Financial Awareness is a broad theme. A working group has been formed with senior representation from our five member banks and including sponsors from the Irish Banking Culture Board to consider how we can promote financial awareness in Ireland.
This will be a key enabler in preventing knowledge gaps at future stages when individuals are making significant and long term financial decisions. This issue is a challenge across all of society including customers in a vulnerable position and SME’s including farmers. As a result of the impact of COVID-19, our priorities in this area are on the needs of customers in financial difficulty and SMEs.
Our SME working group initially identified product selection and education, the credit application process and risk management awareness as key areas for SMEs. In light of COVID-19, SMEs need access to finance supports and information regarding the best financial support options available for them. Our SME working group met recently with representation from member banks, SBCI, DBEI, BPFI and the IBCB to identify opportunities to share the available information with SMEs at this time. The IBCB, in conjunction with other industry bodies, stakeholders and member banks plans to hold a series of webinars to share important information on sources of financial support for businesses. DETAILS WILL BE POSTED HERE ONCE CONFIRMED
Through our work on Financial Awareness thus far, we have had the opportunity to liaise with Safeguarding Ireland and the Competition and Consumer Protection Commission. We will continue to identify opportunities to collaborate with other relevant industry bodies.