Moneytree, which enables banks and credit card companies to deliver personalised and engaging digital banking experiences, offers the ability to categorise customer spend at scale. Cogo’s carbon footprint management solutions then assign an ‘emissions factor’ to each transaction, giving customers accurate insight into their carbon footprint. Cogo’s intelligent ‘nudge engine’ also helps customers make more responsible financial choices by suggesting personalised climate actions.
Since the launch of its finance management service in 2013, Moneytree has built a reputation for helping people manage their finances with convenient functions, including connection to bank and credit card accounts. Today, the Moneytree data platform has been recognised as an open financial infrastructure powering financial service and fintech. It has been adopted by more than 90 companies to date.
"As a fintech company from Japan, we are working to help technology innovators that contribute positively to society enter the Japanese market. We believe the partnership with Cogo is the first step in helping Japanese financial institutions and businesses transition to a lower carbon economy,” says Paul Chapman, Chief Executive and Founder of Moneytree KK.
Julie Lindenberg, APAC CEO, Cogo, adds, “Japan aims to reduce greenhouse gas emissions to net-zero by 2050. We believe that this is achievable only through large-scale change. In partnership with banks and credit card issuers, we aim to empower every individual to take proactive climate change measures that will collectively result in significant change.”
Cogo’s revolutionary solutions allow banks and credit card issuers to capitalise on the full potential of transactional data to generate personalised insights into each customer’s finances; and offer them the ability to align their spending with their concern for the environment.
Moreover, they enable banks and credit card issuers to accurately segment customers who might be interested in ‘green’ loans or banking products. This increases the sustainability of customer portfolios; assists with compliance around ever-tightening legal requirements, including possible climate related financial disclosure; and comes with significant brand benefits from being a sustainability leader. As consumer focus shifts, Cogo’s solution embedded in Moneytree is set to play a critical role in the attraction and retention of banking customers in Japan.
According to Lindenberg, “Based on discussions we have had with several of Japan’s major banks, we understand that there is significant interest in carbon footprint integration into their everyday banking apps.”
Moneytree is already integrated with leading banks as well as credit card issuers in Japan. In Japan, Cogo has recently been selected as a recipient of the Green Finance Subsidy that supports overseas companies in this space to successfully enter the Japanese market.
Cogo currently works with eight of the world’s top banks including Natwest Group, ING and Commonwealth Bank, with this number expected to double over the next year. Customers expect more; and banks who offer them the ability to be proactive about managing their spending experience increase in loyalty and trust.
The newly established partnership between Moneytree and Cogo comes at a timely moment as consumers and brands are increasingly responding to shifts in sustainability consciousness, as found in a consumer study based on data from 6,800 participants across Japan.
“There has never been a more important time in history to reduce our carbon footprint. We’re proud to be the go-to solution for change for the world’s largest enterprises, and we’re excited about expanding this change throughout Asia, in partnership with Moneytree,” concludes Lindenberg.