Redwood Bank has been recognised for its accountability, reliability and competence by its own staff, who also admit to being “happy and content” at work.
Employees of the Hertfordshire headquartered challenger bank – including the Executive Management team – were asked to answer a survey compiled by the Banking Standards Board.
All staff, except for the Bank’s Non-Executive Directors, took part. The results placed the firm in the top quartile across all nine characteristics of the Assessment Framework.
The award-winning Bank ranked first out of 26 participating banks and building societies on seven characteristics, which were accountability, competence, openness, reliability, respect, responsiveness and shared purpose. Across the board, Redwood's scores were considerably higher the average.
In addition to those findings, staff responded saying they have a strong sense of “shared purpose”. The majority also agreed that the firm puts customers at the centre of its business decisions and that they believe there is equal opportunity, regardless of gender.
Gary Wilkinson, CEO and Co-Founder of Redwood Bank, said: “We’re thrilled at how high we’ve ranked. We’ve only been in business since August 2017, so I think these results show that Redwood Bank has already made its mark on the industry, and, more importantly, that our staff are happy and content with their workplace and employer.
“From inception, we’ve worked tirelessly to ensure our core values are at the heart of everything we do. Simplicity, Certainty, Integrity and Tirelessness form the basis of our approach to customer experience and its operations, and these survey findings reinforce that.
“People are at the centre of everything we do, both our customers and our staff, and we believe that everyone is treated as we would like to be treated ourselves. We intend to continue with this approach, because it’s clearly working.”
Words commonly used by Redwood Bank employees to describe our firm were “friendly, open and honest”.
The Banking Standards Board was established in 2015 to help raise standards of behaviour and competence across the UK banking sector. The BSB’s work, including its annual assessment of culture, is intended to provide member firms with the evidence, support and challenge that will help them meet and maintain high standards of both behaviour and competence, individually and collectively.
Participating firms have access to benchmarked results so executive teams can see specifically where they are performing well against their peers, and where there is room for progress.
The same Survey methodology is applied each year, which allows companies to gauge progress over time.