- Fernando Morillo, Group Head of Retail Banking, highlights the environmental benefits of the bank’s digital transformation
Mashreq Bank’s strategic shift from traditional banking to digital platforms is making a substantial environmental impact, according to a senior official of the bank. During a conversation on the sidelines of COP28 in Dubai, Fernando Morillo, the Group Head of Retail Banking, said the transition from traditional banking methods to digital platforms not only enhances convenience for customers but also significantly reduces carbon footprints.
He noted that the strategic move toward digitalisation by banks like Mashreq has considerably minimised carbon emissions associated with physical branch visits and commuting, facilitating a double-win situation. “Digital is one of the ways to avoid carbon emissions. Remember those days when we all used to go to branches once, twice, thrice a week? With that comes all the carbon emissions of going with your car, parking your car and going back home or back to work. Now you can do it just with a tap on your smartphone. That is something that has had a huge impact on the way we operate,” he said.
Morillo noted that the plastic implication in physical cards is a concern, as the sheer volume of credit and debit card plastics renewed every few years amounts to millions of units. He also highlighted how Mashreq Bank is effectively curbing the environmental toll of card production by adopting recycled plastics, thereby contributing to a sustainable banking approach.
Adding that Mashreq’s commitment extends beyond mere banking operations, Morillo said the bank has launched a pioneering carbon footprint calculator within its app. This tool empowers consumers by providing insights into the environmental impact of their spending habits and encouraging more informed and sustainable financial decisions.
Fernando also hinted at future developments, discussing potential plans to integrate comprehensive expenditure data to offer customers a holistic view of their carbon footprint. This initiative reflects Mashreq’s continued efforts to innovate and promote sustainability actively.