises its role in supporting the transition to a low-carbon society. The team has set ambitious targets to reduce its environmental impact, pledged £100bn of sustainable finance and has partnered with Cogo to empower its customers to take climate action.
"We know that many people in the UK want to reduce their impact on the climate, but to be able to change something in a meaningful way, they need to be able to measure it.” - David Lindberg, CEO, Retail Banking at NatWest.
As banks possess customers’ personal financial data, they are well-positioned to provide real-time carbon footprints based on people’s spending.
That’s why NatWest partnered with Cogo; to empower its 8 million retail customers to measure and reduce their carbon footprint.
David Lindberg said, “Our use of Cogo’s expertise in carbon tracking in the NatWest app is a really important first step in making it easy for everyone to live and spend in a greener way – using the power of their money to influence change.”
For NatWest, simply measuring their customers’ carbon footprints was not enough, they wanted to help their customers take measurable action to reduce their emissions. So we collaborated with their team to build a user experience within Natwest's banking app, focused on behaviour change to drive impact.
Cogo uses robust market-specific data to deliver individual transaction-based carbon footprints to NatWest users. As well as increasing customers' carbon literacy, Cogo’s Personal Carbon Manager employs behavioural science techniques, such as behavioural nudges, cues, feedback and rewards to engage customers and reduce emissions.
Cogo uses market-specific carbon modelling to provide emissions factors mapped to NatWest’s categorisation. We enhanced NatWest’s existing taxonomy through the application of our carbon model, enabling the most accurate, credible and robust carbon tracking.
The standardised API enables Cogo to enrich transaction data in real-time with carbon footprints, carbon savings, personalised nudges and other data to create a relevant, personalised customer experience.
Cogo’s data-led research and product teams advised NatWest on how to make the most of the Personal Carbon Manager, with the main focus on driving a measurable reduction in carbon emissions. And Cogo continues to evolve its products and features, putting NatWest ahead of the competition in this space.
→ Global Open Finance Award 2021
→ UK Fintech Awards 2022
→ National Technology Awards 2022
→ FSTech Awards 2022
→ Paytech Awards
We are privileged to be working with some of the world's leading banks, helping them with solutions to transition their customers to a low carbon economy.
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