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Moneybarn wins ‘Responsible Lender of the Year’ at Credit Awards 2022!
Updated: Wednesday, 26 October 2022
We are delighted to announce that we have been named as ‘Responsible Lender of the Year’ at the Credit Awards 2022! Credit Strategy hosted The Credit Awards on 30 June in London, a ceremony knows as ‘the biggest and most respected awards programme in the credit and financial services industry’.
Why did Moneybarn win this award?
To us, being a responsible lender isn’t just about following regulations, it’s about our culture. Everything we do, throughout the entire organisation, ensures all decisions have our customer’s best interests in mind. We work with customers to build a relationship and consider how we can offer the best possible service.
Assessing affordability accurately is key to being a responsible lender and in 2021 we upgraded the way we do this. In 2021 we introduced an open banking service which means our affordability review is more detailed and accurate, but it also is a faster and more secure service for our customers.
Being a responsible finance lender also means looking after the way in which we process data. In 2022 we also introduced a bespoke Data Protection Framework which is followed by all colleagues and uses award winning privacy software to make our business as secure as possible. Although we put the customer first in all that we do, we’ll only lend if it’s responsible to do so, constantly balancing between customer experience and lending safely.
We are delighted to announce that we have been named as ‘Responsible Lender of the Year’ at the Credit Awards 2022! Credit Strategy hosted The Credit Awards on 30 June in London, a ceremony knows as ‘the biggest and most respected awards programme in the credit and financial services industry’.
Why did Moneybarn win this award?
To us, being a responsible lender isn’t just about following regulations, it’s about our culture. Everything we do, throughout the entire organisation, ensures all decisions have our customer’s best interests in mind. We work with customers to build a relationship and consider how we can offer the best possible service.
Assessing affordability accurately is key to being a responsible lender and in 2021 we upgraded the way we do this. In 2021 we introduced an open banking service which means our affordability review is more detailed and accurate, but it also is a faster and more secure service for our customers.
Being a responsible finance lender also means looking after the way in which we process data. In 2022 we also introduced a bespoke Data Protection Framework which is followed by all colleagues and uses award winning privacy software to make our business as secure as possible. Although we put the customer first in all that we do, we’ll only lend if it’s responsible to do so, constantly balancing between customer experience and lending safely.
“It truly shows our focus on delivering the best possible service and financial outcomes for our customers. It demonstrates how we are living our purpose of helping people on a path to a better everyday life.”
Commercial Director, Moneybarn
Commenting on the award, Commercial Director Bill Scotney said: “Winning ‘Responsible Lender of the Year’ is a huge achievement for us. It truly shows our focus delivering the best possible service and financial outcomes for our customers. It demonstrates how we are living our purpose of helping put people on a path to a better everyday life. I genuinely couldn’t be more proud.
This award reflects the hard work, passion and dedication of all our staff and our fantastic partners to drive the business forward. Thank you to everyone.”
Moneybarn was also named as a finalist for ‘Best Company to Work For’ and Contact Centre Team Leader Liberty Garrett was named as a finalist in ‘Rising Star of the Year’ category.
“It truly shows our focus on delivering the best possible service and financial outcomes for our customers. It demonstrates how we are living our purpose of helping people on a path to a better everyday life.”
Commercial Director, Moneybarn
Commenting on the award, former Commercial Director Bill Scotney said: “Winning ‘Responsible Lender of the Year’ is a huge achievement for us. It truly shows our focus delivering the best possible service and financial outcomes for our customers. It demonstrates how we are living our purpose of helping put people on a path to a better everyday life. I genuinely couldn’t be more proud.
This award reflects the hard work, passion and dedication of all our staff and our fantastic partners to drive the business forward. Thank you to everyone.”
Moneybarn was also named as a finalist for ‘Best Company to Work For’ and Contact Centre Team Leader Liberty Garrett was named as a finalist in ‘Rising Star of the Year’ category.
By establishing strong relationships with our customers
When we say that customers are at the heart of what we do, we really mean it. This is led by our Customer Charter which describes how each team connects customers to their finance journey with us. We also took the important decision to remain open throughout the Coronavirus pandemic to support customers during a time when they needed support the most. During this time, we helped keyworkers get to work and enabled as many customers as possible to keep their vehicles by offering innovative forbearance options. We’re proud to have implemented this option to give customers a little peace of mind, before it became an industry requirement to do so.
Our purpose is to put customers on a path to a better everyday life, and this was at the forefront of our minds more than ever in the past two years, as we continued to support customers daily. We’re now looking at how best we can help them as the financial climate continues to change in the UK. A recent NPS score has showed that our customer focus has not gone unnoticed by our customers. We were delighted to achieve an NPS score of +58, which is extremely high for our industry. It also puts Moneybarn within the top 10% of brands who measure NPS, so it’s a great indicator that we’re offering the best possible service for our customers.
By establishing strong relationships with our customers
When we say that customers are at the heart of what we do, we really mean it. This is led by our Customer Charter which describes how each team connects customers to their finance journey with us. We also took the important decision to remain open throughout the Coronavirus pandemic to support customers during a time when they needed support the most. During this time, we helped keyworkers get to work and enabled as many customers as possible to keep their vehicles by offering innovative forbearance options. We’re proud to have implemented this option to give customers a little peace of mind, before it became an industry requirement to do so.
Our purpose is to put customers on a path to a better everyday life, and this was at the forefront of our minds more than ever in the past two years, as we continued to support customers daily. We’re now looking at how best we can help them as the financial climate continues to change in the UK. A recent NPS score has showed that our customer focus has not gone unnoticed by our customers. We were delighted to achieve an NPS score of +58, which is extremely high for our industry. It also puts Moneybarn within the top 10% of brands who measure NPS, so it’s a great indicator that we’re offering the best possible service for our customers.
What do our customers say about us?
We work closely with our customers to get feedback on how their vehicle and our service are working for them. It’s also a great opportunity to get insight into their lives, which helps to shape the design of our products. Our Trustpilot score is 4.5/5 with 82% of customers leaving 5-stars – you can read more here.
We also recently caught up with one of our lovely customers, Leah, who said:
What do our customers say about us?
We work closely with our customers to get feedback on how their vehicle and our service are working for them. It’s also a great opportunity to get insight into their lives, which helps to shape the design of our products. Our Trustpilot score is 4.5/5 with 82% of customers leaving 5-stars – you can read more here.
We also recently caught up with one of our lovely customers, Leah, who said:
“I recommend Moneybarn to everyone, and not just people with a poor credit history, because I think the level of service that you get and the ease of using the service is second to none.”
Leah, Moneybarn customer
You can read Leah’s full story on our customer stories page.
“I recommend Moneybarn to everyone, and not just people with a poor credit history, because I think the level of service that you get and the ease of using the service is second to none.”
Leah, Moneybarn customer
You can read Leah’s full story on our customer stories page.
Knowing when to say no
A large part of being a responsible lender is knowing when it’s not appropriate to offer finance. We have a data decision set in place that helps us strike a balance between a good customer experience and lending only when it’s in the customer’s best interest. We have enhanced the way we review financial information for each applicant. Using our Open Banking facility, we are able to look closely at any financial difficulty triggers. We’ve been able to do this by following some of the financial trends that we saw emerge from people being unable to work when the Coronavirus restrictions were in place.
Knowing when to say no
A large part of being a responsible lender is knowing when it’s not appropriate to offer finance. We have a data decision set in place that helps us strike a balance between a good customer experience and lending only when it’s in the customer’s best interest. We have enhanced the way we review financial information for each applicant. Using our Open Banking facility, we are able to look closely at any financial difficulty triggers. We’ve been able to do this by following some of the financial trends that we saw emerge from people being unable to work when the Coronavirus restrictions were in place.
For a better road ahead
Moneybarn is a member of the Finance and Leasing Association, the official trade organisation of the motor finance industry. The FLA promotes best practice in the motor finance industry for lending and leasing to consumers and businesses.
Moneybarn is the trading style of Moneybarn No. 1 Limited, a company registered in England and Wales with company number 04496573, and Moneybarn Limited, a company registered in England and Wales with company number 02766324. The registered address for these companies is: Athena House, Bedford Road, Petersfield, Hampshire, GU32 3LJ.
Moneybarn’s VAT registration number is 180 5559 52.
Moneybarn Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702781)
Moneybarn No. 1 Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702780)
