Every time your bank statement shows a monthly bank fee, an interest payment or a penalty charge, the first image that comes to mind is the villain banking executive – laughing nefariously as they slide into their million dollar Maserati.
Traditional banking models don’t have a great reputation, but there is another way to bank that is drawing a lot of attention… and for all the right reasons.
With an abundance of choice these days, consumers are more concerned than ever with the underlying values of the companies they choose to engage with.
The terms “ethical”, “socially responsible” and “sustainable” are being used to describe organisations that are proactively concerned with the social and environmental impacts of their decisions – and today’s consumers are demanding nothing less.
In the banking world, socially responsible and sustainable translates to financial investments into projects that have a positive impact on communities – rather than excessively lining the pockets of execs or funding socially or environmentally damaging activities.
Leading the way in socially responsible banking products is Bendigo Bank and their network of over 500 branches, Australia-wide. The bank’s community branch model operates here in Canberra, with four of the six local branches managed by the Canberra Community Bank® Group (Curtin, Calwell, Wanniassa and Jerrabomberra).
These Community Bank® branches donate 80% of all profits back into the Canberra community via grants or donations to charities, not-for-profit organisations, community initiatives, and more.
So far, they have given back over $1.2 million.
This philanthropic model is backed by Bendigo Bank’s range of socially responsible products which assure members that every cent they spend (and earn) contributes to better communities everywhere.
For example, the Bendigo Socially Responsible Growth Fund allows members to invest money in a fund that exclusively supports companies making a positive impact in the world. It refuses dealings with organisations associated with environmental or human rights violations, so investors can be confident that their money is being used for the greater good. It’s also an investment option in the low-fee award-winning Bendigo SmartStart Super fund.
Certified by the Responsible Investment Association of Australasia, managers of the Socially Responsible Growth Fund receive constant updates on which companies offer the best potential return while ensuring a positive impact.
Initiatives such as these are fast turning the banking industry on its head; driven by a new brand of mindful consumers who are choosing to vote with their feet and wallets to ensure their money benefits the many instead of the few.
For more information about the Socially Responsible Growth Fund, or to move your banking to a community bank, visit any one of the Canberra Community Bank® branches in Curtin, Calwell, Wanniassa or Jerrabomberra.
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