CEO: Georg Lúðvíksson
Meniga is an Icelandic FinTech and leading provider of digital banking tools, apps and solutions for some of the world’s largest financial institutions, helping them drive customer engagement and stay relevant in the era of the challenger bank.
One of Meniga’s latest innovations is a green banking solution called ‘Carbon Insight’, which allows users to estimate and track the carbon footprint that stems from their spending, empowering them to take high-impact action, whilst enabling banks to unlock new dimensions of customer engagement and create a more robust ESG strategy.
Earlier this year, Íslandsbanki, the largest bank in Iceland, became the first bank to implement Meniga’s Carbon Insight solution and provide customers with a carbon footprint tracker.
Unlike traditional carbon calculators, which typically require lengthy and arduous manual inputting, Meniga’s ‘Carbon Insight’ automatically calculates a user’s carbon footprint based on their spending profile. Through the solution, banks are able to provide their customers with a broad understanding of the specific aspects of their spending that are the most detrimental to the environment, which in turn, empowers them to alter their spending behaviour, reduce their carbon footprint and help save the planet. The solution offers digital gamification to help banking customers consume more sustainably and offset their emissions via certified offsetting programs in developing countries. Meniga collaborates with the UNFCCC, which certifies projects in developing countries that reduce, avoid or remove greenhouse gas emissions from the atmosphere.
According to a recent survey conducted by Meniga, 88% of banking professionals across Europe believe that financial institutions should play an important role in increasing awareness around the impact of consumption on climate change. As such, the demand for carbon footprinting solutions like ‘Carbon Insight’ has skyrocketed in recent months, as banks are starting to realise the unique opportunity they have to standardise carbon offsetting and empower millions of banking customers to adopt more sustainable spending habits. Following Íslandsbanki’s implementation, Meniga are now in the process of launching the same solution with several other banks across Europe.