ING is set to trial a new carbon footprint tracking application developed by fintech company Cogo, targeting 350,000 of its mobile customers.
The innovative Footprint Insight feature will be accessible to users currently utilizing the bank’s Insight function, which categorizes their income and expenses. This tool provides an estimate of the carbon dioxide equivalent (CO2e) emissions associated with their spending. By analyzing monthly expenditures across categories such as groceries, fixed costs, and shopping, the app calculates an emissions estimate based on relevant emission factors. Users will also receive tips via push notifications on how to better manage their carbon footprint and can compare their emissions with the national average in the Netherlands.
The pilot initiative aims to gather insights into customer interaction with the app, following a successful partnership between Cogo and ING’s innovation accelerator. This collaboration was part of the ING Labs Brussels start-up cohort announced in April 2022.
With backing from ING and previous implementations at institutions like NatWest Bank, TSB, CommBank, and ANZ, Cogo aims to reach its goal of onboarding over three million customers with carbon footprint management features by the end of 2022.