Why we won ‘Responsible Lender of the Year 2022’
Updated: 20230307
Moneybarn was recently named as ‘Responsible Lender of the Year’ at the prestigious Credit Awards 2022, and we were nothing short of delighted. This award is an extension of our company culture, and our wider culture which stretches across the Vanquis Banking Group. Our Group culture is underpinned by our collective focus on responsible lending and achieving good customer outcomes. Its my role to make sure that we’re always acting and lending responsibly, and one of the ways we do this is by following our Customer Charter. Each department has a Charter specific to their responsibilities and customer engagement. It guides the team through building the best possible relationship with customers throughout their journey with us, by making sure we live our value of ‘putting the customer on the team’.
So, how do we ensure we’re lending responsibly?
Moneybarn was recently named as ‘Responsible Lender of the Year’ at the prestigious Credit Awards 2022, and we were nothing short of delighted. This award is an extension of our company culture, and our wider culture which stretches across the Vanquis Banking Group. Our Group culture is underpinned by our collective focus on responsible lending and achieving good customer outcomes. Its my role to make sure that we’re always acting and lending responsibly, and one of the ways we do this is by following our Customer Charter. Each department has a Charter specific to their responsibilities and customer engagement. It guides the team through building the best possible relationship with customers throughout their journey with us, by making sure we live our value of ‘putting the customer on the team’.
So, how do we ensure we’re lending responsibly?
Getting the right finance product for our customers is essential
Getting the right finance product for our customers is essential
For us, getting the right product begins with putting the customer on our team and bringing their needs into the design process right from the very start. Moneybarn offers the widest price range in the non-prime vehicle finance market which allows us to provide customers with a finance product that is suited to them and affordable for their monthly budget. It also allows our team to support customers whose credit profile is currently in a negative situation by allowing a case-by-case review, to determine how we can responsibly support each customer.
We ensure our products continue to evolve to suit our customer’s needs. In the past 12 months alone, we have introduced Open Banking to offer customers a faster and more secure application process and gained a consistent intelligence-lead look at a customer’s credit profile to make sure we’re making a responsible lending decision. We also adjusted our criteria to reflect the changes that people’s credit profiles will have faced during the Coronavirus pandemic, including a review of financial difficulty triggers. Our application process is underpinned by a bespoke Data Protection Framework which includes mandatory activities and staff training, managed by an award-winning bespoke software system.
Importantly, our focus on providing the best possible customer service hasn’t halted. In 2021 we introduced a bespoke vehicle finder tool and began sending every customer a personalised video explaining their agreement and repayment details in a clear format. It’s ideas such as these that are key to building relationships with our customers as they are based on trust and communication.
For us, getting the right product begins with putting the customer on our team and bringing their needs into the design process right from the very start. Moneybarn offers the widest price range in the non-prime vehicle finance market which allows us to provide customers with a finance product that is suited to them and affordable for their monthly budget. It also allows our team to support customers whose credit profile is currently in a negative situation by allowing a case-by-case review, to determine how we can responsibly support each customer.
We ensure our products continue to evolve to suit our customer’s needs. In the past 12 months alone, we have introduced Open Banking to offer customers a faster and more secure application process and gained a consistent intelligence-lead look at a customer’s credit profile to make sure we’re making a responsible lending decision. We also adjusted our criteria to reflect the changes that people’s credit profiles will have faced during the Coronavirus pandemic, including a review of financial difficulty triggers. Our application process is underpinned by a bespoke Data Protection Framework which includes mandatory activities and staff training, managed by an award-winning bespoke software system.
Importantly, our focus on providing the best possible customer service hasn’t halted. In 2021 we introduced a bespoke vehicle finder tool and began sending every customer a personalised video explaining their agreement and repayment details in a clear format. It’s ideas such as these that are key to building relationships with our customers as they are based on trust and communication.
By establishing strong relationships with 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 its a great indicator that we’re offering the best possible service for 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 its a great indicator that we’re offering the best possible service for our customers.
What do our customers say about us?
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. Its also a great opportunity to get insight into their lives, which helps to shape the design of our products. Our Trustpilot score is 4.6 / 5 with 83% of customers leaving 5-stars – you can read more here.
We also recently caught up with one of our lovely customers, Leah, who said:
We work closely with our customers to get feedback on how their vehicle and our service are working for them. Its also a great opportunity to get insight into their lives, which helps to shape the design of our products. Our Trustpilot score is 4.6 / 5 with 83% 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
“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.
You can read Leah’s full story on our customer stories page.
Knowing when to say no
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.
As Managing Director, I am particularly proud to add ‘Responsible Lender of the Year 2022’ to the list of awards that Moneybarn has received over the years. It truly shows our focus on delivering the best possible service and financial outcomes for our customers, and demonstrates how we live our purpose of helping put people on a path to a better everyday life.
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.
As Managing Director, I am particularly proud to add ‘Responsible Lender of the Year 2022’ to the list of awards that Moneybarn has received over the years. It truly shows our focus on delivering the best possible service and financial outcomes for our customers, and demonstrates how we live our purpose of helping put people on a path to a better everyday life.
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)
