We take a needs-led approach to product and service development which helps us to generate financial and non-financial value for our customers.
We start with a deep understanding of our customer’s needs, preferences and behaviours, gained through extensive research, data analysis, and our empathic design process. In doing this, and socialising it widely and frequently throughout our business, every decision we take is guided by how the outcome will benefit our customers.
Whether they're getting through a tough situation, making an exciting purchase, or navigating everyday life - we support our customers based on their needs and circumstances. And we always try to find a way to help, even if it's not possible right away.
The customers we seek to serve have low levels of financial resilience and relatively low levels of disposable income and savings, and their goal is to achieve peace of mind, stability, and financial comfort. They’re not looking for great wealth. They’re simply seeking ‘enough’ to remove some of the barriers and burdens they face and to feel they have the space to truly live, rather than just get by. Their needs, expressed in our customers’ words, can be summarised as:
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“Help me borrow healthily”
We understand that healthy borrowing is based on establishing quality, long-term relationships with customers. Banking can often be filled with jargon, creating a trust gap with customers who may feel judged in difficult situations.
We can help to bridge this gap by communicating with customers in a language they understand, helping them grasp their commitments so they can successfully manage their debts over time. We encourage customers to reach out to us if they need assistance, providing options, flexibility, and a supportive environment where trust can be built without fear of judgement.
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“Help me feel in control of my everyday spending”
We understand that money is simply a tool, and we recognise that our customers may be managing tight finances or seeking to maximise opportunities while prioritising peace of mind, short-term goals, and quality interactions. Long-term goals can often seem unattainable.
We can help by recognising that our customers’ emotional needs are just as important, and we strive to offer tools
and services that provide customers with guidance and personalised insights. Our aim is to simplify day-to-day financial decisions and help customers achieve peace of mind in their everyday lives.
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“Help me build a financial safety net”
We understand that money is tight for many people, with often little or no savings to fall back on when an unexpected household expense hits. This can lead to increases in indebtedness and take some time to recover from.
We can help people be prepared for the unexpected by building a savings buffer, guiding them to unlock hidden opportunities to save money, and offering motivation to get started and keep going.
I’ve been with them for over five years now, and I can honestly say they’re an amazing company. Their customer service is top notch - they’re super friendly and always ready to help. And let’s not forget about their credit card service - it’s way better than any other competitor! Overall, I’ve had an incredible experience with them.
Vanquis customer
When I needed to build my credit score after some money problems Vanquis was there to offer help. Been with them 10+ years with no problems. Their customer service is excellent. They are always keen to listen and help. Thank you, Vanquis.
Vanquis customer
How We Help
Vanquis Banking Group is made up of three core brands: Vanquis, Moneybarn, and Snoop. Today, we are leaders in our chosen markets and we meet customer needs through our products and services which are supported by a shared services model.
Through Vanquis, we offer a range of credit cards, unsecured personal loans, and savings products.
Through Moneybarn, we offer secured vehicle finance on a range of asset classes, new and used including cars, motorbikes and light commercial vehicles.
Snoop's platform combines both data-driven, personalised insights (or ‘Snoops’) to help consumers find their biggest money-saving opportunities, and a free credit scoring service.
Snoop – helping customers track spend, budget and save money
Snoop is an award-winning fintech that uses open banking and Expand AI to help users save money and manage their finances more effectively. The app helps customers build their financial capability, and targets annual savings of up to £1,500. Snoop demonstrably improves financial wellbeing with over 13k 4 and 5-star reviews. As such, it is an important part of the Group’s customer proposition.
Leveraging Snoop’s innovative technology and data capabilities is also unlocking valuable opportunities for the Group. This included the launch of an Easy Access Savings proposition embedded within the Snoop app at the end of 2024. The Group also continues to actively promote Snoop to the Vanquis customer base. This helps position the Group as a relevant presence in their daily lives, drive improved creditworthiness and support improved borrowing and debt management.
Snoop’s impact extends beyond individual users, offering businesses valuable insights into evolving consumer spending behaviours. Further scaling the business will enrich Snoop’s data insight proposition and enhance the Group’s overall data capabilities.
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Snoop App Store rating: 4.6* |
Snoop Google Play rating: 4.5* |
Credit Cards
We provide 1.5million customers with credit cards, tailored to suit their needs, with a range of APR's and credit limits. We provide regular communications, an award-winning app, and deliver some of the highest levels of customer satisfaction in our sector.
Proactively, we help our customers build their credit score, with a focus on responsible lending, by offering credit limit increases when appropriate to do so.
Our customers value a Vanquis credit card for a variety of reasons:
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The range of good value products with manageable limits is designed for their circumstances.
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Ease of account management through the mobile app for basic transactions and the ability to speak to a person when they need additional support or have vulnerabilities.
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The ability to add their card to their Google or Apple Wallets for greater choice, convenience, and added security in how they spend.
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Ability to grow their credit through regular credit line increases, where appropriate, which can support in building or rebuilding their credit score.
Savings
We offer Fixed Rate Products, Notice Accounts, Cash ISAs, and Easy Access Savings Accounts.
Our new-to-market Easy Access Accounts allow customers to make unlimited deposits and withdrawals. Customers can save between £1,000 and £85,000 for FSCS protection.
With a competitive variable interest rate, this product can be easily opened and managed online, supported by our UK contact centre.
Our Easy Access Account provides:
- Unlimited deposits and withdrawals
- A competitive variable interest rate
- More flexibility in where customers keep and manage their money
This online-only product allows customers to start saving by depositing a minimum of £1,000, offering the flexibility to add or withdraw funds without any fees or loss of interest.
We are promoting these offerings through product comparison sites to reach the most suitable audience. New customers can apply directly through our website: www.vanquissavings.co.uk.
Acquired by the Group in 2014, Moneybarn is a leading provider of vehicle finance in the UK, helping customers get on the road through Conditional Sale agreements.
Additionally, in 2023, Vanquis Banking Group entered forward flow arrangements, onboarding second-charge mortgages to the balance sheet. By diversifying our portfolio this way, we anticipate gaining greater stability in future earnings and becoming more attractive to those interested in our longer-term savings products.
Supporting customers in vulnerable situations
We understand that circumstances can change and we ensure our call centre colleagues are trained in recognising signs indicating that a customer could be ‘vulnerable’ or facing financial difficulty. This could be short or long-term challenges they’re facing.
We can draw on the longstanding relationships we have developed over the years with organisations in the money advice sector. By supporting these organisations, our customers can access independent and personal financial advice and support if they encounter financial challenges.
For example, we continue to support IncomeMax, a community interest company that helps people to maximise their household income by providing them with independent advice and support to navigate the complex welfare system, allowing individuals to take control of their finances. The advice provided by IncomeMax helps individuals and households to increase their income, reduce household bills, apply for white goods, switch utility tariffs, and access specialist support services such as debt advice should this be required.
Finally, while our business works to collect outstanding debt from customers, they sometimes enter debt agreement plans with leading debt charities such as StepChange (a similar arrangement is in place with Christians Against Poverty (CAP)). We continue to accept the offers of payment when customers have sought advice from these charities and a financial assessment has been made of their circumstances. Through our fair share agreements with these charities, we contribute almost 12% of any payment we receive from a customer who has entered a debt agreement plan with the charities. The fair share contributions mean our operating businesses pay for the debt advice received by the customer. They provide the charities with financial support so that they can continue to provide free, independent advice.
During 2023, the Group’s operating companies paid £400,724 (2022: £451,247) to StepChange and CAP in fair share contributions.
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