Articles

  • Mirka Karra

Banks, here’s how you can act on your social responsibility in today’s energy crisis



There are many ways to save energy at home; taking a shorter shower, lowering the thermostat, and using LED lamps. But where do you start?


Home energy insights can easily give an impression of energy consumption and suggest tools to help to save on energy expenditure while at the same time contributing to climate goals. When coupled with personalized tips and recommendations for better energy and cost savings at home, this service can be a real changemaker.


While you would normally expect your energy retailer to offer this kind of service to their customers, many forward-looking players in the market leverage these services to help their clients with their eco-conscious goals. In the banking industry, Rabobank, one of the major banks in the Netherlands, is offering energy insights to its customers. The ongoing energy crisis, coinciding with the threats of an expensive winter, make energy insights a smart way to navigate the crisis. “Due to the energy crisis at the moment, more people need insight into their own energy consumption. Persistent increases in energy prices are causing unrest. Energy Insight can help with that" says Huib de Mulder, Director of Housing at Rabobank.


Except for responding to the ongoing-customers demands on ways to save energy and costs, such services align with the banking sector’s Corporate Social Responsibility pledges for a greener future. Green banking, for example, is becoming increasingly prominent in the banking sector. Energy insights can help homeowners by providing daily feedback on their home energy consumption and engaging them in a greener lifestyle with actionable recommendations and tips on how to improve their energy behavior. This has opened up opportunities to provide homeowners with suggestions on considering a green loan or green mortgage to make their home more sustainable or how to invest in green energy by investing in solar panels, for example.


With data, it is possible.


NET2GRID, the AI provider for leading energy companies worldwide, has created Artificial Intelligence and Machine Learning algorithms that can predict home energy consumption and provide insights and recommendations by collecting and analyzing smart meter data of all granularities. NET2GRID’s smart models are uniquely trained to produce accurate reporting for utilities, banks, and others, by translating daily meter readings into energy consumption per category. When it comes to data regulations, there is always explicit permission from the customer to use their data; this ensures that all data is safe, and not used for other purposes or for more than necessary. The energy insights can be integrated into the existing bank’s app or a new one, so customers are able to access the service while they are checking their finances or paying other bills via e-banking.


As energy is becoming an increasingly hot-button topic, it is important to realize that the energy landscape is also changing. Long gone are the days when energy was a privilege that only energy companies could capitalize on. Additionally, the transformation from CapEx to OpEx paves the way for more players to enter the market and provide energy services to their customers that gives real value to their everyday lives.


Read the blog piece version in Dutch here.