Net Zero Banking Program Qorus-Infosys Finacle Banking Innovation Awards 2024

Concept: Net Zero Banking is designed to support Sunrise Banks’ commitment to reach net zero emissions by 2050 in alignment with the Paris Climate Agreement. We are working to eliminate the potential for hidden emissions behind a bank account and actively reducing reported emissions. We are also helping our customers kickstart their own sustainability initiatives by eliminating emissions that are often left unconsidered and unreported.

Objectives: Success objectives for Net Zero banking include: • Viable Net Zero Deposits (commercial) in market by Q1 2024 and consumer banking by Q3 2024. • New accounts can be established successfully and without error. • Reporting structure in place for loan pipeline and carbon reduction impact of Net Zero Lending.

Reason Behind: More and more companies, nonprofits, universities, and cities are making commitments to reach net zero emissions by 2050 in alignment with the Paris Agreement. However, getting to net zero is perceived as complex, expensive, and risky. Often, businesses and consumers don’t know where to start. Sunrise Banks can offer simple solutions: a Net Zero Banking program featuring both Net Zero Deposits and Net Zero Financing.

State of Competition: Net Zero Banking is a unique option offered by Sunrise Banks. Based on market research, this would be one of the first deposit products using traditional bank accounts (checking, savings, CD) specifically dedicated to projects that work to reduce or avoid carbon emissions.

Source of Inspiration: As a socially responsible bank, a Certified B Corp and a company invested in being a force for good, Sunrise Banks and its employees are inspired and work to come up with innovative financial solutions that address our triple-bottom line of people, planet and prosperity. Our Net Zero Banking program allows our customers to have a stake in projects and efforts to reduce or avoid carbon emissions, from both a deposit and a lending standpoint.

Departments Involved: Multiple teams are involved including Fintech Innovation, loan operations, credit, treasury management, lending & leasing, ERM/Compliance, Business Banking Administration, Marketing and Communications, Finance and Accounting, Impact Data, IT services and Relationship Banking.

Main Results (to date): Our Net Zero Banking program was rolled out to commercial banking customers in April 2024 and to personal banking customers in early July 2024. As of June 26, approximately $9 million of existing loans at Sunrise Banks have been identified and qualified as Net Zero Loans. Approximately $236,000 of new or existing deposits have been designated as Net Zero Deposits.