Exploring strategies to minimize carbon emissions through a banking application's features related to electricity use.
Findomestic, a leading digital banking platform, has partnered with AWorld and Doconomy to provide users with a unique tool for calculating and reducing their carbon footprint. This groundbreaking innovation allows users to track their environmental impact directly within their banking app, making sustainability a part of their everyday financial decisions.
Carbon Footprint Calculation
The process begins with the analysis of transaction data. When users make purchases through their bank accounts or cards, the app accesses detailed information about what was bought, such as groceries and retail items. Using Doconomy’s data and methodologies, the banking app applies carbon footprint calculation models to estimate the CO2 equivalent emissions associated with each purchase. Doconomy has developed frameworks for assessing the carbon impact of consumer goods based on supply chain and production data. AWorld complements this by providing a user-friendly interface and personalised insights, tracking environmental impact over time and translating complex data into actionable information and sustainable behaviour suggestions.
User Engagement and Reduction Strategies
Users receive an overview of their weekly carbon footprint from their grocery shopping and other retail purchases. This includes comparisons with average footprints and suggestions for lower-impact alternatives. The app encourages users to set reduction targets, join community challenges, and get nudged towards healthier, more sustainable habits. The app may suggest products or brands with lower carbon footprints or advise on reducing food waste, buying local, or choosing plant-based options.
Ongoing Improvement Loop
The combined solution continuously refines footprint calculations with updated environmental data and consumer patterns, making the footprint estimation more accurate over time. Feedback from user behaviour helps tailor recommendations and engagement strategies to maximize carbon footprint reductions.
In summary, Findomestic uses the AWorld and Doconomy partnership to transform banking transaction data into meaningful environmental insights, empowering users to track, understand, and reduce their carbon impact from regular shopping activities directly within their banking app. This calculation provides the first step of a Financial Climate Engagement Journey, aiming to align with individual lifestyles for effective engagement.
The Financial Climate Engagement Journey is currently available through Findomestic, providing a personalized experience for users. The innovation provides immediate access to the carbon footprint of transactions, processed with artificial intelligence. AWorld's role in enhancing consumer awareness of sustainable living is utilised, while educational content is powered by artificial intelligence. The Financial Climate Engagement Journey is an innovative model for facilitating sustainable behaviour, driven by consumer involvement in sustainability issues and part of a broader focus on sustainability in banking institutions.
The science of environmental-science, as embodied in the partnership between Findomestic, AWorld, and Doconomy, uses technology to analyze transaction data and calculate the carbon footprint of purchases. This carbon footprint calculation, based on Doconomy's data and methodologies, becomes a part of personal-finance decisions as it is integrated within the banking app.
By tracking environmental impact over time and providing personalized insights, the app encourages users to make changes that reduce their carbon footprint. Examples include setting reduction targets, choosing lower-impact alternatives, and adopting sustainable habits like reducing food waste or buying local produce.
As users engage more with the app, it learns from their behavior and adjusts its recommendations, creating an ongoing improvement loop. The app's technology and AI-powered educational content aim to facilitate sustainable living, making it a unique and innovative model in sustainability within banking institutions and personal-finance management.
