CommBank app to allow customers to see their carbon footprints

  • By Zilla Efrat

In an Australian banking first, CommBank’s retail customers will be able to view their personalised carbon footprint, based on their personal spending data, in the CommBank app from early August.

The technology, developed in partnership with sustainability fintech Cogo, will allow customers to compare their monthly footprint with the national average.

They will also be able to see a breakdown of their carbon emissions data grouped into everyday spending categories like utilities, transportation, shopping and other transaction segments. Plus, they will be able to select actions to help manage their environmental footprint.

Over time, CBA says the capability will also be expanded to its business customers to support their own sustainability agendas. 

In October 2021, CBA launched a pilot to test the technology and found that close to a third of the over 250,000 retail customers who participated took further steps to learn more about their carbon footprints.

“The combination of customer data and Cogo’s capabilities, means we can now provide personalised and granular information to customers about how their spending translates to a carbon footprint,” says CBA’s general manager of strategy investments and transformation, Ben Morgan.

“A customer’s carbon footprint is an estimate that considers things such as personalised spending data and transaction behaviours using select CBA products, such as an Everyday account, credit cards and BPAY. We can then assign each transaction emissions factor data per industry type – such as fashion or grocery – which is provided to us by Cogo to calculate their carbon footprint.”

Cogo founder Ben Gleisner says: “Banks are ideally positioned to take on the role of champion in supporting their customers to lower their carbon footprint. In a highly competitive market in which it’s hard to differentiate, banks cannot ignore this opportunity to stand out and establish themselves as a lifestyle partner to the conscious consumer.

“There’s never been a more important time in history to reduce our carbon footprint and climate-friendly actions like reducing flights, taking public transport or going vegan for one meal a week can all have an impact on that.”

Cogo’s carbon tracking API and consumer App enable users and businesses worldwide to measure, reduce and compensate for their impact on people and the planet.