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DBS has launched LiveBetter, a first of its kind one-step platform for customers to take actions around sustainability in an easy and convenient way.
Barrier to lifestyle change is inconvenience
According to a DBS’ Consumer Sustainability survey, 86 per cent of Singaporeans believe their carbon footprint will impact the world, but 73 per cent are willing to change their lifestyles only if it is convenient.
The survey also revealed that 33 per cent of Singaporeans are having difficulties finding the right channels to learn about sustainability, although 93 per cent are aware that their activities contribute to carbon emissions.
LiveBetter is designed to help address these challenges and help customers take easy, actionable steps towards sustainability, said DBS in their press release.
"By embedding LiveBetter into DBS digibank, our customers can now easily access ways to live green with a few simple taps,” said Jeremy Soo, Head of Consumer Banking Group (Singapore) at DBS Bank.
Image via DBS.
The LiveBetter section can be found on the dashboard of DBS digibank app, and features four sections: Learn Better, Give Better, Invest Better, and Track Better.
Image via DBS.
Learn Better: Know more about climate change issues
On the platform, customers can be better informed through bite-sized content about the impacts of climate change. Under Learn Better, customers are also provided actions to take.
"Customers can either take an action right away, or they can also choose to learn more, which typically takes them to a long form article," said Sourabh Sharma, Senior Vice President of Digital Banking at the DBS Consumer Banking Group.
Image via DBS.
Give Better: Contribute to local sustainability-related causes
With Give Better, users can easily discover and donate to credible organisations that require funding.
Some featured local environment and sustainability organisations include Acres, World Wide Fund for Nature (WWF), and Nature Society (Singapore).
On the platform, customers can see how their funds will be used, the numbers of contributors to the cause, and the total amount that has been raised by DBS customers.
Your donation is directly deducted from your account, with no fees, so 100 per cent of the money goes to the cause.
Funds are transferred immediately via PayNow, and the platform also allows for one-click filing for tax deduction.
"You can go from discovery to payment in less than five seconds and be supporting your cause," said Sharma.
Image via DBS.
Invest Better: Investing sustainably
The platform allows customers to learn about and instantly invest in a selection of sustainability-themed funds.
Curated by the DBS Funds Selection Team with high ESG rating, there are two funds available: BNP Paribas Global Environment and Ninety One GSF Global Environment Fund.
ETF investments will be made available by 2022.
Image via DBS.
Track Better: Calculating your carbon footprint
Based on your debit and credit card spending, DBS can automatically calculate your carbon emissions with Track Better, which will be released by January 2022.
The model for the system is developed by DBS with Singapore Institute of Manufacturing Technology (SIMTech), a unit of the Agency for Science, Technology and Research (A*STAR).
Image via DBS.
Aside from tracking your carbon emission patterns, users can also compare their carbon footprint with the Singapore average, and receive recommendations on how to reduce their footprint.
In the press release, DBS also stated that it is developing a function that will enable customers to purchase carbon credits to offset their carbon footprint.
Image via DBS.
Top images by DBS and Unsplash/Joshua Tsu.