PIN Notice for Market Engagement for a Credit Union to be part of a Community Banking Offer for London Borough of Barking and Dagenham

This PIN is for market pre-engagement only and is not a call for competition.

London Borough of Barking and Dagenham (LBBD) expects to run a tender for the implementation of a community banking offer and requires a Credit Union provider to underpin this offer.

Whilst the local authority will have to go through a formal procurement process to select a suitable credit union partner, this notice is intended to be the start of a conversation with potential providers.

We would like to invite interested partners to engage in initial discussions with us to explore our requirements and next steps with the procurement exercise.

For more detailed information about the borough and proposition please request a copy of the prospectus from [email protected]

London Borough of Barking and Dagenham.

LBBD are seeking a Credit Union partner who is up for the challenge of developing a community banking offer with us and partners. Our vision is that fair, affordable and appropriate financial products and services are available to everyone who lives or works in Barking and Dagenham. We are therefore looking to partner with an innovative, progressive and forward-thinking credit union to proactively work with us to develop and deliver local financial services for the borough.

Co-production is at the heart of everything we do and we want to work collaboratively with the right partner to ensure that this offer is locally tailored and reflects the needs of the borough’s residents. We want to set ambitious targets for this service, to maximise its impact and value, and we are committed to providing council resource and investment to ensure these targets are successfully achieved.

Whilst the local authority will have to go through a formal procurement process to select a suitable credit union partner, this notice is intended to be the start of a conversation with potential providers. We would like to invite interested partners to engage in initial discussions with us to explore our requirements and next steps with the procurement exercise.

As a minimum, we are looking for a Credit Union that:

• can provide a broad range of financial services and products, catering to different customer needs, including saving accounts, instant loans and transactional banking facilities?

• can provide access to services to meet the needs of local residents who are digitally excluded?

• can provide physical, face-to-face access to services (if determined necessary) to meet the needs of local residents, particularly those who may be digitally excluded?

• has a willingness to work with ourselves and community partners to develop new products and services to meet local needs?

• is regulatory compliant and financially robust and healthy, with an ability to grow and a track record of high-quality service delivery and customer satisfaction?

• will invest in the community of Barking and Dagenham and creatively and meaningfully engage in creating Social Value for the borougH?

LBBD are planning to hold market engagement sessions with interested providers, where more detail regarding the proposition, work and next stage of the procurement process will be provided.

LBBD invites any interested parties to submit a statement of interest covering their interest in the project and a description of their organisation (maximum of 500 words), so this can be arranged.

It may not be possible to hold 1-2-1 market engagements with all suppliers, although all information shared at any 1-2-1 meetings held will be made available to all suppliers who submit a statement of interest.

Please submit your statement of interest to [email protected] by noon on Friday 8 January 2021.