On 8 November 2023 the Global Alliance for Banking on Values (GABV), a movement of leading sustainable and inclusive banks worldwide, celebrates Banking on Values Day to promote a different kind of banking.
Banks and financial institutions around the world are being urged to ‘Think Bolder’ and recognise the force for good that banking can have on a growing number of climate and social issues that the global community is facing.
With a member base of over 70 banks and financial institutions operating in 45 countries, GABV seeks to use Banking on Values Day to transform the financial sector’s ways of working towards those that promote a greener, fairer future. As well as encouraging existing, authentic efforts to deliver lasting change, the GABV urges that collaborative action and bigger, bolder thinking is critical if we are to find innovative new approaches which can help drive a transition to a low carbon, inclusive economy.
Martin Rohner, Executive Director, GABV said: “Banking can be a powerful force for good. From social inequality to the climate emergency, the sector has a choice; to ignore and exacerbate these issues, or to work together to overcome them. Banking on Values Day 2023 celebrates a bolder, better way to bank and calls on the financial sector, including values-based banks, to support the transformation we need to achieve a greener and fairer future.”
Bold decisions and actions
At the end of 2020, G&C Mutual Bank became an Associate Member of the GABV, and is one of only four Australian banks to have attained membership in an international network of frontrunner organisations and leaders in the banking industry that use finance to serve people and the planet.
As a member focused, values-driven organisation, acting responsibly and ethically is at the heart of G&C Mutual Bank's operations. Brought to life in our mission, values and brand promise, Banking on your Community, G&C Mutual Bank is committed to the ongoing promotion and creation of mutual value and strives to make a positive impact for our members and the communities we are part of.
Rosanna Argall, CEO, G&C Mutual Bank said: “G&C Mutual Bank recognises the important responsibility we have to our members, our employees and the communities in which we are part of. We continuously seek to balance social and environmental needs with the need for the bank to generate profit, striving to deliver mutually valuable banking for people and planet.”
Since joining the GABV, G&C Mutual Bank has been inspired to ‘Think Bolder’ and work on further developing and expanding its Environmental, Social and Governance (ESG) strategy. This has included a number of key initiatives, in addition to ongoing programs of work:
- Introduction of recycled PVC debit and credit cards, and more environmentally conscious options for the accompanying card carriers, PIN mailers and envelopes
- First financial institution globally to be accredited under the Mutual Value Measurement Accreditation process
- Launch of our Essential Worker Home Loan, designed to recognise the contribution essential workers make to the community by supporting their home ownership journey
- Launch of our Responsible Banking Policy, intended to outline how our members’ money is being used to contribute to a positive, viable banking model focused on meeting human needs and sustainability.
- Analysis underway to further measure and minimise the impact our business operations have on the environment
- Special support measures for members impacted by floods and our commitment to rebuild in Lismore and support the local community
- Digital enhancements including website upgrades, a new Mobile App, and the launch of Digital Wallet
- Service enhancements to provide accessible and inclusive banking for members
- Member engagement via our in-person member roadshows
- Living our values so we can continue to delight our members
- Continue to deliver award-winning products, independently recognised for their great value, flexibility and innovative features
- Support of key worker groups such as through the NSW Ambulance Employee Awards
- Support of staff volunteering opportunities to help local communities
- Support for the communities we are part of through the Australian Mutuals Foundation (AMF)
- Support of the values-driven, mutual banking and cooperative models through the Customer Owned Banking Association (COBA), Business Council of Co-operatives and Mutuals (BCCM), World Council of Credit Unions (WOCCU), and GABV
We aim to continue improving our contribution to positive social and environmental change as part of our commitment to a more sustainable future for our members and their communities.
About the Global Alliance for Banking on Values
The Global Alliance for Banking on Values (GABV) is a network of independent banks using finance to deliver sustainable economic, social and environmental development. The GABV comprises 70+ financial institutions operating in 45 countries across Asia, Africa, Australia, Latin America, North America and Europe. Collectively they serve more than 60 million customers and hold over $210 billion of combined assets under management. Learn more at www.gabv.org
