UOB TMRW deploys functionality to measure carbon footprint of ASEAN customers
It will be generated based on their spending and saving habits.
UOB TMRW is poised to add carbon analytics functionality to its digital banking platform that enables its ASEAN retail banking clients to access personalized carbon information.
Carbon information will be generated based on customer spending and savings behaviors in the app.
The feature would also help customers realize their carbon impact and encourage them to take positive steps to adopt more sustainable lifestyles, UOB said in a press release.
“We are delighted to be at the forefront of developing an ASEAN’s first carbon analysis solution for our customers. In doing so, we hope to give our customers actionable insights to live more sustainably, ”said Kevin Lam, Head of TMRW and Group Digital Banking.
In particular, UOB TMRW’s new functionality will automatically calculate an estimate of a customer’s overall carbon footprint based on their expense profile, broken down into expense categories and time periods; use international benchmarks as well as locally adapted emission standards to provide a strong but localized footprint; and providing personalized carbon information so customers can understand how various aspects of their spending can positively impact the environment using simple and relevant examples.
Carbon Insights is expected to launch, first in Singapore, next year. It will complement UOB’s existing line of sustainable products for retail clients, which includes Go Green loans and sustainable investment solutions.