Beyond Bank is not your average bank. As Australia’s first certified B Corp bank, it is a leader in the movement. Existing to support the customers and communities that support them by creating more good together, Beyond Bank continuously strives to be not just the best in the world, but best for the world. We speak with Kate Carroll, Sustainability Manager at Beyond Bank to learn a little more about what sets them apart from the rest.
Beyond Bank Australia is a values-driven bank that puts people before profits. Our business is based on the foundations of fairness, transparency, working together and sharing for the benefit of all. It’s about being the best we can be for our customers and their local communities. Every day we live by our values of customer first, mutuality, community, integrity and sustainability. We call it doing good by doing good.
As Australia’s first certified B Corp bank, what differentiates Beyond Bank from other banks?
As a mutual bank we believe in a better way of doing business. We are different from the traditional model where banks are owned by shareholders, in the interest of creating shareholder value. Instead we are owned by our customers and our profits are reinvested to create value that delivers benefits back to those same customers and their communities. It is a mutually beneficial partnership. It is this genuine commitment that enables us to grow and build a strong and successful business. It is profit for purpose, and it’s what drives our vision to be the leading customer-owned financial services group.
Being a B Corp is being a part of a larger community of like-minded businesses. How is Beyond Bank translating these values back into the communities in which it exists in? Can you give us an example?
At Beyond Bank, community is in our DNA. It’s fundamental to who we are. Beyond Bank has built a dedicated Community Development team with staff across Australia committed to delivering this vision while working alongside our banking and wealth management team to create real value.
The Community Development division was established in 2013 with the goal to build and expand upon our ability to positively drive economic, environmental and social outcomes.
Since then the team has more than quadrupled its community partnerships portfolio, it has invested more than 9% of our net profit after tax into community programs and partnerships and has supported over 3500 community organisations. Our employees are offered two community leave days each year through our volunteering program, we have developed a ‘More than Money’ financial literacy program for primary school students and we provide grants to entrepreneurs through our Community Entrepreneur Program.
Not only is our unique community program well received by our customers and their local communities, but it is also highly supported by our people with 85% saying that what we do for our community makes them feel good about working at Beyond Bank.
‘Be the change you want to see in the world’ - Mahatma Gandhi
What does being a B Corp mean for Beyond Bank in being at the forefront of making change happen in your industry?
We are proud of the work we do at Beyond Bank and we are proud to be a part of the B Corp community as the first bank in Australia to achieve certification. To be a B Corp really goes to the very heart of an organisation’s culture. As a business it helps define who you are and what you do.
For Beyond Bank being a B Corp signifies our commitment to our people, our customers, our community and the environment. It represents our belief in the philosophy ‘using business as a force for good’. It builds consumer trust and confidence in our brand and purpose and it is recognition that we are on a sustainable path towards the future.
This is what drives us to go beyond each and every day and makes us 'the other way to bank'.