Corporate Responsibility
KPI: Number of times an HBOS product featured in ‘best buy’ tables
Customer Strategy
Market leading products
Our starting point in CR is our core product agenda. We aim to provide our customers with better value products than the competition. We have a relationship with two out of every five households in the UK. Last year, we received 3,912 mentions in the ‘best buy’ tables, considerably more than any other big bank.
Customers
Our successful approach is being rolled out internationally. In July, HBOS launched the largest ever branch expansion programme undertaken in Australia.
HBOS became the first financial institution to launch a campaign to reunite customers with their dormant funds – successfully reuniting customers with over £14m so far.
Responsible lending
We seek to provide customers with clear and transparent information. HBOS publishes summary boxes, setting out key information for consumers, on a range of products including payment protection insurance statements, credit card statements and estate agency agreements.
We advocate the fullest possible sharing of data within the banking industry. Sharing data helps provide a clear picture of customers’ lending commitments and improve lending decisions. HBOS shares full data on new products and up to 95% on historical products.
Financial inclusion
We were the first major bank to publish a target (15% market share) for new social bank account openings. We exceeded this target in 2007.
HBOS installed 100 new, fee-free ATMs last year in areas of need across Scotland and the North of England. The fee-free ATMs dispensed £84m, and saved customers £1m in charges had the machines not been fee-free.
We are the only major bank to have launched a Christmas Savings Account for our social banking customers. The account provides an easy way of saving for Christmas, with the financial strength of HBOS behind it. Up to 100,000 of our social banking customers will be offered the product in 2008.