NBU, EBRD, and Korn Ferry present self-assessment model for financial institutions working with veterans

The National Bank of Ukraine (NBU), the European Bank for Reconstruction and Development (EBRD), and consulting firm Korn Ferry presented a scoring model for self-assessing financial institutions' readiness to work with veterans to signatories of the Charter on Financial Inclusion and Reintegration of Veterans, according to the regulator's website.

"It's important to us that the financial sector is ready to take real responsibility for creating an inclusive, barrier-free, and sustainable environment. The scoring model should not become an additional regulatory burden, but a common development tool," noted First Deputy Governor of the NBU Serhiy Nikolaychuk.

According to him, the scoring model will not only evaluate individual initiatives of financial institutions, but also allow for the dynamics of change, identifying next steps, understanding market needs, and formulating future policies.

The model allows financial institutions to assess their readiness to work with veterans as employers and financial service providers. It covers three areas: HR policies and practices, financial products, and financial services.

Specifically, this includes recruiting, onboarding, career trajectory, and support for veterans upon returning from service, adapted credit mechanisms, special client support modes, support for veteran entrepreneurship, remote identification, digital document management, and barrier-free service.

The assessment is based on a maturity model and takes into account the size of the institution, providing different benchmarks for small, medium, and large businesses. Each activity is assessed on a scale of 0 to 100 points, ranging from no practice to fully implemented and validated practice.

Charter signatories must complete the scoring model by June 12, 2026. The results of the self-assessment are planned to be used to analyze the needs of market participants and further develop the financial sector in this area.

The regulator also announced that it is working with market participants and international organizations on a Financial Inclusion Development Strategy, which is planned to be completed by the end of 2026. One of the document's key areas will be support for military personnel, veterans, and their families.

The Charter has already been joined by 79 signatories, including 42 banks, 36 insurance companies, and the National Association of Insurers of Ukraine.

As reported, in April 2024, the National Bank and the EBRD signed a memorandum of understanding to support the financial inclusion and reintegration of war veterans in Ukraine, which envisaged the promotion of the Charter on Financial Inclusion and Reintegration of Veterans.