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Íslandsbanki Launches Meniga’s ‘Carbon Insight’ to Help Fight Climate Change

Íslandsbanki Launches Meniga's ‘Carbon Insight’ to Help Fight Climate Change | FinTech Finance

Meniga, the global leader in personal finance banking solutions, today announced that it has partnered with Íslandsbanki, one of Iceland’s largest banks, to launch its new innovative green banking solution, ‘Carbon Insight’, enabling Íslandsbanki’s mobile banking app users to track their carbon footprint.

As part of the agreement, Íslandsbanki will integrate the Carbon Insight solution into its digital banking offering, which will help drive customer engagement, boost loyalty and create a more robust environmental, social, and governance (ESG) strategy.

Meniga’s Carbon Insight solution will provide Íslandsbanki customers with:

  • An estimate of their overall carbon footprint based on their spending profile, broken down into spending categories and time periods
  • A broad understanding of the specific aspects of their spending that are the most detrimental to the environment
  • The necessary information and knowledge to alter their spending behaviour, boost their personal savings, and crucially, help save the planet

As worldwide anxiety around climate change continues to grow, many banks are recognising the unique opportunity they have to serve the needs of the rapidly growing segment of carbon-conscious consumers. A recent survey conducted by Meniga revealed that 80% of consumers experiencing its technology now want to use their banking apps to help them estimate their carbon footprint.

Georg Ludviksson, CEO & Co-Founder of Meniga, comments: “With more and more people around the world growing anxious about the consequences of climate change, the need for solutions and initiatives that empower people to take action to help protect our planet has become a business imperative. As custodians of our personal finance data, banks are in a unique position to play a key role in helping the rapidly growing movement of carbon-conscious consumers to make informed choices in their daily consumption. We have seen great enthusiasm for our Carbon Insight product over the past few months, from banks and other key financial players, which is an encouraging sign from our industry that more green initiatives are still to come. For our part, we’re extremely proud to be leading, alongside Íslandsbanki, in the green banking movement and the industry’s fight against climate change.”

Birna Einarsdóttir, CEO of Islandsbanki comments: “Consumers are increasingly interested in improving their carbon footprint and having a positive impact on the environment. Meniga’s Carbon Insight solution will enable Islandsbanki’s customers to estimate the carbon footprint of their private consumption, identify carbon intensive purchases, and ultimately reduce their carbon footprint while saving money at the same time.”

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