An insight into how organisations can track their progress on social impact was published yesterday with the launch of Aldermore Group’s second Report to Society at a roundtable in the House of Commons.
The report, supported by the Purpose Coalition, assesses the progress that Aldermore has made in 2023, a year on from its first Report to Society in 2022. It also identifies ways it can continue to make a positive contribution to social mobility.
Aldermore, a specialist lending and savings bank, aims to open up access to those people and businesses who find it difficult to get finance and advice from the traditional financial sector. Aldermore also encourages people to save more, and in many cases save for the first time, with its simple, competitive savings products. Underpinning its work is a commitment to four areas of impact – financial inclusion, financial wellbeing, climate impact and economic transformation.
Aldermore’s activities have been assessed against a framework of 14 Purpose Goals which cover key life stages as well as the barriers that can prevent people from getting on. They also provide a way of sharing best practice and generating benchmarks to ensure that social impact is targeted as effectively as possible. The bank is leading the Purpose Coalition’s work on Goal 7 Access to savings and credit through financial inclusion, bringing its expertise and personal approach to help innovate and shape what delivering opportunity really means for this issue.
The report details a range of examples of its work in this area and also features examples of how it is meeting other Goals, including Goal 4 Right Advice and Experiences, Goal 5 Open recruitment, Goal 9 Extending Enterprise, Goal 12 Building homes and sustainable communities, Goal 13 Harnessing the energy transition and net-zero and Goal 14 Achieve Equality through Diversity and Inclusion. The report includes a number of specific recommendations which challenge it to go even further in extending its impact in its four main areas of focus.
CEO of Aldermore Bank, Steven Cooper, said: “I’m proud to have published our second annual Report to Society which lays out the positive impact Aldermore has had on the communities in which we serve. This bank was setup almost 15 years ago to help those the traditional high street lenders typically overlooked and our report shows that we still have this same purpose at the heart of everything we do. Over the last year, we’ve helped hundreds of people get on to the property ladder for the first time and helped small businesses right across the country build and grow for the future. Amongst other things, we’ve also introduced a savings account with great rates that supports those who understand the importance of putting money aside but might just have a small amount to save, while widening our apprenticeship and internship schemes so that people from all backgrounds can have great career opportunities.”
Chair of the Purpose Coalition, Rt Hon Justine Greening, added: “I was delighted to join Steven Cooper to launch Aldermore’s second Report to Society. It’s important for two reasons. The first is that in an era of financial uncertainty for so many – exacerbated by the cost-of-living crisis and global insecurity – financial inclusion is more important than ever. Impartial and well-informed financial advice is crucial at every stage of people’s lives and being financially literate is an enabler for getting on. Being unable to access savings or credit leads to economic hardship and has an impact on health, relationships and work. It blocks opportunity and limits economic growth. It’s why institutions like Aldermore, with their determination to change the status quo on financial help for the undervalued and underserved, are critical to the levelling up agenda.
“The second reason is that making progress on that agenda is dependent on organisations measuring what they are doing on social impact and evaluating where there are still gaps that they could help close. Aldermore’s commitment to annual reporting means that it can share its best practice with others and track its progress in a transparent and comprehensive way that can help to shape a wider strategy for the future. I am looking forward to continuing to work with Steven and the Aldermore team to deliver real equality of opportunity, focusing on where it can really make a difference.“
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