Vigeo enterprise has renewed the certification rewarding the responsible nature of Cetelem Revolving Credit
viegoTo continue the process that it began in June 2013, Vigeo enterprise has performed another audit of Cetelem’s revolving credit and certified, for another eighteen-month period, that the offering and the way it is sold by Cetelem is responsible. The assessments of the product’s strengths were maintained and the actions taken to implement the areas for improvement identified during Phase I enabled Cetelem to raise its score to the highest level of the audit.
A formal commitment to responsibility
Asking an independent rating agency to certify the components of the product and the way it is sold illustrates Cetelem’s values and commitments relating to its responsibility to its customers:
- Provide transparent information and advice on its revolving credit offering to enable customers to make an informed decision
- Adapt the offerings to the specific situation of each customer by checking their solvency
- Assist customers throughout the life of the contract in their best interest and anticipate potential difficulties
The 2015 certification underlines the progress made concerning the transparency and explicitness of the information given to customers: this item received the highest score. The presentation of the financial criteria of the offering was also improved.
A revolving credit approach that continues to be unique in France
The Vigeo enterprise audit covers the distribution of the Cetelem revolving credit in its Customer Relations Centres. To perform the audit, Vigeo created an ad hoc benchmark based on the standard ISO 260001, which is the CSR yardstick. The renewal audit was performed between November 2014 and January 2015. Vigeo examined the contractual documents and marketing materials of the product as well as the in-house salesforce training tools. The agency also interviewed internal and external stakeholders and visited the four Customer Relations Centres (CRC) to verify how customer representatives were marketing the product.
On 16 February, Vigeo enterprise issued the renewal of the certification, with the maximum score of 3/3 on all the seven items of the procedure. In line with the commitments made in 2013, BNP Paribas Personal Finance will carry out this audit again in 18 months.
1 ISO 26000 provides guidance for all types of organisations that wish to assume the responsibility for the impacts of their decisions and activities and report on their actions.
Revolving credit, a financing solution to meet specific needs
According to the study conducted by the market research institute, BVA, for Cetelem in 2014 on how budgets are managed in France, consumers are more discerning since the crisis began in 2008; 84% of them regularly monitor their accounts and 43% are in favour of prudent management. They are therefore shrewd managers.
« Nevertheless, there is still a need for financing small projects or unexpected expenses, and the revolving loan, which is affordable and flexible and can be repaid over short periods, is the answer to this problem », explains Laurent David, Deputy Chief Executive Officer of BNP Paribas Personal Finance in charge of business in France.
« In line with our commitments, we asked Vigeo enterprise to renew our « Revolving Credit » certification after 18 months. This audit conducted by an independent social rating agency is a tool that will challenge and push us to excellence. This year, we maintained our level of excellence to the maximum and further improved the transparency of our financial terms. However, our efforts did not end there, far from it. We continue our initiatives in providing support to our customers via our customer representatives who educate them in the optimal use of their loan and help them reinforce their independence. These were the areas for improvement identified by Vigeo enterprise for 2015 and 2016″.
Cetelem works constantly to design information and management tools that are accessible to all, financial education programmes (such as the « civic employee » programme), as well as offerings specially designed to meet new needs that are identified.
For example, the « I manage my project » service was created to finance a medium-term project based on the principle of combining initial capital, savings and loans. It is in line with the same spirit of expenditure planning as the new « Reserved Loan » offering that enables customers to plan for financing six months in advance.
Cetelem has developed a personal loan offering specifically for people with fixed-term contracts, who represent an increasing proportion of employees. It has completed this offering with a free job-hunting service developed in collaboration with Mondial Assistance.
certification Vigeo Entreprise – BNP Paribas Personal Finance – 14 april 2015