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Hungary-Based Customers Display ‘Real Appetite’ for Carbon-Conscious Banking Features, OTP Reveals

Customers of Hungary-based commercial bank OTP have been making good use of the bank’s new carbon tracker in the first six months; clocking up over 600,000 visits to the feature.

Green fintech Cogo‘s opt-in carbon feature is powered by its carbon footprint methodology which is integrated into the OTP banking experience.

OTP is among the first banks in Hungary to introduce a carbon management feature for customers. The feature rolled out following a successful six-month pilot with 10,000 customers between 2022 and 2023.

Emma Kisby, CEO of Cogo EMEA, offered her take on the uptake of the carbon-conscious feature: “We are really encouraged by the engagement from OTP’s customers, demonstrating that the Hungarian market has a real appetite for being able to live more sustainably.

“When entering any new market, there are inevitable hurdles to overcome with regards to carbon literacy, but what this partnership proves is that customers want this feature from their banks and are also actively using it.”

The partnership between Cogo and OTP began following the bank’s ‘Startup Booster’ programme organised by OTP LAB. In 2022, Cogo emerged one of 12 innovative fintechs chosen out of 260 applicants, aiming to develop future bank solutions.

András Fischer, director of innovation at OTP Bank, said: “We are proud to be able to collaborate with startup partners on developing and implementing meaningful, innovative solutions at an international level. In line with our strategy, we gave priority to expanding the range of applications under the programme with beyond-banking and sustainability-focused products and services.

“Cogo not only aids in helping to educate our colleagues and customers about their carbon footprint, but also in understanding and measuring our own carbon emissions and impact on the climate. We hope our collaboration with Cogo sets an example in the Central European market, bringing about the future of green banking.”

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