Award

Contract for a Credit Union to Underpin A Community Banking Offer in Barking and Dagenham

LONDON BOROUGH OF BARKING AND DAGENHAM

This public procurement record has 2 releases in its history.

Award

27 Jul 2022 at 16:01

Tender

14 Dec 2021 at 22:45

Summary of the contracting process

The London Borough of Barking and Dagenham is seeking a partner for a three-year contract titled "Contract for a Credit Union to Underpin A Community Banking Offer in Barking and Dagenham". This initiative is classified under the industry category of credit granting services, with an estimated contract value of £500,000, of which £250,000 is the budget envelope. The procurement process is at the Award stage following the completion of the tender, and the relevant procurement method is an open procedure. The service aims to develop accessible and affordable financial products for residents and workers in Barking and Dagenham, with full details available in the tender documents.

This opportunity is particularly suited for Credit Unions that demonstrate organizational strength, a wide range of financial products, and a proven ability to collaborate with local authorities. Forward-thinking Credit Unions from outside London are encouraged to apply, especially those with robust digital platforms that provide remote access to services. This contract offers an avenue for businesses that can align with the local council’s vision to make financial services more attainable, as well as the potential for additional funding to enhance service offerings during the contract term.

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Notice Title

Contract for a Credit Union to Underpin A Community Banking Offer in Barking and Dagenham

Notice Description

This is an Award Notice for the following Contract Notice placed: 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.

Lot Information

Lot 1

This is an Award Notice for the following Contract Noticed placed: 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.

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-03013d
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/020536-2022
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
Not specified
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services


CPV Codes

66110000 - Banking services

66113000 - Credit granting services

66113100 - Micro-credit granting services

Notice Value(s)

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

Notice Dates

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

Notice Status

Tender Status
Complete
Lots Status
Cancelled
Awards Status
Active
Contracts Status
Active

Contracting Authority (Buyer)

Main Buyer
LONDON BOROUGH OF BARKING AND DAGENHAM
Contact Name
Not specified
Contact Email
samantha.woolvett@lbbd.gov.uk
Contact Phone
Not specified

Buyer Location

Locality
DAGENHAM
Postcode
RM10 7BN
Post Town
Romford
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
TLI52 Barking & Dagenham and Havering

Local Authority
Barking and Dagenham
Electoral Ward
Abbey
Westminster Constituency
Barking

Supplier Information

Number of Suppliers
1
Supplier Name

LEEDS CITY CREDIT UNION

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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