In response to an increase in social and environmental consciousness among consumers, Qatar Islamic Bank (QIB), Visa, and ecolytiq have launched a Carbon Emission Tracker.
This new feature, accessible via QIB’s mobile app, enables users to track their transactions and receive tips on developing more responsible spending habits. Users can also compare the previous month’s carbon emission values and refine certain transactions and their profile.
Through the tracker, QIB can analyze its retail banking customer spending and determine its carbon footprint.
“The QIB Mobile App stands as the preferred banking channel for our customers, exemplifying our commitment to leading in digital banking through Environmental, Social, and Governance (ESG) principles,” said Mr. D. Anand, QIB’s General Manager, Personal Banking Group, in a prepared statement. “We consistently investigate our customers’ daily banking needs and proactively integrate features that align with ESG standards. Our dedication goes beyond addressing current needs; we are steadfast in our investment in technology and innovation to elevate the overall customer experience while working towards a greener, more sustainable environment.”
More Sustainable Initiatives
Over the past few years, financial services companies have been taking strides to ramp up their sustainability efforts. Sustainability has been top-of-mind for consumers for some time now, and they expect the organizations they do business with to also be more environmentally conscious. QIB is leading their customers in what appears to be a rising trend of sustainability-conscious consumers in the US. Data from EY found that sustainability and Environment, Social & Governance (ESG) efforts, have been a common theme this year. And looking ahead, more financial services firms will have more of an increased focus on energy security and the overall expansion of sustainable finance.
Eco-focused payment cards are another key focus, according to separate data from CPI—particularly as the use of plastic cards is becoming less desirable to consumers. CPI’s research found that more than 80% of consumers would choose an ocean-recovered plastic card if their current issuers offered it. More than half of respondents said they would switch financial institutions for one that offered such a card.
Overall, more financial services are heading into a more sustainable future. Earlier this year, Mastercard announced that by January 1, 2028, all of its new cards will be constructed out of sustainable plastics.
