Cogo technology is being added to the apps of the two largest retail banks, opening the possibility of targeting clients with ‘green loans’.
Westpac and Commonwealth Bank will allow customers to track personal carbon emissions via their banking apps, in a move designed to lift engagement and allow banks to target green loan offers down the track.
When Westpac and CBA have enabled Cogo, it will be available to about 8 million Australians, facilitating access to granular data on personal emissionsBy early next year, Cogo technology could be used by about 50 million people globally, including customers of NatWest in Britain, an early adopter. Netherlands-based ING is also preparing to use it as banks globally try to get a better grip on so-called ‘scope 3’ emissions, including those by retail customers.
Cogo’s data will help banks target loan offers to customers, including for solar panels, batteries and, ultimately, electric vehicles. It could to allow banks to pre-approve financing for these products given that data on existing spending will have been captured. It has a staff of 100, including 55 in New Zealand, and is set to launch a Series A funding round to raise $30 million. It is backed by some family offices and wealthy investors, after a seed round of $10 million last year.
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