How do customer-owned banks benefit the community?
Here at Beyond Bank, we’re very proud to be completely owned by our customers. This provides us with a fantastic platform to not only supply a great selection of banking services but to give back. The reason for this is that as a customer-owned business, our focus isn’t making a profit for a few select shareholders but benefiting each and every one of our owners – that’s you!
There are two key ways that we’re able to help our community, and we’ll be taking a closer look at each of these in this article.
The first way that customer-owned banks are able to benefit Australians is through direct investment in local partnerships and programs. At Beyond Bank, a few of our contributions include:
- Each year, we invest 9%* of net profits into our community partnerships and programs, providing staff with time off to volunteer
- Directly donating over $600,000 via our community reward program to causes that our customers care about
- Supporting local start-ups and businesses that create opportunities for individuals.
Of course, helping our local community is also about far more than simply investing money, it’s also important to consider the long-term future of Australia, which is why it’s vital to make a commitment to being a sustainable business for now and for tomorrow.
In the banking sector, sustainability means providing people with the tools they need to achieve economic stability. This starts with young Australians, which is why we’ve set up a financial education program for primary school students. The program focuses on money management, using fun, engaging sessions, games and incentives to teach the next generation how to maintain financial health.
For all of Beyond Bank’s contributions to our community, we were the first bank in Australia to become B Corp certified. This means that we meet the highest standards of social and environmental performance, as well as transparency and accountability. Think of it as the business equivalent of a Fair Trade certification. We’re incredibly proud to be a recognised B Corp, and will continue to push the boundaries of what our bank can do to make a positive impact, difference for our people, profits and for the planet.
Community banking accounts.
In addition to directly benefiting the community through our community program work and supporting local organisations, customer-owned banks are more readily able to help local community groups and not-for-profits by providing tailored banking services. These eliminate many unnecessary financial hurdles and allow organisations to get on with doing good in their communities.
Our community products provide community groups:
- Access to fee free transactional banking
- Ways to increase their fundraising with the help of their supporters
- Rewards for people working and supporting these community groups with better banking products.
These products and rewards programs can play a vital role in ensuring a not-for-profit’s financial framework is as strong and stable as possible. After all, the purpose of these organisations is to make a difference to everyday Aussies, so there’s no need for them to waste valuable time and energy on their banking needs when a customer-owned bank can help take care of that for them!
For more information on how Beyond Bank can help you or your organisation better serve the community, get in touch today.
*Information correct as at December 2018.