The Do What Matters Plan - Update on the first six months July to December 2020 - TSB
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The Do What Matters Plan Update on the first six months July to December 2020
Overview
In July 2020, we launched the Do The three-year plan, informed by input deliver the plan. And we continue to engage
What Matters Plan (DWMP), our first from hundreds of colleagues and over 100 with stakeholders to make sure our actions and
stakeholders, has measurable actions, aligned goals remain focused on doing what matters.
responsible business strategy. This to national and international targets, to do
report details progress against the what matters for customers, businesses, We’re pleased to report we’ve achieved 10
plan six months on; expanding on the colleagues, communities and the environment. of the 20 goals set at launch.
At launch, we became the first high street bank
summary in the TSB 2020 Annual accredited by the Good Business Charter. We This strong start allows us to commit to an
Report and Accounts. have also become signatories to the UN Global updated set of goals for 2021, these are set
Compact corporate responsibility initiative out at the end of this report. We look forward
With origins that go back to the world’s and its principles on human rights, labour, the to sharing further progress against our goals
first savings bank, TSB is rooted in social environment and anti-corruption. in the first annual DWMP report later in
good and in helping to create social as well the year.
as economic value. Today, taking forward Six months on, the DWMP has been embedded
that commitment is more important than into every part of the business with 79% of
ever. Named after one of our core TSB colleagues saying they understand their
behaviours – do what matters – it starts role in delivering it. The programme reports
us on a journey to align our business to the TSB Board on a monthly basis and five
strategy with our social and environmental members of the Executive Committee sponsor
contribution and sets high standards its key areas. We have worked alongside other
for ourselves and others. like-minded organisations to develop and
✔ Built a Money Confidence training programme formally
accredited by the Chartered Banker Institute and
delivered to all customer-facing colleagues
✔ Refunded all TSB customers who were innocent victims
of fraud
The Do What Matters 2021 Action Plan What ✔ Paid our smallest suppliers in fewer than seven days
and signed up to the Prompt Payment Code
we’ve ✔ Engaged with 19,500 female business owners in 2020
achieved
TSB was set up to help communities thrive – and that still stands today. The expectations
of customers, colleagues and communities of how business should contribute are greater than through Enterprise Nation’s ‘She’s Got This’ campaign
ever. The commitments in this plan will hold us to account so we can play our part.
so far ✔ Renewed our Level 2 Disability Confident Employer status
Doing what matters Doing what matters Doing what matters Doing what matters Doing what matters ✔ 1 in 3 TSB colleagues signed up to the
for customers for businesses for colleagues for communities for the environment
workplace mental health platform UnMind
✔ Improved gender balance, with 40% of senior roles
held by women
Customers Businesses Colleagues Communities Environment
✔ Launched a charity programme for 68 local
charities, brought together on a fundraising
Treating businesses Working locally with
Reducing our impact on hub powered by JustGiving
Helping people have Creating a truly the environment while
fairly and helping our communities to
Money Confidence
them grow
inclusive workplace
help them thrive
helping customers and
partners do the same
✔ We now buy 100% of our electricity
from renewable sources
✔ Launched “Plant a Tree” green product
To find out more visit tsb.co.uk/do-what-matters TSB is committed to the UN Global
house move mortgages Compact corporate responsibility initiative
and its principles on human rights, labour,
the environment and anti-corruption.
Taking the lead on tackling fraud
The scale of fraud in the UK is enormous. Nearly 300,000 cases of
economic crime have been reported to Action on Fraud since March 2020,
Doing what matters with current losses at £4 million a day. In the first half of 2020, £200 million
was lost to Authorised Push Payment (APP) fraud alone. TSB fully understands
the life-changing impact fraud can have on people’s lives. We are the only bank
for customers in the UK to offer a full refund to all our customers who are the innocent
victims of fraud, whether they are small businesses or individuals,
through our Fraud Refund Guarantee.
We met our commitment to
refund every TSB customer who is
an innocent victim of fraud in 2020.
Doing what matters for our customers is at We rapidly expanded digital channels,
the heart of everything we do. This means
helping them manage finances, improve
working with IBM to deliver a real-time
customer chat function, TSB Smart Agent,
99.6% 38%
digital banking skills, access cash and banking within five days – freeing up branch and
services online and in branch, as well as set call-centre staff to support vulnerable Reimbursement compared to
the highest standards for tackling fraud. customers and those who needed essential of TSB industry-wide APP
services. TSB Smart Agent was used by authorised reimbursement
Helping our customers feel confident about over 1,900 customers a day in 2020 and fraud cases rate of 38%
managing their money answered two million customer questions.
Our customer-facing colleagues also
The pandemic has changed the way many encouraged customers to speak to one
of our customers feel about managing their of our Money Confidence Experts to help
money. Lockdowns, social distancing and COVID- them get their finances under control.
secure workplaces have also changed the way
banks serve their customers. The pandemic Sharing our expertise with customers so
has impacted household finances in contrasting they can make the most of their money
ways. In 2020, the Financial Conduct Authority
(FCA) estimated that two million more people One of the DWMP goals is to deliver Money
became financially fragile, but at the same Confidence conversations to help customers
time the Centre for Business and Economics explore what skills, services and products
Research (CEBR) said that households they want and need to boost their money
saved, on average, an extra £7,000*. confidence. We’ve trained all our customer-
facing colleagues, so they’re equipped to
We have focused on helping TSB customers have these conversations. We are on track
have money confidence during the pandemic to meet our longer-term ambition of one
by keeping branches open, often for longer million Money Confidence conversations
hours than our competitors, to provide by the middle of 2023.
essential banking services. We sent 50,000
ATM cards to customers so they didn’t need For customers who were able to save
to come into a branch to withdraw cash. We more in 2020, we launched a partnership
telephoned 36,000 vulnerable customers to with Wealthify, an online investment service,
check what support they needed. to help them make more of their money.
*Centre for Economics and Business research (CEBR) 7 Dec 2020
Doing what matters We paid 96%
of our small and
for business medium suppliers
Doing what matters for businesses Late payment is an issue for all businesses,
within 7 days in
focuses on treating them fairly and
helping them grow – through prompt
but it is especially challenging for smaller
business who rely on prompt payment to
H2 2020
payment of suppliers, providing access ensure adequate cashflow.
to business support and advice to
customers, and encouraging diversity This is why, in 2020, we committed to
with all our partners. pay our small suppliers in less than ten
days, going beyond the Small Business
Help small businesses survive and thrive Commissioner’s 30-day guidance for
payment of small suppliers. We ended
Covid has had a significant impact on the UK 2020 exceeding our goal by paying 96%
economy and has hit small businesses hard. of our small and medium sized suppliers
TSB partnered with Government to deliver in seven days.
both the Bounce Back Loan (BBL) and
Covid Business Interruption Loan (CBIL) Foster greater diversity among
schemes. In 2020, we approved over £500 entrepreneurs and small business owners
million of BBLs to more than 20,000 small
businesses, and over £2.5 million CBILs Only one in three UK entrepreneurs
to 74 businesses. We helped businesses is female, lower than many international
transition to digital payments through peers. If the UK achieved the same level
our partnership with fintech, Square. And of female entrepreneurship as in the
through their Immediate Support Response US, 900,000 more businesses would be
service, we helped customers who operate created, resulting in an additional £23
in food and beverage, retail and services, billion to the UK economy. In 2020, through
to find sector-specific support. TSB’s partnership with Enterprise Nation,
we worked together on the She’s Got This
Treat every business supplying goods and campaign to deliver events, mentoring and
services to TSB fairly and consistently networking opportunities to over 19,500
female business owners. Through this work
In 2020 we became a signatory of the we exceeded our goal of helping 15,000
Prompt Payment Code, a voluntary code female entrepreneurs to sustain, grow
of practice for businesses administered and scale their businesses.
by the Office of the Small Business
Commissioner on behalf of the Government,
which requires signatories to pay 95% of
invoices within a maximum of 60 days. TSB helped
Lucy and Sophie
Thropp buy their
Partners and programmes: premises for Early
Steps Nursery in
www.promptpaymentcode.org.uk www.enterprisenation.com www.gov.uk
Stockport.
Doing what matters
for colleagues
Creating a truly inclusive workplace
We want TSB to be a truly inclusive organisation, and this means being a place where everyone
feels welcome as they are, with access to equal opportunities. To deliver on our ambition the
DWMP focuses on behaviours, ways of working, ethnicity, LGBT+, gender balance, disability,
mental health and social mobility.
Build a diverse and balanced workforce that Support social mobility in local communities
Create a TSB for everyone Overall workforce reflects the customers we serve
through our behaviour and TSB has a strong record in supporting social
ways of working UK TSB outcome So that TSB’s workforce can better mobility through apprenticeships and backing
Workforce Current
population by 2025, at reflect the UK population, we have improved local initiatives. At the end of 2020 we had over
representation TSB
To build inclusivity (ONS) least the quantity and quality of colleague data to 100 apprentices in roles right across the bank.
within TSB we focused on baseline our total demographic representation We also supported the social mobility charity
Black, Asian,
developing our inclusion against the UK population as a whole. We used The Brokerage’s Generation 2020 Academy,
Minority ethnic 14% 11% 14%
networks, training and groups this information to develop a new integrated an integrated digital programme which helps
providing support in 2020. approach to achieving truly diverse teams at inspire and support hundreds of disadvantaged,
We have a well-established Black ethnic TSB by 2025. We have also made progress on talented young people.
network of Executive 3% 1.5% 3% our existing goals in 2020, ending the year with
groups
Committee sponsored 40% of senior roles held by women - higher We’ve used 2020 to build on our existing
inclusion affinity groups Colleagues who than the industry average of 33%. activity. We’ve taken part in the Social Mobility
for Ability, BAME, Gender identify as 3% 7%* 3% Foundation Index to identify how we can recruit
Balance, and LGBT+. We LGBT+ Put accessibility at the heart of our approach and advocate for social mobility in our local
introduced new inclusive to inclusion communities. And we’re part way through a
training and nearly half Colleagues who data collection exercise to better understand
of TSB line managers disclose a 19% 20%* 19% Our data suggests that TSB employs a higher social mobility amongst our workforce.
completed inclusive decision disability representation of disabled people than the
making and mental health UK working age population. To support these
awareness training over the colleagues, we strengthened our engagement
course of the year. Senior leadership with the Government backed Disability
Confidence scheme in 2020, a programme
We also launched a that helps employers make the most of the
Workforce TSB outcome by opportunities provided by employing disabled
partnership with UnMind, Current TSB
representation 2025, at least people. Through the scheme, we renewed our
a workplace mental
health platform, allowing level 2 Disability Confident Employer status.
Female We’re now working towards level 3 Disability
colleagues to access the 40% 40%
representation Leader Status. In 2020 we also rolled out
latest cognitive behavioural
therapy, neuroscience, Office 365 training to help colleagues use
Black, Asian, the software’s strong accessibility features.
mindfulness and positive Minority ethnic 7% 10%
psychology practices. One groups
in three TSB colleagues Partners and programmes:
signed up and were able
www.unmind.com www.thebrokerage.org.uk/ www.socialmobility.org.uk www.purplespace.org/
to use the tool to support *Based on anonymous colleague data collected in 2019. This will be
their mental well-being by updated as required following ongoing data improvements.
the end of 2020.
We launched our Charity Partnership Programme in October
2020 and have raised and donated over £50k in the first few
months. Hundreds of colleagues helped to identify the 68 charities
- all linked to money confidence, delivering life made more in our
communities and helping to tackle some of the most pressing issues,
including supporting vulnerable people, mental health, cancer care,
Doing what matters homelessness and helping the disadvantaged.
for our communities
Domestic abuse
Foodbank
Homelessness
Bereavement / Suicide
Hospice care
We want to have Special needs
an even bigger Cancer support
impact in every Mental health
local community Emergency services
TSB operates in. Social mobility
Working locally with our communities mental health, cancer care, homelessness virtually, for example our fraud
to help them thrive and helping the disadvantaged. In 2020 awareness workshops. In Scotland,
we also launched the TSB Fundraising Hub, we worked with Citizens Advice
TSB has a long history of working with powered by JustGiving, putting all of the Scotland to promote its Money Map, Fife Young Carers @fifeyoungcarers. Another fan-
tastic act of generosity from @TSB giving £500 to
communities to help them thrive, like many charities we support on one platform for the an online tool helping people with charity partners in their #DecembertoRemember
other parts of the DWMP, the goals in this first time, enabling colleagues and customers money worries. We are developing a campaign - thank you very much this will go a long
way in helping our Young Carers! #Giving
area build on our strong work to date. to donate online. set of new consumer education
Supporting local communities really matters initiatives for 2021.
to colleagues and customers, 84% of people Celebrate the values and achievements
say they are more likely to trust a business of local communities Our colleagues can spend up
that supports local causes*. to eight hours of TSB time each
Meet the wonderful people of Bute, this year’s
TSB donated towards future projects year supporting a good cause #PrideOfScotland TSB Community Heroes. You
So, it’s no surprise that since 2015 we’ve by each TSB Community Spirit Award by donating their time and skills. can watch their moving story in full and catch up
with all the other winners of the first ever Pride of
donated and raised over £3.5 million for We’ve spent 2020 developing a
winner at the 2020 Pride of Britain, Scotland Awards when it’s hown again at 10:45pm
volunteering programme with
£3.5m
on STV and on STV Player.
local causes. Over the past year, we Scotland, Birmingham and Manchester
reviewed how we can have an even bigger Citizens Advice allowing TSB
awards and will look to do the same this
impact in local communities and looked at colleagues, with expertise in the
year. This funding has contributed to
how we can continue to support them projects such as digital support and
skills Citizens Advice need, spend raised and
some of their hours helping out.
during the coronavirus pandemic. technology for Nephra, a community We will be sharing more about
donated by us
organisation that helps tackle community this programme in the first since 2015 for
Raise funds and support good causes issues in Manchester (Pride of Britain,
in every local community where TSB Dena Murphy), and a donation to support
half of 2021. hundreds of
teams operate the redevelopment of a shed into a gift shop local causes
for Simply Alpaca, the Pride of Birmingham
In 2020, we launched the TSB Charity winner, Victoria Barrett’s charity.
Partnership Programme. Shaped by input Partners and programmes:
from hundreds of TSB colleagues, it supports The pandemic meant that TSB was not
www.justgiving.com www.citizensadvice.org.uk www.cas.org.uk www.prideofbritain.com
68 charities across Britain. All of these able to deliver new face-to-face branch-based
organisations carry out crucial work in our education events for customers in 2020. Where
communities supporting vulnerable people, possible we delivered existing programmes
*Neighbourly, August 2020
Collaborate with suppliers to deliver meaningful and beneficial environmental programmes
Doing what matters
TSB is working with key suppliers: ISS, IBM, Microsoft and Communisis to help deliver new
environmental investments in green business programmes by the end of 2021. We will also be
baselining emissions arising from sources not directly controlled by TSB (known as Scope 3).
Making TSB net zero and helping others to go green
for the environment
This will enable us to develop science-based goals to reduce this footprint.
Net zero
19
1 Own operations emissions
20
20
21
Doing what matters for the environment is an increasingly important consideration for
20
20
customers, colleagues and a range of stakeholders, including regulators. Our business Buildings, company cars, etc 10.2 8.3 2.6 1.2
is straightforward and so is our plan. It’s designed to align with others to reduce our impact (Scope 1 & 2) 100%
renewable
Further
scoped
Offsetting
on the environment, meeting the highest international standards, and offsetting our carbon electricity plans
emissions as the last resort.
2 Indirect emissions Benchmark
Business Paper
Waste, business travel, paper etc and travel consumption
DWMP focuses on our efforts to In 2020 we set up a cross-TSB working overall
reduce our impact on the environment group to oversee our environmental impact (Scope 3) 2021
targets -50% -25%
while helping our customers and colleagues work and appointed a new sustainability (2021) (2021)
to do the same. It considers emissions from manager to direct and coordinate our
our own operations (known as Scope 1 and efforts. We began implementing our net
2), as well as emissions from our customers zero plan and achieved our DWMP goal 3 Wider impact New products
and supply chain (known as Scope 3). of buying 100% of our electricity from Working with six suppliers to combine and services for
renewable sources. This one change forces and develop joint plans our customers
Reduce the environmental impact of our reduced our net carbon emissions by
own operations by becoming net zero no 66% – around 5.5k tonnes of carbon. We
later than 2030 published our plans, setting out how we will
deliver on our ambition to be net zero, at
In 2020, we committed to becoming the beginning of 2021.
net zero from our own operations by
no later than 2030. We ended the year, Help customers reduce their direct and
understanding where these emissions indirect impact on the environment
come from and what we need to do reach
our goal. We baselined TSB’s 2020 carbon During 2020, we launched the ‘Plant a
emissions for Scope 1 and 2 at 8.3k tonnes, tree initiative’, offsetting the footprint of
down from 10.2k tonnes in 2019. We’re new customers’ house moves. We planted
also committed to the Science Based 9,936 trees in total in 2020 - 7,165 in
Targets initiative: a collaboration between England, 318 in Wales and 2,453 in Scotland.
leading organisations including the UN
Global Compact and the World Wildlife
Fund for Nature which sets best practice
and reviews businesses’ plans to align with
the Paris Agreement on Climate Change.
Partners and programmes:
www.ukcop26.org www.sciencebasedtargets.org
The good progress we made in 2020 allows us to commit
to an updated set of actions for 2021, to further drive social
and environmental value. The actions continue to focus on
the issues where we are best placed to make a difference,
and which matter most to our customers, businesses
and suppliers, colleagues, communities and to the
environment. We look forward to reporting
progress against these actions in the first
DWMP annual report in July 2021.
The Do What Matters 2021 Action Plan
Helping people have Treating businesses fairly Creating a truly Working locally with Reducing our impact on
money confidence and helping them grow inclusive workplace our communities to help the environment while
them thrive helping customers and
partners do the same
• Develop a programme of money • Deliver a programme of events, • Maintain an intersectional Inclusion • Leverage our expertise and work with • Be on track to become net zero in our
confidence education in H1 2021, to initiatives and support, to help network, with executive-level sponsors local groups including charity operations no later than 2030.
deliver from H2 2021, so that businesses to recover. for TSB Ability, BAME, Gender Balance partners, Citizens Advice and Citizens • Launch our offsetting strategy for
customers can access online, and in • 95% of all suppliers paid within and LGBT+. Advice Scotland to build money Scope 1 and 2 emissions by end of
branch, covering relevant subjects, ten days of receiving an invoice • Deliver on track or above progress confident communities. Develop the year.
including digital banking and and maintain compliance with against holistic diversity outcomes. community education materials ready
managing their finance needs. to use in H2 2021. • By the end of 2021, baseline our
the Prompt Payment Code. • By the end of 2021: every TSB carbon emissions across Scope 1, 2
• Deliver one million Customer • Understand the diversity of our manager to have training in inclusive • Run at least three fundraising and 3.
Confidence meetings over three business banking customers base to decision making and mental health campaigns for each of the 68 charity
years, through branch, telephone and partners we work with each year. • Reduce TSB business travel by 50%
help develop a plan. awareness; at least 30% of our people by 2021.
video banking. registered on our mental health • Deliver more than 7,000 colleague
• Engage with 20,000 female business • Reduce overall paper consumption by
• Deliver money confidence skills and owners in 2021 through the platform to support their wellbeing; hours volunteering by the end of 2021.
leadership training for TSB frontline and mental health training delivered 25% by 2022.
Entrepreneurial Women campaign, in • Fund future projects by each TSB
colleagues. partnership with Enterprise Nation. to all colleagues who talk to Community Spirit Award winner at the • Launch green initiatives for
• Refund every TSB customer who is an customers. Pride of Britain, Scotland, Birmingham colleagues in H1 2021.
• Help businesses become more digital
innocent victim of fraud. by enabling ecommerce solutions. • Achieve Level 3 Disability Confident and Manchester awards. • Leverage partnerships with 5 key
• Provide tailored support to improve Employer status in 2021. suppliers to help deliver new
access to banking services for • Build social mobility understanding environmental investments and green
vulnerable customers, including through TSB data review and business plans by end of 2021.
victims of domestic abuse and people engaging in Social Mobility Foundation
with mental wellbeing concerns. employee survey with the aim to index
in top 75 companies.
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