Community Banking Review
A key priority for Citysave this year has been to create a banking solution that is valuable, affordable and enabling for those who do not find it easy or affordable to maintain a mainstream bank account.
The progress of Universal Credit may be delayed in our area, but Welfare Reform has arrived and brings layers of impact in low and middle income households. It has become clear how substantial the impact will be in Birmingham, more so than in any other local authority, with significant numbers of households, many already vulnerable, being deeply affected. The need is far greater and more urgent than we had anticipated.
We are very proud of the community banking products and services we have developed, and next year will see us focus heavily on expansion of these services deep into the community. Brenda Spencer is our Community Banking Manager, and has many years of experience as a money advice officer. She is passionately committed to delivering affordable, ethical and supportive banking services to all those who are in need of this.
We are targeting a substantial growth in this area in the coming 5 years and see it is as the most valuable area of work currently, because of the Welfare Reform changes being made and because increasing numbers of bank branches are disappearing from our high streets.
Our charity Financial Inclusion Support (Birmingham) - known by us affectionately as FISBi -will be become more active and we will seek to support wherever we see vulnerability affecting the stability of financial households.
We are also working with the Centre for Responsible Credit, and several other organisations to focus on efficient and low cost bill payment solutions, and we will campaign for better solutions for our members who do not find it easy to make payments through direct debits with a bank account.