Qatar Islamic Bank (QIB), Qatar’s leading digital bank, has teamed up with Visa and ecolytiq, a global sustainability service solutions provider, to unveil an exciting addition to its Mobile App – the Carbon Emission Tracker Feature.
This groundbreaking bank-fintech partnership move not only sets a new standard in Qatar but also reflects QIB’s commitment to reshaping the digital banking landscape by prioritizing sustainability and environmental awareness.
In a proactive measure against climate change, QIB has introduced the Carbon Emission Tracker feature – the first of its kind in Qatar. This feature is designed to promote eco-friendly spending behavior among QIB customers. By providing information on the carbon emissions associated with each card transaction, the bank aims to encourage users to adopt more environmentally conscious financial activities.
The Carbon Emission Tracker Feature aligns with QIB’s dedication to collective responsibility for safeguarding the planet for future generations. Users can now easily monitor their transactions and receive guidance on cultivating more responsible spending habits. This feature allows QIB to calculate and account for its carbon footprint originating from retail banking customer card spends.
Key features of the Carbon Emission Tracker include tips for environmentally friendly card spending, tracking of cumulative monthly carbon footprint, comparison with the previous month’s carbon emission values, the option to refine specific transactions, and the ability to adjust customer profiles based on individual lifestyles, providing a more accurate understanding of carbon footprint impact.
This innovative feature not only showcases QIB’s leadership in digital banking but also sets a precedent for other financial institutions to integrate environmental awareness into their services. As QIB continues its sustainability journey, this new feature represents a significant step towards creating a more eco-conscious banking experience for its customers.
Mr. D. Anand, QIB’s General Manager – Personal Banking Group, underscored the importance of this milestone, expressing “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. 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.”
David Lais, ecolytiq Co-founder and Managing Director recognized the significance of this announcement, saying: “This partnership marks a monumental shift in the market. Climate engagement in banking is coming to Qatar. Our innovative work with QIB and Visa is giving banking customers in Qatar more transparency and choice to live sustainably. We are proud to have been chosen to help QIB guide their customers through the complexity of the environmental crisis by making this a fundamental part of QIB’s banking experience. QIB has decided to embrace the future of banking by being a part of it.”
Shashank Singh, Visa’ Country Manager in Qatar and Kuwait: “We are delighted to acknowledge the groundbreaking achievement by QIB with the launch of the Carbon Emission Tracker Feature developed in partnership with ecolytiq. This pioneering initiative highlights QIB’s dedication to transforming the digital banking sector, placing a significant emphasis on sustainability and environmental consciousness.”
Earlier in 2023, the bank unveiled the third edition of its sustainability report, spotlighting significant advancements in its sustainability initiatives. This encompasses proactive steps taken to manage climate-related risks and capitalize on opportunities, aligning with the recommendations set forth by the Task Force on Climate-related Financial Disclosures (TCFD). In June 2023, QIB became the first and only bank in Qatar to adopt the Equator Principles, integrating environmental, social and governance-based risks in its risk management process.
To know more about other trending usecases in the US financial services industry, like Generative AI, Open Banking, Buy Now Pay Later (BNPL), explore our other insights.
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