Qorus Banking Innovation Awards 2023

Gatehouse Bank’s Woodland Saver Accounts

Submitted by
premium
Q+
20/09/2023 Banking Innovation

About

The Woodland Saver Accounts provide competitive returns while supporting UK woodland growth – Gatehouse Bank plants a tree on behalf of the customer for every account opened or renewed.

Innovation presentation

Gatehouse Bank’s range of fixed term deposit and fixed term cash ISA Woodland Saver Accounts provide competitive rates generated from ethical, socially responsible investments. For every account opened or renewed, the Bank plants a tree in a certified UK woodland project on the customer’s behalf, at no extra cost to the saver.

Gatehouse Bank works with Forest Carbon to plant trees as saplings through these accounts and the quality of Forest Carbon’s schemes is certified by the UK government’s Woodland Carbon Code. Compliance with the Code assures that the right types of trees have been planted in the right place and that the woodlands are sustainably managed and protected in the long-term.

This product line has been designed to allow Gatehouse Bank’s customers to give back to the environment while enjoying competitive returns on their hard-earned savings. This is particularly important in light of research conducted by The Islamic Finance Council UK (UKIFC) in partnership with Gatehouse Bank, which found that 90% of respondents said it was important that their bank provided products that aligned with the UN’s Sustainable Development Goals (UN SDGs). In 2022, 87% of Gatehouse Bank’s customers gave a rating of 5/10 or above to the importance of planting trees in their decision to open a Woodland Saver account.

Planting trees to grow UK woodlands is aligned to SDG11 (Sustainable Cities and Communities), SDG13 (Climate Action) and SDG15 (Life on Land). The benefits to the environment and community include:

• Boosting biodiversity

• Flood mitigation

• Reducing air, water and soil pollution

• Carbon sequestration

• Providing employment in the local area

• Improving community wellbeing through green spaces

Gatehouse Bank research conducted in 2021 revealed that only 4% of UK residents believe that UK companies are doing enough to support the environment. Product lines like these therefore stand out as innovative, disruptive, and above all, crucial to the preservation of the planet.

The products are also Shariah-compliant, meaning that they are not used to fund industries that could cause harm to humanity, including alcohol, gambling, adult entertainment, tobacco or the arms industry.

Uniqueness of the project

This product line is unique in the UK market. No other Shariah-compliant finance provider offers a similar product.

Want to keep reading?

Become a Qorus member to get access to all our innovations

Interested in learning more? Speak to Boris, Qorus's Content Lead

Qorus has a library of almost 8,000 innovation case studies across critical areas like customer experience, sustainability, marketing & distribution and more that can be used to inform your decision-making.
Contact us

Related innovations

19/04/2024 Insurance Innovation

New Ireland Assurance Advisor Portal

Executive Summary: The challenge we set for ourselves was ambitious and required a complete transformation of our ways of working,...

19/04/2024 Insurance Innovation

New Ireland Assurance Customer & Broker Portal

The challenge we set for ourselves was ambitious and required a complete reimagining of the customer experience. Traditionally financial advisors,...

19/04/2024 Insurance Innovation

AIA One--Reimagining the sales agent experience at AIA Thailand

At AIA, we are leveraging Technology, Digital and Analytics (TDA) across our business as we transform into a customer-centric, digital...

18/04/2024 Insurance Innovation

Walaa Modernize Core Insurance Platform

Walaa is a top tier insurance company in Saudi Arabia, which provides +60 products and services offering, has been experiencing...

Related news & insights

Digital Reinvention
22/04/2024 Interview

Driving innovation in e-commerce payments: a conversation with mBank's award-winning leaders

Polish bank mBank won bronze in the Operational Efficiency category at the Qorus Reinvention Awards – Europe 2024 for ‘Conversion-Boosting...

Digital Reinvention
19/04/2024 Video

How NF Innova's FINTENSE enables banks digital leadership

Milan Pištalo, Sales & Operations Director at NF Innova, presents FINTENSE, a solution that transforms banks into digital leaders and...

Digital Reinvention
18/04/2024 Interview

CLV: Gaming insights are helping banks pinpoint key long-term customers

At an online event hosted by Qorus Digital Reinvention Community and marketing firm Numberly, Zachery Anderson, NatWest’s Chief Data and...

Digital Reinvention
18/04/2024 Video

Qatar International Islamic Bank: Pioneering digital transformation in Islamic business banking

Georges Hobeika, Chief Information Officer, tells how he drives the bank digital leadership and also presents the digital trends in...