Tink, Europe’s open banking platform, and ecolytiq, a climate engagement solution, are collaborating to incorporate financial and sustainability-focused coaching into a seamless experience.
By combining the power of money management tools with climate education tools, Tink will make it possible “for new and existing customers to plug in sustainability-based services – with the ability to scale across markets.”
Carbon tracking services will “help financial institutions to empower their customers by providing awareness of the estimated impact their purchases have on the environment using open banking functionality to access enriched transaction data in real time.”
Combining Tink’s open banking and data enrichment capabilities with ecolytiq’s sustainability features “will help financial institutions assist their customers with understanding how their consumption habits impact their environmental footprints across all their bank accounts and transaction types.”
This enables customers “to build a truly holistic coaching experience across spending and its connection to sustainability.”
As noted in the update:
“We expect a key benefit of Tink and ecolytiq’s collaboration to be the seamless integration for financial institutions to implement sustainability-based features across their digital channels. ecolytiq’s suite of climate engagement products will be made available directly on the Tink platform through a single API, removing the need for institutions to integrate multiple providers’ solutions.”
For customers already integrated with Tink, this collaboration “means financial institutions will add sustainability-focused coaching to their offering in a seamless way, and for those not already offering open banking driven services, will have the ability to implement both financial coaching and sustainability-related money management tools at the same time.”
As part of Tink’s consumer engagement and financial coaching offering, the ecolytiq sustainability-based services “will be scaled across all 18 markets where Tink is currently present.”
Ulrich Pietsch, Co-Founder and Managing Director of ecolytiq stated:
“Pairing open banking with sustainable banking is good news for financial institutions looking to make a difference. With climate action being so urgent, our partnership puts banks in the position to immediately meet the rising demand for climate-forward banking products with minimal technical integration. It’s a win-win for banks, who are ready to embrace the future.”
Christophe Joyau, SVP of Banking and Lending at Tink added:
“The fusing of Tink’s open banking and data enrichment technology with ecolytiq’s sustainability-focused solutions presents an exciting opportunity to increase people’s understanding of their impact on the environment, and change consumer behaviour.Our recent research found that almost two-thirds of 18-34 year olds want more information about their carbon footprint, and nearly half of them would switch to a financial provider who allowed them to see the environmental impact of their purchases.”
As mentioned in the announcement:
“As part of our growing offering in data-driven financial services, we are enabling financial institutions to better engage with their customers through embedded third-party providers, while also retaining customer loyalty.”