The Centre for Social Justice (CSJ) is an organisation that “aims to put social justice at the heart of British politics”. They want to tackle Britain’s biggest social problems and work along an advisory group of academics, practitioners and policy makers to research the effects of poverty.
In their report ‘Future Finance’, which was published this month, the CSJ explores ways in which the landscape of financial services can be changed to offer some of the poorest people in the country better services to help confront financial problems. This, in turn, can lead to greater financial stability. The report concludes that access to money, credit, financial education and debt advice are the bottom line essentials that people need to maintain their financial wellbeing.
The emergence of digital banking has been a spur for greater financial innovation. Digital banking and other online financial services have grown considerably over the past decade, especially through the development of smartphone banking applications. Use of mobile banking services more than tripled between 2010 and 2014, so that now only 16 per cent of people in the UK never use online or mobile banking.
The move towards digital banking has significant benefits for financial firms, customers and the economy as a whole, as it reduces the costs associated with providing expensive branch networks and telephone banking services.
To make the most of digital banking’s potential to serve low-income households more action is needed to ensure such households have access to financial services online. There are currently around 1.8 million social housing tenants that are unable to access financial services online, because they fail to pass through the traditional mechanisms for verifying a person’s identity during an application process.
Alternatives to Traditional Banking
There are also banking products and money management solutions that are aimed specifically at people newly entering work or to help employees on a low and/or irregular income better manage their money and improve their financial wellbeing. One of the solutions highlighted in the report is that of our company, Suits Me.
Suits Me was developed as a credit check free banking alternative specifically for those who struggle to get a traditional bank account. Suits Me aims to provide a service that has relevant benefits and is cost-effective for the employee, as well as a solution that is easy to administer for the employer.
Open a Suits Me Current Account
Lack of access to banking is a barrier to entering work, as a sort code and an account number are a pre-requisite to employment. With the technology that Suits Me has developed, a Suits Me account can be opened online or opened by the employer via their Suits Me portal, a process that takes under a minute. In less than an hour the employer and the employee have the sort code and account number.
For the employee, their Suits Me membership is full of benefits such as membership in a cashback rewards scheme.
Suits Me, working in partnership with temporary labor providers, is giving people access to financial freedom, coupled with the opportunity to get into work. Their aim is to have 10,000 active Suits Me customers by the end of their first year.