Three Credit Unions receive highest Fairbanking Mark from The Fairbanking Foundation
To do so they had to demonstrate that their personal loan customers experienced a tangible positive impact on their financial wellbeing from using the product features. These features include budgeting support, encouragement to prepay, providing support at the earliest opportunity and developing a savings habit. In addition to reviewing the financial well-being characteristics and features of the product, the process of assessment involves independent research carried out with a representative number of customers holding that product.
“The Fairbanking Mark Challenge - 15 by 2015”, an industry-wide drive to challenge banking providers old and new to make the improvements necessary to their products to achieve an additional 15 Fairbanking Mark certifications by October 2015. The aim of the Challenge is to achieve a critical mass of certified products and to help towards building greater customer awareness of Fairbanking Marks and what they mean to people taking out these products.
Can your Institution join The Challenge?
To see how current banking products measure up against the Fairbanking Mark standards, the most recent Fairbanking Ratings Report can be seen here…
The Fairbanking Foundation
The Fairbanking Foundation believes that banking providers should act in the ‘common good’ - that they owe a duty of care to their customers and to the country as a whole. As water companies are obliged to provide a product that is healthy and good for their customers, so too should banks, building societies etc.
To help to achieve this, the Foundation has been set up, as a charity dedicated to encouraging and helping banking institutions to improve the financial well-being of their customers and thereby the UK public as a whole.
Our work is designed to provide well-researched, independent and insightful new input to encourage and assist in producing financial products that enable people to manage their money better:
• customer research to better understand what drives people’s financial
• assessment of banking products against this understanding, and publication of results
• the Fairbanking Mark certification scheme - to identify and spotlight the leading products available
and encourage competition between providers to offer the best products
• advisory services offered to financial institutions, industry associations and other bodies to encourage the development and improvement of banking products that are helpful to the customer