As an Associate Member of the Global Alliance for Banking on Values (GABV), G&C Mutual Bank is celebrating Banking on Values Day 2024 with the theme, "Transforming Banking, Transforming Lives".
The GABV represents a movement of leading sustainable and ethical banks that are driving innovative solutions to reshape the financial system for positive, lasting impact.
As a values-based bank, we are driving the transformation towards a fair, greener and inclusive economy by providing products and services that address the unique needs of our communities and the most pressing global issues.
We recognise the importance of sound practices as part of our responsibility to members, employees and the communities in which G&C Mutual Bank is a part of. As a values-based bank, we are delivering positive impact and transforming lives in six key areas, helping to build a better future for all.
Affordable Housing
Affordable housing is a source of financial wellness and financial inclusion, as well as being a fundamental aspect of building strong, inclusive communities. G&C Mutual Bank offers a range of competitively-priced products accessible to Australians who may otherwise struggle to achieve their financial goals, such as home ownership. Our first homebuyer and refinance products are routinely awarded, recognised in market as providing outstanding value.
We are a participant lender in the Australian Government’s Home Guarantee Scheme designed to help eligible first home buyers, regional first home buyers and single parents/guardians purchase a home sooner.
We also offer award-winning support for essential workers, to help those who serve the community with the purchase of their own home.
We lend to community housing providers to help them build and maintain accommodation to ensure vulnerable members of our community can access safe housing. We also support the Australian Mutuals Foundation, who in turn partner with Barnardos Australia to assist children, young people and families with education, poverty and supported housing programs.
Clean Energy
Our Responsible Banking Policy guides our approach to lending and investing with respect to our Environmental, Social and Governance (ESG) Strategy. We do not lend to businesses that are primarily involved in the generation of fossil fuels, or the extraction of coal, gas, or oil.
Biodiversity and Nature Conservation
GABV member banks take an active role to protect biodiversity and nature, making business decisions delivering sustainable finance with the power to help regenerate our planet.
G&C Mutual Bank seeks to minimise the impact its operations have on the natural environment. This has included the introduction of recycled PVC credit and debit cards and more recently, the option of digital cards. Our card carriers and PIN mailers are made from 100% recycled paper and packaged in 100% biodegradable envelopes. Further to this, we do not lend to businesses that are primarily involved in deforestation or logging practices, to avoid further degradation of the natural environment.
Women Empowerment
Despite significant progress, women continue to face systemic barriers in various aspects of life, including economic participation, education and leadership opportunities.
Proudly, G&C Mutual Bank has strong representation of women across all levels of the organisation. As a member of the Diversity Council of Australia, we recognise the benefits that diversity brings to our organisation. We believe in a collaborative culture in which ideas and knowledge are shared and developed to benefit our members.
We recently joined the Respect and Protect initiative, to promote respect for women and to protect against financial abuse. We have updated our terms and conditions to help prevent the misuse of products and services as a vehicle for abuse.
We recognise that employees may also face situations of abuse in their personal life and remain committed to providing assistance to employees who experience domestic or family violence, or those supporting an affected family member. This has been formalised in the organisation’s People and Culture Policy and includes additional paid leave. G&C Mutual Bank also has in place an Employee Assistance Program (EAP) providing mental health support and work/life services for employees and their families.
We understand that women face gender adversity socially, in the workplace, and financially. We are committed to supporting the women in our communities to achieve financial success and freedom.
Peace & Social Justice
In banking, peace and social justice are essential to create a financial system that serves all people fairly and equitably. As a mutual bank, we are a member focused, values-driven organisation where member interests are not in conflict with shareholder interests. We live our values, acting with integrity, honesty and transparency in all things and put members at the centre of everything we do.
G&C Mutual Bank was the first financial institution globally to be accredited under the Mutual Value Measurement (MVM) Accreditation process, designed to help mutual organisations measure and report their total value creation to members.
We recognise the work of essential workers through our long-standing relationships with key worker groups, including support of the NSW Ambulance employee recognition program. We also support essential workers with home ownership through our award-winning Essential Worker Home Loan.
We are committed to our members, especially in the times they need us most. We responded to the bushfire crisis in 2020, and in 2022, we supported our members through destructive flooding and weather events. This included participating in the Community Banking Hub, financial support measures for individuals and support of local grants, as well as rebuilding our Service Centre in Lismore. We also provided a number of financial support measures during the COVID-19 pandemic.
We seek to support the vulnerable and those at risk, introducing initiatives and educational content around financial hardship, elder financial abuse, scams and security, and online banking.
Financial Inclusion
As a member of G&C Mutual Bank, you're part of a movement that began in Australia when groups of like-minded workers and communities came together to create building societies, credit unions and mutual banks.
G&C Mutual Bank was established with the purpose of providing key worker groups with financial services that prioritised members over profit. From the beginning, our guiding principles were embedded in mutuality and community spirit.
Our members are at the centre of everything we do and accordingly, we are committed to making banking easy, accessible and inclusive for all of our members.
We are passionate about helping people achieve their financial goals and understand that this looks different for everyone. We have products and services to support first home buyers and essential workers, as well as retirees and pensioners.
We have also introduced a number of accessibility initiatives including the National Relay Service and the Translating and Interpreting Services.
We’re always striving to make a positive impact and we are committed to a more sustainable future for our members and their communities. As we mark Banking on Values Day 2024, we continue our work to deliver mutually valuable banking for people and planet so that we can build a brighter future, together.
