I have been Chair of the Fairbanking Mark Assessment Panel for the Fairbanking Foundation since November 2013. The Foundation is a registered charity, which encourages and helps banking institutions to improve the financial well-being of their customers. On the October 20th we will be hosting an event, which you may find interesting.
The Foundation achieves its aims through a combination of:
FAIRBANKING MARKS IN THE UK
Does it work? Well from a low-key start in 2008, today more than one third of the UK adult population relies on a financial product with a Fairbanking Mark.
Here are two examples:
1: RBS, the UK’s biggest bank, now has a credit card with the Fairbanking Mark. It helps their customers avoid getting into financial difficulties by using text messages to remind customers when payments are due, making it easy to check balances at any time, and providing plenty of options for paying off all or part of the bill. Most creatively, the product shows how long it will take to pay off if the customer pays even a little more than the minimum. With advice from the Fairbanking Foundation, the bank found that explaining the benefits of paying off a little extra every month in percentage terms did not drive a significant change in behavior. By contrast, by demonstrating that a little more cash paid each month (as a dollar figure) allows the customer to pay off the balance in less than half the time – enough to encourage a strong positive change.
2: The highest level of Fairbanking marks have already been awarded to three credit unions, Central Liverpool Credit Union and London Capital Credit Union.
All provide loan products that meet three specific aims:
SPECIAL EVENT OCTOBER 20, 2015
On the evening of October 20, 2015, we will be running our annual event the Guildhall in London where we will lay out the principles and progress behind the initiative, announce the latest Mark holders, and open up a challenging debate with senior figures from the industry. If you would like to know more about this event, please contact ian.benn@fairbanking.org.uk
TRAVEL TO THE U.S. IN 2015
I will be traveling to the U.S. in 2015 and would be happy to speak on the following topics:
I am currently slated to be in New York City and Washington, D.C., the last two weeks of September, when I will be meeting with interested parties to discuss any and all aspects of my research -- I am especially eager to share the research that the Journal of Financial Crime will be publishing soon.
I will be again in New York City the first week of November, when I will be doing interviews related to my forthcoming book which takes a deep dive into the cause and ramifications of the collapse of Lehman Brothers. I have completed the book manuscript and a well-known firm that specializes in producing books with an academic tilt has agreed to publish it. Publication dates is the first week of November 2015. Please follow me on Twitter (https://twitter.com/oonaghmcdonald2) for breaking news and announcements.
Watch for additional blogs from me, here on www.OonaghMcDonald.com, I’ll be revealing my latest research, which will be subsequently published in the Journal of Financial Crime, here on this blog.
SPEAKING AND INTERVIEW REQUESTS
If you are planning a meeting and would welcome a thorough discussion on the U.S. mortgage meltdown – not just what happened and why but what is happening now, I would be delighted to explore possible opportunities with you. My contact information can be found on this site.
If you are a journalist interested in the banking crisis, I am available for radio and telephone interviews. Please contact my publicist to schedule a time to speak. Also, I will be in the United States for two weeks at the end of September and one week at the beginning of November, so perhaps we could even meet in person.
All best,
Dr. Oonagh McDonald, CBE
- Customer research to help the industry better understand what drives financial well-being
- An independent assessment of banking products and the publication of the results - the Fairbanking Ratings Report
- The Fairbanking Mark certification scheme which helps identify the leading products available and encourages competition between providers
FAIRBANKING MARKS IN THE UK
Does it work? Well from a low-key start in 2008, today more than one third of the UK adult population relies on a financial product with a Fairbanking Mark.
Here are two examples:
1: RBS, the UK’s biggest bank, now has a credit card with the Fairbanking Mark. It helps their customers avoid getting into financial difficulties by using text messages to remind customers when payments are due, making it easy to check balances at any time, and providing plenty of options for paying off all or part of the bill. Most creatively, the product shows how long it will take to pay off if the customer pays even a little more than the minimum. With advice from the Fairbanking Foundation, the bank found that explaining the benefits of paying off a little extra every month in percentage terms did not drive a significant change in behavior. By contrast, by demonstrating that a little more cash paid each month (as a dollar figure) allows the customer to pay off the balance in less than half the time – enough to encourage a strong positive change.
2: The highest level of Fairbanking marks have already been awarded to three credit unions, Central Liverpool Credit Union and London Capital Credit Union.
All provide loan products that meet three specific aims:
- Ensuring that borrowers properly understand how much they can afford to borrow
- Providing a variety of ways to pay extra, early, to minimize debt
- Helping the customer to act in the best way in the event they have an unexpected change in circumstances
SPECIAL EVENT OCTOBER 20, 2015
On the evening of October 20, 2015, we will be running our annual event the Guildhall in London where we will lay out the principles and progress behind the initiative, announce the latest Mark holders, and open up a challenging debate with senior figures from the industry. If you would like to know more about this event, please contact ian.benn@fairbanking.org.uk
TRAVEL TO THE U.S. IN 2015
I will be traveling to the U.S. in 2015 and would be happy to speak on the following topics:
- Why the 2008 financial crisis still matters in 2015 and beyond
- How helping more Americans achieve the American Dream of home ownership turned into a nightmare for so many
- What the U.S. needs to do now to avoid another financial crisis
I am currently slated to be in New York City and Washington, D.C., the last two weeks of September, when I will be meeting with interested parties to discuss any and all aspects of my research -- I am especially eager to share the research that the Journal of Financial Crime will be publishing soon.
I will be again in New York City the first week of November, when I will be doing interviews related to my forthcoming book which takes a deep dive into the cause and ramifications of the collapse of Lehman Brothers. I have completed the book manuscript and a well-known firm that specializes in producing books with an academic tilt has agreed to publish it. Publication dates is the first week of November 2015. Please follow me on Twitter (https://twitter.com/oonaghmcdonald2) for breaking news and announcements.
Watch for additional blogs from me, here on www.OonaghMcDonald.com, I’ll be revealing my latest research, which will be subsequently published in the Journal of Financial Crime, here on this blog.
SPEAKING AND INTERVIEW REQUESTS
If you are planning a meeting and would welcome a thorough discussion on the U.S. mortgage meltdown – not just what happened and why but what is happening now, I would be delighted to explore possible opportunities with you. My contact information can be found on this site.
If you are a journalist interested in the banking crisis, I am available for radio and telephone interviews. Please contact my publicist to schedule a time to speak. Also, I will be in the United States for two weeks at the end of September and one week at the beginning of November, so perhaps we could even meet in person.
All best,
Dr. Oonagh McDonald, CBE
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