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, affordable and appropriate financial products and services are available to everyone who lives or works in Barking and Dagenham. We are looking for a Credit Union partnership to drive this forward and help us achieve our goals. 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 with us in Barking and Dagenham. •Products and Services: a credit union with a well-established comprehensive 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 borough partners over the course of the contract. •Service delivery: a credit union that has established digital technology and a comprehensive online banking platform, via the web and mobile, ensuring 24/7 access to services is available. In parallel, a clear vision and ability to meet the needs of local residents who are digitally excluded. •Impact and performance: a credit union with ambitious but realistic expectations of joint performance targets and a vision for the change we aim to see in Barking and Dagenham, as well as the ability to evidence and demonstrate the wider social, wellbeing and local economic impact of credit union provision 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 a number of investments to ensure the productivity of the partnership. The contract is advertised at £285,000, however, £190,000 is the budget envelope for the duration of the contract