The Fairbanking
Charter
Purpose: To develop products, processes and marketing approaches for banks that will enable bank customers to embrace better money management
Rationale: Adopting effective money management is fundamental for individuals and families to live contented and fulfilled lives.
The advantages of low costs and ease of access in sophisticated banking systems must balance against the disadvantages and pitfalls such systems contain for the customer.
The long-term interests of customers and banks coincide in the creation of systems that lead to well-being and mutual respect in assisting individuals manage their finite resources.
Better money management can lead to greater enjoyment and satisfaction from purchases. Understanding and acceptance of financial well-being lead to fewer uncomplimentary comparisons with those more affluent.
Money concerns contribute to marriage breakups and health problems; better and sounder money management eases these issues.
Our Goals …
To create banking developments that encourage individuals and families to
manage their money better and thus improve their well-being.
To share in an open and inclusive way the selected products and approaches, so as to promote the maximum well-being benefit. In particular, to enable developments to extend to the less advantaged in society including those less affluent and younger.
To adopt measurement of satisfaction beyond improving the customer's economic circumstances
We plan …
To identify, through research, issues relating to financial well being that could be addressed effectively by innovation in retail financial services products.
To conduct research into marketing, product design and processes that enable banks to provide services in the interests of most customers.
To provide the seed financing to develop systems and processes to the point of commercial use for adoption by major banks worldwide.
To develop quantified measures of consumer well being in household financial
management to be used as a metric of success for these product innovations.
We will …
Focus on retail lending and saving products for the mass market.
Consider financing any research that fulfills the charter after identification and evaluation, to ensure the presence of the well-being objective and its
measurement.
Publicise research results to encourage banks to embrace the findings while
promoting discussions with government agencies and regulators.
Provide seed financing to enable the results of the research to become commercial operations
We do not intend …
To develop approaches specifically for bank customers in significant financial
difficulty.
To develop approaches for those who do not have ready access to the mainline financial services providers.
To develop approaches that are not sustainable commercially, i.e. would require indefinite charitable or government finance.
To develop approaches relating to lifetime financial planning, particularly in
relation to pensions and investments.
To act as consumer advocates in relation to financial services.
To deliver financial products to or through banks on an ongoing basis.
Summary: Encouraging the marketing of products to consumers that pass on
the benefits of the banking system to all, ensuring the benefits also pass to those with below average income.
