Client Profile
Our client, one of the top banks in Singapore, stands as a pillar of the nation’s financial sector, known for its innovation and commitment to excellence. With a vast customer base exceeding 50,000 commercial banking clients, the bank plays a significant role in driving economic growth and stability in Singapore.
The Challenge
In line with Monetary Authority of Singapore (MAS) compliance guidelines and the increasing emphasis on Environmental, Social, and Governance (ESG) factors, our client faced the challenge of digitizing and automating Environmental Risk Questionnaire (ERQ), Equity Principles (EP), Responsible Financing (RF), and ESG reporting processes. Manual data collection and reporting were labor-intensive and prone to errors, necessitating a more efficient and accurate solution.
The Solution: GreenFi’s AI-Enabled Digitization and Automation
- ERQ, EP, RF, ESG Reports: GreenFi’s AI-enabled digitization and automation solutions streamlined ERQ, EP, RF, and ESG reporting processes for our client. This initiative eliminated manual processes, ensuring compliance with MAS guidelines while providing accurate insights for over 50,000 commercial banking customers.
- Asset Tracking & Emissions: GreenFi automated asset tracking and emissions reporting across the bank’s operations in five countries. This included offices, branches, ATMs, as well as tracking emissions from over 700 investment assets such as infrastructure, real estate, and properties.
- ESG AI Platform: Our client adopted GreenFi’s ESG AI platform, co-innovated with industry leaders, to create a unified data lake for a digital universal ESG profile of every customer. This platform provided analytics for sustainable financing origination, ESG due diligence & risk assessment, financed emissions & impact tracking, and compliance monitoring.
Key Benefits and Outcomes
- Enhanced Efficiency and Compliance: GreenFi’s AI-enabled digitization and automation significantly improved efficiency and accuracy in reporting processes, ensuring compliance with MAS guidelines while reducing manual labor and errors.
- Optimal Resource Utilization: Automated asset tracking and emissions reporting enabled our client to optimize resource utilization and minimize environmental impact across its operations and investment portfolio.
- Data-Driven Decision Making: GreenFi’s ESG AI platform provided actionable insights for informed decision-making in sustainable financing, risk management, and compliance, empowering the bank to align its financial products and services with customers’ sustainability goals.
- Industry Leadership and Innovation: Our client’s collaboration with GreenFi resulted in the development of an ESG system tailored for the banking industry, showcasing its commitment to innovation and sustainability. The low-cost, plug-and-play software solution offers scalability and flexibility, enhancing the bank’s reputation as a leader in responsible banking practices.
Conclusion
Through co-innovation collaboration with GreenFi, one of the leading banks in Singapore, successfully digitised and automated its reporting processes, optimised resource utilisation, and demonstrated leadership in sustainable banking practices. This comprehensive approach not only ensures compliance with regulatory requirements but also positions the bank for long-term success in the evolving landscape of responsible banking.
GreenFi ESG Management Software is built for the banking industry, by the banking community experts with decade long industry knowledge, co-innovation projects and subject matter expertise. We offer the most suited and relevant ESG AI software for the financial services industry to serve a wide range of uses cases including automation of ESG risk assessment, due diligence, reporting, sustainability performance monitoring and recommendations.
To learn more about this case study and see a live demo, pls contact us at hello@greenfi.ai
