Award

Award Notice for Contract for a Credit Union to Underpin A Community Banking Offer

LONDON BOROUGH OF BARKING AND DAGENHAM

This public procurement record has 1 release in its history.

Award

28 Jul 2022 at 09:00

Award Notice
Summary of the contracting process

The London Borough of Barking and Dagenham has issued an Award Notice for a contract titled "Credit Union to Underpin A Community Banking Offer". This procurement serves the financial services industry and is centred in Barking, UK. The contract was awarded on 4th February 2022, with an effective contract period running from 11th July 2022 to 10th July 2027. The total value of the contract is £500,000, although the initial budget is set at £250,000, with potential additional funds available throughout the partnership to enhance service offerings. This was conducted through an open tender process.

This contract provides significant opportunities for Credit Unions, particularly those with a strong digital presence and comprehensive service offerings that meet a diverse range of customer needs. The ideal candidates will be credit unions capable of demonstrating financial health, organisational strength, and a commitment to innovative partnership work with the council. Moreover, those that can deliver services to both digitally connected and excluded customers stand to benefit from this contract, which aims to enhance the local community banking experience in Barking and Dagenham.

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Notice Information

Notice Title

Award Notice for Contract for a Credit Union to Underpin A Community Banking Offer

Notice Description

This is an Award Notice for the following published Contract Notice: London Borough of Barking & Dagenham are seeking an innovative and forward-thinking Credit Union partner who is up for the challenge of developing a Community Banking offer with us. 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 looking for a Credit Union partnership to drive this forward and help us achieve our goals. The Credit Union does not have to be London based, we welcome applications from any Credit Union with excellent digital delivery. Full details can be found in the tender documents. What we are looking for in a partnership: - Organisational strength and ability to grow: a credit union that can demonstrate its financial health and ability to grow an innovative offer with us in Barking and Dagenham to meet local needs. - Products and Services: a credit union with a well-established comprehensive range of products and services that can meet different customer needs, including savings accounts, instant loans and transactional banking facilities at minimum. - Partnership working: a credit union that can demonstrate propensity and willingness to work innovatively with the council and borough partners over the course of the contract. - Service delivery: a credit union with a strong digital offer and can provide full, remote access to products and services via the web and/or mobile app. Other forms of engagement for those who are digitally excluded should also be available i.e. telephone - Impact and performance: a credit union with ambitious but realistic expectations of joint performance targets and a vision for the change we aim to see in Barking and Dagenham, as well as the ability to evidence the wider social, wellbeing and local economic impact of provision The contract is for 3 years with the option to extend for up to a further period of 1+1 years. London Borough of Barking and Dagenham will provide a number of investments to ensure the productivity of the partnership. The contract is advertised at PS500,000 however, PS250,000 is the budget envelope for the duration of the contract. Additional funds over the budget envelope to grow the offer may become available during the contract, including potential capital investment. There is no commitment to additional funds at this stage. We invite Credit Unions who meet the specification to submit a response to the Tender.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-55cfdaff-4413-4c74-8718-0221391aef2e
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/7a36cf51-bb41-446c-accc-80b518774c30
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (above threshold)
Tender Suitability
SME
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66113000 - Credit granting services

Notice Value(s)

Tender Value
£500,000 £500K-£1M
Lots Value
Not specified
Awards Value
£500,000 £500K-£1M
Contracts Value
Not specified

Notice Dates

Publication Date
28 Jul 20223 years ago
Submission Deadline
18 Jan 2022Expired
Future Notice Date
Not specified
Award Date
4 Feb 20224 years ago
Contract Period
10 Jul 2022 - 10 Jul 2027 Over 5 years
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
LONDON BOROUGH OF BARKING AND DAGENHAM
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
BARKING
Postcode
IG11 7LU
Post Town
Ilford
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI5 Outer London - East and North East
Small Region (ITL 3)
TLI52 Barking & Dagenham and Havering
Delivery Location
TLI London
Local Authority
Barking and Dagenham
Electoral Ward
Abbey
Westminster Constituency
Barking

Supplier Information

Number of Suppliers
1
Supplier Name

LEEDS CITY CREDIT UNION

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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