SUPERBRANDS ANNUAL 2010
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The Co-operative Bank continues to stand strong and adhere to the brand values – value, fairness
and social responsibility – which lie at the heart of its business. These have enabled the bank to
weather the prevailing financial storm successfully, not least because customers recognise that
it has a responsible attitude to banking and their money. It is also the only UK high street bank
with an Ethical Policy shaped by its customers.
Market
During the banking crisis of 2009, many
consumers lost confidence in shareholder and
government-owned banks. The Co-operative
Bank continued to be successful thanks to its
prudent approach to banking and its unique
member-owned structure that originated in 1872.
It’s not wholly reliant on money markets, and
all lending is funded from customer deposits.
Over 2009 it experienced a distinct upturn in
business. Share of the current account market
grew to five per cent (Source: GFK NOP) and
there was a 68 per cent increase in current
account switching from other banks compared
to 2008. In the first half of 2009 average
customer deposits grew by 21 per cent and
average customer lending grew by 12 per cent.
1844
Twenty-eight Other groups follow
weavers – the suit and co-operative
‘Rochdale Pioneers’ businesses spring
– create a local store up, first in the north,
to avoid exploitation then throughout the
by unscrupulous country.
shopkeepers.
SBA10_146-147_Co-Op_Bank.indd 146-147
The Co-operative Bank is part of The Co-operative
Financial Services (CFS), which also operates
through the brands The Co-operative Investments,
The Co-operative Insurance, The Co-operative
Asset Management, Britannia, Platform
and the internet bank, smile. CFS offers
a comprehensive range of financial products
and has more than nine million customers.
Product
During 2009, The Co-operative Bank
promoted its packaged current account,
an innovative way for customers to manage
their day-to-day banking, with a choice
of features and benefits to suit individual
requirements. Customers can choose from
one of three benefit bundles relating to travel,
personal safety and gadgets. This joins a range
1867 1872
The Co-operative Insurance The Co-operative
Society is formed. It goes Wholesale Society’s
on to build a broad Loan and Deposit
customer base with a Department is founded –
wide portfolio of insurance the origins of
services and a reputation The Co-operative Bank.
for social responsibility.
of products and services – current and savings
accounts, credit cards, loans and mortgages.
The Co-operative Bank also provides
a comprehensive portfolio of corporate
banking services. Its corporate customers
include a wide cross-section of businesses
and organisations, across a broad range of
sectors. The assets managed in this particular
area total £17 billion in customer loans,
and £15 billion in funding.
Members of The Co-operative are able
to earn membership points on a range
of banking products. The Co-operative
is the only mutual organisation that enables
its members to earn financial rewards for
the products they hold, as well as giving
1992 1997
The Co-operative In partnership
Bank becomes the with Greenpeace,
world’s first bank to The Co-operative Bank
introduce a customer- launches the world’s first
led Ethical Policy. biodegradable credit card.
THE CO-OPERATIVE BANK
them the opportunity to have a say in how the Plus status. This is the highest ranking in
business is run. the BITC Corporate Responsibility Index and
relates to a company’s attitude to long
Achievements term sustainability.
Amongst recent awards, The Co-operative Bank
came top of the high street banks in customer The Co-operative Bank has also won the Your
polls for Watchdog and Which? magazine, the Mortgage award for Best Direct Mortgage Lender
latter voting it Best Financial Provider 2009. 2009/10. The award recognises and rewards
mortgage providers that have excelled in their
CFS also won the Best Large Company category field. The judging criteria included – friendliness,
at the UK Customer Experience Awards, which speed of picking up the phone, explanation
recognised performance against a wider of products, costs and processes, speed of
market beyond financial services. literature being received and overall impression.
Following its success as Business in the The Co-operative Bank also received two prizes
Community’s (BITC) Company of the Year in at the Card Awards 2009. The Woodland Trust
2008, CFS has now been awarded Platinum Credit Card was named the Best Charity Credit
Card, while the Customers Who Care scheme
was voted Best Corporate Social Responsibility
(CSR) Programme.
Recent Developments
In 2009 The Co-operative Bank merged with
Britannia Building Society to form one of the
most diversified financial mutual businesses
in the UK. The merger has created a business
of real scale with £70 billion of assets, nine
million customers, 12,000 employees, more
than 300 branches and 20 corporate banking
centres. The new and stronger CFS aims to be
a pioneering business, providing high quality
financial products to its customers and members.
Promotion
The bank’s 2009 award winning advertising
campaign, Your Money, recognises that it is
there for the sole benefit of its customers and
Co-operative members, not shareholders.
2002 2007 2008 2009
The Co-operative The Co-operative The Co-operative The Co-operative Bank
Financial Services is Group and United Bank and Co-operative merges with Britannia
launched, encouraging Co-operatives become Insurance Society Building Society and
a stronger relationship one organisation, known (CIS) re-brand under The Co-operative ad
between The Co-operative as The Co-operative, The Co-operative campaign is launched.
Bank and The Co-operative the world’s largest Bank, Insurance and
Insurance. consumer co-operative. Investments brands.
The activity promoted specific messages
around stability and reassurance, reflecting
the needs of financial services consumers
in the current climate.
The campaign built on The Co-operative’s
investment in awareness-building as it
launched its biggest ever advertising campaign.
The high-profile TV campaign promoted a range
of initiatives including; community projects,
renewable energy and Fairtrade products;
that demonstrated why The Co-operative
is ‘good for everyone’. The ad also highlighted
the family of businesses – Food, Travel,
Pharmacy, Bank and Insurance – and
memorably, used the Bob Dylan classic
Blowin’ In The Wind as its soundtrack.
Brand Values
The Co-operative Bank can rightly claim to be
‘good with money’ by always keeping true to
principles rooted in its origins as a co-operative
movement. It is dedicated to upholding its
proud heritage of being customer focused,
community orientated, socially responsible,
and its willingness to champion causes.
co-operativebank.co.uk
Things you didn’t know
about The Co-operative Bank
The Co-operative Bank was the Which?
Best Financial Provider of 2009.
Since 1992 The Co-operative
Bank has turned away more than
£1 billion of loans to businesses
that contravened its Ethical Policy,
yet has seen commercial lending grow.
The Co-operative Bank provides
bank accounts to offenders. Research
shows that access to a bank account
can reduce re-offender rates.
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