UOB Set to Offer Personalised Carbon Insights to Retail Banking Customersby Fintech News Singapore November 8, 2021
UOB announced that its retail banking customers across ASEAN will be able to access personalised carbon insights based on their spending and saving behaviours through its app.
“Carbon Insights” will be a new feature on the UOB TMRW digital banking platform to calculate, track and benchmark a customer’s carbon footprint automatically.
It will also help customers build awareness of their carbon impact and encourage them to take positive actions towards adopting more sustainable lifestyles.
The new feature is expected to be made available to a select group of UOB customers next year before a broader launch, first in Singapore.
Carbon Insights will complement UOB’s existing suite of sustainable products for retail customers including its Go Green Home Loan, Go Green Car Loan and its full suite of Sustainable Investment solutions.
UOB was awarded the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) grant in October 2021 for this project.
The FSTI POC grant provides funding support for the experimentation, development, and dissemination of nascent innovative technologies in the financial services sector.
Kevin Lam, Head of TMRW and Group Digital Banking said,
“We are excited to be at the forefront of developing an ASEAN-first carbon insights solution for our customers. In doing so, we hope to empower our customers with actionable insights to live more sustainably.
This latest initiative is another example of how through a customer-centric approach, we are making digital banking of tomorrow simpler, smarter and more engaging.”
Eric Lim, Chief Sustainability Officer at UOB said,
“There is clear demand from customers to help them take action against climate change – we hear them and are responding accordingly.
This feature is an integrated part of UOB’s wider sustainability strategy, extending it beyond sustainable products and investments, to empowering customers to work with banks to fight climate change and to forge a more sustainable future together.”