WORKPLACE BANKING

Recent research from The Financial Conduct Authority, ‘Financial Lives of Consumers Across the UK’, shows a clear link between financial wellbeing and employee productivity, with money concerns having a serious effect on employee mental, physical and social wellbeing.

This issue is all the more prevalent in Northern Ireland which has the highest levels of over-indebtedness across the UK (20 per cent, compared with a UK average of 15 per cent).

Some employers and banks however are tackling this problem head-on, adopting a range of solutions including financial education and Workplace Banking support.

Through its Workplace Banking service, First Trust Bank aims to add value to both the employer and employees.

Lynsey Hughes, Head of Premier and Workplace Banking at First Trust Bank, says, ‘In the modern workplace, employee wellbeing is at the forefront of employers’ minds. Financial education and financial fitness can play a key role in shaping internal workplace culture, helping to alleviate the additional stress that worrying about finances can cause. Working in partnership with employers, our team can offer sessions on key topics such as budgeting, mortgage readiness, planning for the future, and dealing with debt and fraud awareness.’

Lynsey explains that First Trust Bank’s Workplace Banking offering is designed to enhance convenience for busy employers and employees, at a time and place that suits them.

‘Our Workplace Banking proposition was developed to help make life easier for customers. We have spent a lot of time researching their preferences and priorities so that we can align our offering to meet their needs. It is as much about education as it is practical services – an innovative approach that quite literally brings the bank and its services to you.

‘Whether it’s a loan to buy a car, home improvements or saving for a rainy day, we all have concerns in regard to finances. Many people struggle to get to the bank during the working day, so our service means employees can make an appointment at a convenient time to talk with our team. For example, a particularly stressful time in a person’s life is when they are building or buying their first home, our relationship managers can help alleviate the stress of the process with expert mortgage support, guiding you through the process – even when you are at work.

‘Our purpose is to back customers to achieve their dreams and ambitions. We adopt a partnership approach with our customers – and commit to getting to know their strategy, values and longer-term objectives. This approach means we can provide the financial support and services that matter day-to-day and into the future.’

To find out more about Workplace Banking, contact lynsey.x.hughes@aib.ie or joanne.t.earley@aib.ie.