Not many banks can claim they have the best interest of their customers, communities, and the environment in mind and actually have the proof to back it. But Beyond Bank Australia has, and is one of a few banks with B Corp certification.
Beyond Bank is the fifth largest customer-owned bank in Australia. The brand was established in 2013 but its roots go back several decades as a cooperative formed by a handful of people who were “left behind by a banking system that did not meet their needs and expectations”. Founded as CPS SA in South Australia in 1958, it became an alternate source of financing, where members used their savings to help fund other members’ home loans.
The supportive and collaborative model led to successful ventures. The credit union joined with others, undertook a series of 17 mergers, and became part of what Beyond Bank is today – a diversified financial institution serving about 300,000 customer-owners holding more than $14 billion in assets.
Beyond Bank Australia is a recipient of several awards for excellence in customer service and is recognised for its commitment to the communities and the environment. It became the first bank in the country to receive a B Corp accreditation in 2015 and is among the top-scoring in the list with an impact score of 146.7 (out of 200) at the last review.
B Corp certification is given to businesses that demonstrate high social and environmental performance standards, measured in how they strengthen their communities, treat their employees, and reduce their environmental impacts.
How it serves customers and communities
Beyond Bank distinguishes itself through its dedication to customer service focused on providing personal, helpful, and accessible banking solutions. The mutual bank offers multiple support channels, including phone, email, live chat, and in-person services at its branches in ACT, New South Wales, South Australia, Victoria, and Western Australia.
The bank offers a range of financial products including those that support customers' sustainability efforts (e.g. discount pricing for eco-friendly investments and purchases) and provides a platform for community advancement (e.g. a savings account that allows individuals to save money while helping a cause raise funds).
Beyond Bank also positions itself as a versatile financial institution catering to a broad spectrum of borrowers and depositors with its wide range of offerings and relatively competitive rates. As a mutual bank, it reinvests its profits back into the business to benefit customer-owners through better rates, fairer fees, and excellent customer service.
Beyond Bank’s foundation injects millions of dollars into community groups that deliver programs addressing society's most significant challenges. It also supports other B Corp businesses in their community and environmental efforts.
Ultimately, the bank puts a strong emphasis on community engagement and ethical practices that align with customer values and needs.
