Banking app's strategy to minimize carbon emissions through electrical energy reduction
In a bid to promote sustainability and conscious consumerism, digital banking apps like Findomestic are leveraging partnerships with companies such as AWorld and Doconomy to calculate and provide insights on the carbon footprint of consumer shopping habits.
Doconomy, a leader in impact technology, provides real-time transactional CO2 impact monitoring through the Åland Index. This index is used to measure the environmental impact of various transactions, offering users a clear understanding of their carbon footprint. AWorld, on the other hand, is a world leader in stakeholder engagement on sustainability issues, working to enhance consumer awareness of sustainable living.
The process begins with data collection. Apps like Findomestic securely access users' transaction data, categorizing purchases by type, merchant, and location. Using databases and models developed by AWorld and Doconomy, the apps estimate the average carbon emissions associated with each purchase category. This could range from emissions linked to food, apparel, travel, or electronics.
The aggregated estimates over a certain period, such as monthly, give users a total carbon footprint for their shopping habits. The apps then provide personalized insights, visualizations, and potentially sustainability tips to encourage greener spending choices.
The partnership between AWorld and Doconomy is aimed at consumer involvement in sustainability. Findomestic, an example of a digital banking platform that integrates this innovative model, is part of a Financial Climate Engagement Journey. This model is based on digital payments translating into calculations of the environmental impact of transactions.
The Financial Climate Engagement Journey model is designed to facilitate sustainable behavioral change in consumer spending habits. It includes a calculation of the carbon footprint for weekly grocery shopping and shopping during sales. Users will have access to a personalized plan of suggestions for more environmentally friendly behaviors.
Moreover, the model provides educational content powered by artificial intelligence, helping users understand the environmental impact of their purchases and make informed decisions. The partnership aims to help banks calculate the environmental impact of transactions through their apps, contributing to a more sustainable future.
In summary, digital banking apps like Findomestic are revolutionizing the way consumers approach shopping by providing transparent, personalized insights into their carbon footprint. By partnering with companies like AWorld and Doconomy, these apps are bridging the gap between financial transactions and environmental data, empowering users to make more sustainable choices.
- Doconomy, being a leader in impact technology, helps digital banking apps like Findomestic estimate the carbon footprint of various transactions by using the Åland Index, which measures the environmental impact of these transactions in real-time.
- AWorld, a world leader in stakeholder engagement on sustainability issues, collaborates with Findomestic to offer users a personalized plan of suggestions for more environmentally friendly behaviors, based on their carbon footprint calculated from their shopping habits.
- The Financial Climate Engagement Journey model, which Findomomic is part of, is designed to facilitate sustainable behavioral change in consumer spending habits by providing educational content powered by artificial intelligence, helping users understand the environmental impact of their purchases and make informed decisions.
