Intelligent Environments, the digital financial services vendor, today challenged banking providers to make the improvements necessary to achieve a Fairbanking Mark by October 2015.
The Fairbanking Foundation - a not-for-profit charity dedicated to encouraging banking institutions to improve the financial well-being of their customers – has set the industry a target to achieve an additional 15 Fairbanking certifications by October 2015.
The Fairbanking Mark product set includes current accounts, regular savings products, credit cards and personal loans. In each case, the qualifying banking providers’ product is given a rating ranging from three to five stars that scores how well it helps customers manage their money and achieve an enhanced sense of financial well-being.
As a means to achieving this, Intelligent Environments has been working with the Fairbanking Foundation to ensure its products are capable of helping both current and prospective financial services clients achieve a Fairbanking Mark and rating. As a result, Intelligent Environments is the first member of the vendor community to be Fairbanking ‘Ready’.
David Webber, managing director of Intelligent Environments, said “We are delighted to already have one client achieve a four star Fairbanking rating and really hope we can deliver more. The Fairbanking Foundation’s goal for 15 financial services providers to achieve Fairbanking Mark certifications by October 2015 won’t just be a boon for customers, but the wider financial services industry as well.”
CEO of The Fairbanking Foundation, Antony Elliott OBE said, “We are really pleased that the vendor community is getting behind and supporting this unique opportunity for the banking sector to prove to the public that it is changing its culture for the better.”
‘The Fairbanking Mark Challenge – 15 by 2015’ will culminate in a prestigious ceremony in October 2015 to be held at the Guildhall in London. The event will celebrate the number of customers that have been helped to better manage their money through use of these certified products and the efforts of participating providers in improving their products to achieve certification.
Banking organisations seeking to gain a Fairbanking Mark for one of their products must submit it for full analysis and testing by The Fairbanking Foundation. This includes research conducted with a representative number of customers by an independent research firm - usually Ipsos MORI, the Foundation’s research partner. This research must confirm that a significant percentage of customers using the product found it useful in helping to improve their financial well-being, through factors like helping them to manage their money better and to achieve their savings goals.
The Fairbanking Foundation is a not-for-profit, research-based charity (number 1125769) established in 2008 to encourage and assist providers of banking products to improve the financial well-being of their customers by enabling these customers to manage their money better.
The Foundation does this through a combination of thorough consumer research to better understand what drives financial well-being, assessment of existing core banking products against this understanding, and the operation of the Fairbanking Mark certification scheme, now accredited by UKAS.