Snowdrop Solutions, a leading provider of advanced transaction data enrichment solutions for banks and financial institutions, today announced a partnership with
Ample Earth, an innovative sustainability solution provider helping payment networks and banks identify responsible businesses and create sustainable loyalty programs by highlighting the social and environmental impact of merchants.
This collaboration positions both companies at the forefront of sustainable fintech, offering a climate solution that seamlessly integrates into digital banking applications.
Driving Sustainable Spending Habits Among Users
Through this partnership, Snowdrop Solutions and Ample Earth will:
- Enhance transparency on merchants: Consumers will gain clear insights into the sustainability practices of the businesses they support, fostering stronger brand affinity and loyalty.
- Reward sustainable purchases: By recognising and rewarding conscious spending, the partnership aims to encourage positive behavioural changes that contribute to a better future.
- Accelerate sustainability adoption: This partnership facilitates seamless integration of sustainability data across banking and payment channels to promote broader adoption.
People, often strapped for time, struggle to understand sustainability as the data is complex and nuanced, and it is time-consuming to verify "green" claims. As a result, they trust specialist third parties more than brands. In fact,
83% of people place significant trust in claims verified by a third party. Additionally, people crave practical sustainability insights that can make a real and meaningful difference. However, they currently can’t measure the impact and power of their spending.
Fueled by Snowdrop Solutions' robust
transaction enrichment API (MRS API™ ), this collaboration unlocks deeper insights for Snowdrop customers. By seamlessly tagging transactions with sustainability indicators, banks and financial institutions are empowered to educate their users about the eco-social friendliness of their purchases and the sustainability commitments of the merchants they patronise.
As a result, this enriched data provides banks and payment providers with granular insights into brands’ environmental and social performance so they can help customers make more sustainable choices and incentivise better purchasing decisions.
Raja Darbari, CEO & co-founder of Ample, stated: “We are delighted to partner with Snowdrop Solutions to launch our pioneering sustainability solution. Enriching transactions with sustainability data will make it easier for people to see the impact of their spending and find value-aligned brands. By simplifying sustainability, we can empower millions of businesses and customers to use their purchasing power as a force for good.”
Empowering a Sustainable Future
In today's competitive landscape, sustainability is a crucial differentiator, enabling banks to retain customers and gain a competitive edge.
According to the EPAM banking report, 30% of customers (rising to 37% for those aged 18-34) consider changing banks in the next 12 months. By equipping banks with insights and tools to promote mindful consumption, this collaboration empowers them to enhance customer retention and attract new ones.
“Adapting to the needs of today's digital banking generation, who place a high value on environmental responsibility and purpose-driven purchases, is crucial for banks to remain competitive,”
said Kenneth Hart, CEO & Founder of Snowdrop Solutions. “This partnership seamlessly aligns with this mission. With our extensive experience and a proven track record. We empower banks with the crucial tools to provide transparency and reliable reward systems that resonate deeply with their eco-conscious customer base. That's why companies continue to trust us to deliver exceptional products that achieve proven results."
This partnership marks a significant leap forward in new finance by seamlessly integrating sustainability into digital banking. Snowdrop Solutions and Ample Earth have joined forces to deliver a powerful solution that benefits all stakeholders. By combining payment and sustainability data, banks can drive responsible consumption through tailored products, services, and rewards, nurturing a symbiotic relationship between finance and sustainability.
