Fintechs and banks: Collaborating for a greener future

The pivotal role of banks 

Banks are key players in the global effort towards a low-carbon economy. By integrating sustainability into their operations, investing in climate funding, and educating stakeholders about the impact of carbon emissions, banks can lead the way in the transition to net zero. 

Increasingly, banks recognise the importance of taking action, but the path towards meaningful change is often restricted by a combination of financial, regulatory, and technological challenges. The solution lies in partnering with experts to overcome these roadblocks.

The transformative role of fintechs

Initially perceived as disruptors and potential competitors, fintech companies are increasingly collaborating with traditional banks, leveraging the strengths of both sides. Fintech firms aren’t held back by legacy systems and are often tech-savvy and agile, while banks can contribute extensive resources and customer bases. This collaborative approach allows for the integration of innovative fintech services into traditional banking structures, resulting in a more comprehensive and technologically advanced financial ecosystem. 

How Cogo helps speed up the climate transition for banks 

Cogo offers specialised tools that enable both banks and their customers to actively engage in reducing their carbon emissions. Our personal and business carbon manager solutions, rooted in behavioural science, not only measure carbon footprints but also inspire sustainable behaviour change. 

Banks partner with Cogo instead of building their own technology to leverage our carbon and behavioural science expertise. Collaborating enables faster implementation and gives banks credibility, as well as allows them to focus on their core business functions.

Cogo also partners with other fintechs to speed up the implementation for banks. For example, our partnership with NayaOne helps accelerate the testing process for banks. 

NayaOne’s Digital Sandbox Platform brings speed and quality evaluation to the decision-making process. With a single authentication, banks can access over 400 pre-vetted fintech vendors in a single dashboard, where they can easily compare and evaluate vendors and build a functional proof-of-concept within 6-8 weeks without having to onboard the fintech. As a result, banks can determine whether the fintech is a good solution for their organisation and fits within their existing tech stack, therefore reducing both onboarding costs and time.

Learn more about Cogo and NayaOne’s partnership here.

Conclusion

The climate crisis is the biggest challenge facing humanity, but it's one we can solve with collective action. We at Cogo, along with our partners like NayaOne, are committed to leading this change. We invite banks and businesses to join us in this journey. Together, we can accelerate the transition to a sustainable future.