As a brand so overtly opposed to over-consumption and consumerism ‘for the sake of it’ - many have asked: what was Cogo doing there?
“At first glance, Cogo's presence at Money20/20 Vegas might seem ironic. It’s a city known for its throw-away consumerism and excess; a stark contrast to what Cogo stands for,” says Ben Gleisner, Cogo’s Founder and CEO.
“But the truth is - every purchase we make contributes to our carbon footprint and we believe using transaction data is the best way to help people and businesses understand, measure and reduce their carbon emissions. To achieve impact at scale, we need to work with banks and like-minded organisations and we attended Money20/20 to convince the biggest players in the US banking industry to integrate carbon insights into their online banking experience and empower millions of customers to make more conscious decisions,” add Ben.
The opportunity to create a more climate conscious consumer base
Cogo believes that the US has the potential to become one of its most significant markets, alongside already established markets in countries across Europe, Australasia and North America (including the UK, Netherlands, New Zealand, Australia, Japan, Singapore and Canada). However, a fundamental shift in behaviour is necessary, and that's where American banks come in.
"Money 20/20 is all about the future of banking and fintech; but American banks don't need a crystal ball to read the writing on the wall. Globally, carbon footprint integration is rapidly becoming a 'hygiene issue,' and the US is no exception,” believes Ben.
In an increasingly crowded market, banks that can position themselves as partners to conscious consumers have the potential for substantial growth and engagement. Many banks are already taking steps to reduce their operational emissions, but to make a substantial impact, they need tools that can help them bring their customers, who collectively have a far larger carbon footprint than the banks themselves, on a journey toward planet-saving action at scale, with tangible benefits for their bottom lines.
Their words, not ours
During the show, we met some of the most senior executives at many of the country’s largest financial institutes and when we explained Cogo's mission and what we do, their words affirmed the importance of carbon insights:
Their responses clearly indicate that while the industry may be behind in addressing climate change; it is more than ready for change.
In the heart of the desert, amidst the glitz and glamour of Las Vegas, Cogo set out to make waves at Money20/20 - and that’s exactly what it did.
As Cogo’s COO Christina Bellis aptly put it to the banking executives we met with: "We’re here to help when you're ready to take a leadership position." Not surprisingly, we’re now in discussions with many of these around how to bring carbon footprinting to life for both their consumers and small business customers.
“A wave of innovation is gaining momentum, and we’re excited to play a part in America’s transition to a lower carbon economy, facilitated by fintech,” concludes Ben.