Contract for a Credit Union to Underpin A Community Banking Offer

Tender description

London Borough of Barking & Dagenham are seeking an innovative and forward-thinking Credit Union partner who is up for the challenge of developing a Community Banking offer with us. Our vision is that fair and affordable financial products and services are available to everyone who lives or works in the borough. We are looking for a Credit Union partnership to drive this forward. The Credit Union does not have to be London based, we welcome applications from any Credit Union with excellent digital delivery. What we are looking for in a partnership: • Organisational strength and ability to grow: a credit union that can demonstrate its financial health and ability to grow an innovative offer to meet local needs • Products and Services: a well-established range of products and services that can meet different customer needs, including savings accounts, instant loans and transactional banking facilities at minimum. • Partnership working: a credit union that can demonstrate propensity and willingness to work innovatively with the council and partners • Service delivery: a strong digital offer that provides full, remote access to products and services via the web and/or mobile app. Other forms of engagement for those who are digitally excluded should also be available. • Impact and performance: ambitious but realistic expectations of joint performance targets and a vision for the wider social, wellbeing and local economic change we aim to see in Barking and Dagenham. The contract is for 3 years with the option to extend for up to another 2 years. London Borough of Barking and Dagenham will provide investments to ensure the productivity of the partnership. The contract is advertised at £500,000 however, £250,000 is the budget envelope for the duration of the contract. Additional funds over the budget envelope to grow the offer may become available during the contract, including potential capital investment. There is no commitment to additional funds at this stage.