The FIAP Framework

Good Shepherd, in conjunction with the FIAP Partnership Group, has developed a framework for Financial Inclusion Action Plans. This framework helps organisations to develop plans that can improve financial wellbeing within their own sphere of influence.

Stakeholders

A FIAP is an organisation wide plan and therefore should aim to identify actions which will better serve and address the needs of four main stakeholder groups:

Customers
Staff
Suppliers
Community

FIAP Action Areas

FIAP Actions are categorised into four action areas:

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Products and Services

Provide fair, affordable and accessible products and services.

woman placing sticky notes on wall

Financial Capability

Foster organisational culture to enhance financial capability of staff, customers and the community.

Understanding of Financial Vulnerability

Investigate, advocate and collaborate for improved responses to financial vulnerability.

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Economic Security

Remove barriers and provide opportunities for economic security, equality, and growth.

FIAP Theory of Change

Outcomes – Theory of Change

All FIAP Actions are mapped into a Theory of Change developed in conjunction with CSI UNSW.

The FIAP Journey

There are three FIAP levels that an organisation progresses through on their financial inclusion journey.

FoundationBuildExtend2

Foundation

The first step is a 12-month commitment to deepening your organisation’s understanding of issues related to financial hardship and resilience; and to explore what your role is in promoting financial wellbeing amongst the stakeholders of your organisation.

The Foundation FIAP is broad in focus and allows an organisation to identify actions aligned to its business strategy and sphere of influence, act and learn; and critically, begin to build organisation capacity to do this work.

Build

With a longer timeframe of 2-3 years, a Build FIAP allows your organisation to reflect on the actions taken as part of the Foundation FIAP, and to explore further your unique vision for promoting financial inclusion.

With an increased focus on measurable outcomes, what will become business as usual as part of your organisation’s strategy? Where would the organisation like to stand out and take a leadership role in helping to promote financial wellbeing in Australia?

Extend

At the final level, the Extend FIAP is for organisationsthat have established a strong internal approach towards promoting financial wellbeing and are ready to take a leadership role in advocating for and influencing broader systems change to promote financial wellbeing in Australia.

'Build' FIAPs: Leadership Actions and Core Commitments

Build FIAPs have a timeframe of 2-3 years, with annual progress verification. Actions are developed with the long-term outcome of financial wellbeing in mind. Build FIAPs have two components: Core Commitments and Leadership Actions

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Core Commitments

  • Actions that you commit to embed into your future business as usual practice.
  • Can be existing, changed, or new actions.
  • Must detail specific actions to support Core Commitments. 
  • Choose actions across existing categories in each of the 4 FIAP Action Areas
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Leadership Actions

  • Deeper commitments that extend financial inclusion beyond the Core Commitments.
  • Key communication tool – actions that lend themselves to case studies or stories. Must have clear targets and metrics.
  • Must commit to measurement over the FIAP period, in case data is not available at the start of Build FIAP.

Build FIAPs- Core Commitments

Organisations starting a Build FIAP use the following Core Commitments as a guide to develop their actions.

Products and services

Provide fair, affordable and accessible products and services.

Hardship

Develop and communicate Hardship Policies and Frameworks that meet the needs of staff, customers and community.

Savings

Encourage savings and the creation of savings buffers through product design and delivery

Credit

Offer or support affordable, accessible and appropriate credit products for people on low incomes

Insurance

Offer or support affordable, accessible and appropriate insurance products

Usage and Spending

Develop and implement programs to encourage appropriate consumption, spending, and usage

Access

Develop and implement programs that address barriers to access faced by those experiencing financial vulnerability

Prevention

Develop and implement systems that allow for early identification and intervention to avoid financial hardship

Targeting

Provide products and services targeted for the needs of specific groups, i.e. for people with a disability, mental health, elderly, Indigenous, culturally diverse, remote, or those who are digitally excluded

Communication

Ensure general product and service information is communicated to vulnerable groups

Financial Capability

Foster organisational culture to enhance financial capability of staff, customers and the community.

Financial Wellbeing in the Workplace

Develop and implement programs for staff to increase understanding of personal financial inclusion and wellbeing

Enhance Financial Capability

Provide programs to enhance the financial capability of customers, suppliers and community, especially those who are financially vulnerable

Partner for Capability

Partner with external organisations that enhance financial capability in the community (e.g., financial counsellors, community organisations)

Behaviour

Provide programs that aim to influence behaviour for increased financial wellbeing

Understanding Financial Vulnerability

Investigate, advocate and collaborate for improved response to financial vulnerability

Evidence

Collaborate and support evidence-based approaches that add to the broader knowledge base and understanding of financial vulnerability

Staff Understanding

Develop and implement programs to increase staff understanding of customers’ financial vulnerability

Decision Making

Use evidence-based approaches that incorporate an understanding of financial vulnerability to impact decision making

Advocate

Advocate for broader awareness and understanding of financial vulnerability

Co-operate

Develop and implement complementary action plans (e.g., Reconciliation, Diversity) that address issues of financial inclusion and wellbeing for targeted groups

Collaborate for Understanding

Engage and collaborate with other stakeholders, including community organisations, to identify appropriate pathways and tools for support for vulnerable groups

Economic Security

Remove barriers and provide opportunities for economic security, equality, and growth

Economic Security for Staff

Offer services to support the economic security of staff who may experience financial vulnerability

Direct Employment

Offer direct employment programs that address the needs of financially vulnerable groups

Employment Support

Support programs that increase employment opportunities and support for those entering employment

Education

Support education programs for people who may otherwise experience financial vulnerability

Procurement

Develop and implement social procurement programs

Housing

Develop and implement programs that increase access to stable housing for financially vulnerable people

Equality

Promote economic equality (e.g., Superannuation policies for staff that address gender such as continuing to pay super during parental leave)