Singapore’s top bank is using GreenFi AI to conduct ESG surveys & disclosures better from their customers
Getting answers to tough, qualitative questions about ESG, Responsible financing, Equity principles, ERQ etc from customers and suppliers can be costly, both in terms of time and money.
At least, that was the experience of one of the biggest bank in Singapore. Bank’s RM team would spend hundreds of hours on client’s data collection projects, only to have to devote additional time — and resources — to scheduling and moderating interviews with the said bank’s customers.
“Enterprise decision makers expect faster and faster results from insights teams,”. The biggest risk to the industry today is that the increasing speed of decision making leads to a decreasing ability for insights functions to keep up. That’s why RM’s need the tools to accelerate and amplify their work.”
GreenFi teamed up with the bank to help them autonomously collect — and synthesize — strategic and confidential data from their customers.
Before adopting GreenFi, they did much of its environmental data collection and analysis manually in spreadsheets. The team needed a more sophisticated way to capture ESG data from disparate sources as well as assess and improve its data coverage and quality.
“Climate change and the broader economic slowdown have hit the markets disproportionately hard. But the demands from business leaders to make more informed and strategic decisions has not slowed down, leading to expectations of doing more sustainably.” “This is a tailwind for GreenFi as businesses look to technology to amplify their work.”
GreenFi taps their flagship text-generating AI model, to lead interviews and surveys with banks customers. How, exactly? GreenFi users create survey questionnaires and share the link with RM’s and in some cases with banks’ customers. Then, relationship managers — enabled by GreenFi AI — follows up with respondents to clarify, probe on answers and create a “conversational rapport” for deeper responses.
For every question, GreenFi generates themes, tallies up counts and highlights quotes to “uncover the story.”
“Today, much of the work to collect and analyse qualitative ESG data is done manually. In that way, we’re competing with excel sheets and long hours RM’s spend reading transcripts and scheduling interviews.” “We believe that GreenFi will grow the market for automating disclosures, making user insights faster and more accessible to more teams across the business.”
It’s early days for GreenFi. But, despite ESG data imperfections and limitations, GreenFi’s already seen some success with a few large financial institutions: They were able to conduct, aggregate and synthesize disclosures from over 50,000 customers, the results of which are now being used for ESG risk analysis and compliance reporting to regulators.
“We’re currently working with 7 enterprise insights teams at banks and other large consumer-oriented companies to help them make smarter, faster user-centered ESG decisions than ever before.”
GreenFi, which recently raised seed funding round led by angel investors, plans to expand the size of its team and launch new modules.
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