Westpac is starting a pilot program with carbon management fintech Cogo to help the bank's customers make more informed decisions about the energy efficiency of their homes and businesses.
The pilot follows a reverse pitch event hosted by FinTech Australia in February this year, which brought big banks and fintechs together to help address some of the industry’s biggest challenges in payments, frauds and scams, and sustainability.
Westpac received over 100 submissions of which more than 70 related to sustainability.
Research commissioned by Westpac shows that 75 per cent of Australians would consider making sustainable or environmentally friendly upgrades to their home and 88 per cent would likely use digital tools when thinking about making sustainable upgrades or renovations to their home.
Meanwhile, more than half (52 per cent) of small business customers said they would find it helpful if the bank assisted them to better understand their ESG impacts.
“As part of the pilot, home loan customers are able to assess potential energy-efficient utility upgrades and possible energy bill reductions. While businesses will be able to integrate their accounting software to access tailored carbon insights,” said Westpac Chief Technology Officer David Walker.
Graphic shows home with energy efficient features. (Supplied)
In August this year Westpac launched its Sustainable Upgrades home and investor loans to help customers make energy-efficient upgrades to their home, supported by the government’s Clean Energy Finance Corporation (CEFC).
Westpac also offers a carbon footprint tracker through Cogo in the banking app. Available since May 2023, the tracker provides around 400,000 customers with the ability to estimate their carbon emissions from their spending data.
“Banks globally are facing increasing pressure to take a leadership role in the transition to a low carbon future,” said Ben Gleisner, Cogo Founder and CEO. “Aligning their lending and climate strategies by supporting customers to decarbonise is part of that role."
Westpac has a multi-pronged approach to tech innovation through direct investment, partnerships and Westpac Growth Labs, the bank’s in-house R&D capability.
“Our multifaceted strategy enables us to deliver the most advanced technological solutions to our customers,” Walker said.
A wave of businesses are emerging from Australia’s fintech community with solutions to tackle societal problems or leverage technologies such as generative AI to help raise financial awareness and literacy.
Industry body FinTech Australia acts as a facilitator to bring banks and its members together to help solve real world problems.
FinTech Australia General Manager Rehan D’Almeida said there’s a strong demand in the fintech community to work more closely with major financial institutions.
Events like the reverse pitch help to start the dialogue and strengthen relationships, leading to better outcomes for both parties, D’Almeida said.
And in a world of rapid technological change, it’s important that the lines of communication are held open.
“Many of the themes and ideas we were focused on three years ago are no long applicable today,” D’Almeida said.
In September, FinTech Australia hosted a second reverse pitch event which included a Westpac call out to the fintech community seeking solutions for small and medium business customers to develop business growth plans and to get simpler access to financing.
For more information, including access to Cogo’s energy efficiency tool, check out these Westpac links:
Lisa is a senior media relations manager and has been working for the Westpac Group in corporate affairs since 2010 across business units including wealth, technology, and institutional banking. Lisa’s 25 year career started at the Ten Network and she has worked in current affairs, tourism, sport, travel and lifestyle media.
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