The Co-operative Bank looks to customers for renewal of core values

UKSIF12th June 2014

Largest ever banking customer poll will reshape the way The Co-op Bank does business

The UK Sustainable Investment and Finance Association (UKSIF) welcomes today’s news that customers of The Co-operative Bank, an UKSIF member, will take part in the largest ever poll of customer values and ethics to be conducted by a Bank to-date. The results of which will be used to define the Bank’s core values and Ethical Policy.

UKSIF, whose members include Royal Bank of Scotland, Barclays and Triodos, hopes that other Banks in the sector see The Co-operative Bank’s poll as a positive example of how to reconnect with customers and use them as partners in the restoration of honest values and trust.

Simon Howard, Chief Executive of UKSIF said:

“Engaging with customers should be a key part of any organisation’s values strategy.  UKSIF therefore welcomes the Co-operative Bank’s customer poll on banking values and ethics.

“Banks remain under scrutiny following the fall-out from the financial crisis. Excessive pay, mis-selling and poor customer service in times of difficulty has left them with the huge task of renewing their businesses to regain the trust of customers and wider society.   A straightforward way to do this is to ask what customers value and need, take the feedback seriously and then use it to provide a better and more responsive service. The Co-operative Bank turned down £1.2bn of lending because it did not meet the requirements of the ethical policy they developed based on customers’ views. That’s what customers want – evidence they come first, a set of values they would happily champion on their bank’s behalf and a service they can trust and rely on.

“I hope to see many more banks treating customers and colleagues as key partners as they set about regaining trust. This process is essential if the sector is to flourish again, and if we are to see responsible, sustainable and inclusive economic growth for the nation as a whole.”

Click here to read the full press release.

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