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finance: tailored ethical products and services
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- Tailored Ethical Products and Services
   
- Develop a banking package to assist community empowerment in social housing. ACCEPTABLE PROGRESS
- Increase the emphasis on ethical funds within smile's funds supermarket. TARGET ACHIEVED
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performance
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Existing Products and Services
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| Personali |
| Cashminder (basic bank account) |
Help the Aged Visa credit cardiv |
| ActionAid Visa credit cardiv |
Help the Hospices Visa credit cardiv |
| Amnesty International (UK) Visa credit cardiv |
Oxfam Visa credit cardiv |
| Barnardo's Visa credit cardiv |
Save the Children Visa credit cardiv |
| Children's Aid Direct Visa credit cardiv |
Tearfund Visa credit cardiv |
| Corporateii |
| Charities Sector Banking Servicesv |
Community Directvi |
| Public Sector & Community Banking Servicesvii (including Co-operatives Direct, Football Direct, PayPoint (pilot scheme) & Positive Pay) Credit Union Banking Services |
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New Products and Services 2002/03
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| Personali |
| smileinvest funds supermarketiii |
| WaterAid Visa credit cardsiv |
| The Ramblers Association Visa credit cardiv |
| Amnesty International (UK) Platinum Visa credit cardiv |
| Oxfam Platinum Visa credit cardiv |
| Generic affinity Visa credit card for charitiesix |
| Corporateii |
| Affordable Warmth Schemeviii |
Positive Payvii |
| PayPoint for Credit Unionsvii |
Business Banking for Schoolsvii |
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- www.co-operativebank.co.uk/personal
- www.co-operativebank.co.uk/business
- www.smileinvest.co.uk
- www.co-operativebank.co.uk/personal/visa_affinity.html
- www.co-operativebank.co.uk/business/charities.html
- www.co-operativebank.co.uk/business/currentacc_community_direct.html
- www.co-operativebank.co.uk/business/business_public_sector.html
- www.co-operativebank.co.uk/news_eib.html
- Covers the British Union for the Abolition of Vivisection, Children in Crisis, The
Children's Society and The Vegetarian Society.
To follow any of the links mentioned within the Partnership Report 2002, please visit the links page.
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commentary
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Products and services During 2002 and early 2003, the
following products and services were introduced or
significantly enhanced:
- Affinity Visa credit cards. In October 2002, the bank
launched a range of affinity Visa credit cards with WaterAid.
The range comprises standard, Advantage Platinum and Fixed
Rate Platinum cards. WaterAid, with its partners, uses
practical solutions to provide safe water. It has a range of
programmes in both rural and urban areas in 15 countries in
Africa and Asia. A donation is made to WaterAid when an
account is first opened and, as with all the bank's affinity Visa
credit cards, further donations are made in proportion to the
amount spent using the card. Also during 2002, Platinum Visa
credit cards were launched with Oxfam and Amnesty
International (UK) and a new bank-branded generic affinity Visa
card was launched to support a number of charities. These
include the British Union for the Abolition of Vivisection,
Children in Crisis, The Children's Society and The Vegetarian
Society. In February 2003, a new affinity Visa credit card was
launched with The Ramblers Association.
- smileinvest funds supermarket ii A new ethical section has
been launched within smileinvest. It contains information
about ethical investing, details of ethical funds available
through smileinvest and information on the performance of
ethical investments.
- PayPoint for Credit Unions The bank's partnership with
PayPoint Limited provides a service that allows individuals to
make cash payments at local PayPoint agents using a plastic
card. The service provides local authorities and housing
associations with a cost-effective and fully automated payment
system for collecting cash payments within Great Britain.
Following a pilot with London based credit unions, a national
scheme was formally launched in April 2002 at the Association
of British Credit Unions Limited (ABCUL) annual conference.
Any credit union can now apply to use the PayPoint service.
- Community empowerment in social housing The bank
continues to work closely with external partners to bring
together a banking package based upon the 'Community
Gateway Model' which allows for a more co-operative and
inclusive involvement of tenants in decision-making and
management.
- Positive Pay The bank has extended its 'Positive Pay'
initiative which allows potential fraudulent cheques to be
identified before any monies are paid. It offers the service free
of charge, through its computer banking package 'Financial
Director', to customers who issue large quantities of cheques.
The bank recognises that it has a shared responsibility with
such customers to tackle cheque fraud. Over 60 local
authorities now use this service.
- Affordable Warmth Programme The Co-operative Bank and
the European Investment Bank have recently concluded a loan
arrangement which will help local authorities and housing
associations tackle fuel poverty by financing energy efficiency
schemes. These schemes are designed to reduce costs for
those members of the community who spend disproportionate
amounts on home heating bills, follow this link to Finance: tailored ecological products and services.
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new targets
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- Explore the viability and desirability of an ethicall savings product for corporate customers.
Rob Heaton, Product Manager, Corporate Marketing
- Review Community Direct and develop an improved product to meet the needs of community and voluntary organisations.
David Dickman, Head of Co-operative and Sector Development
- Explore opportunities to make the PayPoint network available for charities to receive donations from the public.
Chris Owens, Senior Manager, Contract Banking
- Work with local government to develop a funding mechanism to assist community and charity sector organisations
encountering cash flow issues due to grant funding being paid in arrears.
David Dunn, Senior Manager, Co-operative and Sector Development
- Increase the content and functionality of the smileinvest ethical investment area, particularly in relation to offering specially discounted fund charges, ethical news and a chance for investors to share their opinions.
Andy Corbett, Project Director, smile
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