Cogo X Eliq: Helping banking customers make their homes more energy efficient

With rising inflation and energy prices, an increasing number of households are facing fuel poverty. 

People need and expect more support to improve the energy efficiency of their homes. Our research revealed that many struggle to take action due to the high upfront costs associated with retrofitting, plus a lack of knowledge/information about the best action to take. 

Banks are ideally placed to help their customers overcome these barriers by providing tailored green finance and connecting customers with suppliers. However, banks need access to quality data and insights to target customers with the right options.

How Cogo and Eliq's partnership helps banking customers make their homes more energy efficient

Through our partnership with Eliq, we combine transactional data with smart meter, EPC and energy mix data to enable consumers to measure and understand their energy and carbon footprint. 

We know that many struggle with taking action as they don’t know where to start. So we send personalised nudges, triggers, and insights to educate, engage and support customers to reduce their energy consumption and carbon emissions. 

Our research shows that even when people are motivated, barriers like needing help to afford the upfront cost can prevent people from taking action. That’s why we provide banks with data insights, so they can create personalised green financial products that support their customers at the point of need. 

Our research also revealed that one in four wants to learn more about financing options from their banks, so there is a clear opportunity here.

Benefits for your customers

• Improve carbon and energy literacy: Customers learn how their spending impacts their carbon footprint and how to improve their home’s energy efficiency. 
• Seamless customer experience: Customers benefit from a connected, personalised experience across the carbon tracker and home energy plans.  
• Financial support: Customers gain access to more personalised and relevant information and green financing options.

Benefits for your bank 

• Increase customer engagement: Banks can use carbon tracking to build trust and authentically engage with customers—starting with engaging customers in low/no cost actions and then offering financed options.
• Improve reporting: Develop accurate baseline and monitoring of financed emissions for UK government EPC targets and TCFD disclosure. 
• Increase conversions: Create a highly targeted customer base for financial propositions, and drive conversions of green finance products. 
• Take meaningful climate action: Mobilise customers to take positive action on climate, measure the results, and use the data to prove effective climate action.  
• Increase traffic to partners: Promote partner offers and marketplace solutions to help customers find more sustainable businesses and support the companies in your portfolio.

Get in touch to discover how our partnership can help you help your customers.