B Corp has grown into a significant global movement, with over 9,500 companies certified worldwide. However, only 58 of these are deposit banks or mutuals.
Australian customer-owned banks stand out, representing a disproportionately large share (14%) of the B Corp-certified banks globally.
“B Corps are leading the way in using business as a force for good, and it’s vital that consumers have access to ethical banking options, delivered by organisations that actively seek to operate to the benefit of all their stakeholders,” B Lab AANZ CEO Andrew Davies explained.
“Customer-owned banks are purpose-led, which makes them naturally aligned with the B Corp ethos,” he added.
In total, 8 customer-owned banks are certified B Corp; Summerland Bank, Teachers Mutual Bank Limited, Great Southern Bank, Bank Australia, Beyond Bank, BankVic, Australian Mutual Bank and People First Bank. They are the only B Corp certified deposit-taking banks in Australia.
Certified B Corporations are companies that have been verified by B Lab for meeting high standards of environmental and social performance, accountability, and transparency.
Here, we take a closer look at two B Corp certified customer-owned banks and how they are using banking for good!
Summerland Bank – giving back to the Northern Rivers community
Summerland Bank, serving the NSW Northern Rivers community for over 60 years, achieved B Corp certification in March 2023.
“Customer-owned banks are based on the philosophy of mutuality, and we embarked on our sustainability program to ensure that we give back to the Northern Rivers community and support the locals’ need for an ethical and sustainable bank,” Summerland Bank Community & Sustainability Manager Bruce Parry explained.
Summerland Bank’s purpose of ‘Better banking, Stronger communities’ naturally aligns with B Corp principles, and the certification assures new and existing customers are banking with a financial institution that prioritises ethical standards, sustainability, and community and environmental well-being.
The mutual bank has switched to 100% renewable energy across its head office and branch operations and is enticing customers to share its environmental focus by offering attractive eco loans.
“With Summerland Bank’s Eco Mortgage Loan, we are encouraging borrowers right around Australia to adopt environmentally sustainable practices as part of their home by offering lower loan interest rates and reduced fees,” Bruce said.
Community education is another key focus area for Summerland Bank.
“We are delivering financial literacy education and scams awareness to community groups and secondary school students across the NSW Northern Rivers. We’re looking forward to expanding this initiative over the next 12 months,” he said.
By focussing on ESG & DEI efforts, Summerland Bank has attracted more customers, with 30% of new customers having joined because of the mutual bank’s reputation and strong sustainability focus – showing that using business as a force for good, can also be good for business.
Find out more about Summerland Bank’s B Corp achievements on their website.
BankVic – creating a positive impact for frontline workers
From its establishment by a group of Victoria Police officers in 1974, BankVic has always been member-owned and purpose-driven. Originally certified as a B Corp in 2021, the customer-owned bank was re-certified in 2024, reflecting its longstanding commitment to the community, members, people, and the planet.
“Our B Corp certification is significant as it underscores BankVic’s commitment to high social and environmental standards, transparency, and accountability. This not only fosters a positive and inclusive work environment but also serves as a powerful recruitment tool, attracting candidates who value purpose-led organisations,” BankVic Chief People & Culture Office Michelle Arundel said.
“For our B Corp certification’s relevance to our members, there is no greater example than climate change, which affects us in a uniquely direct way – when it comes to fighting the effects of climate change such as bushfires or extreme flooding, our members in police, health, and emergency services, are literally on the front line,” she added.
When BankVic was re-certified in 2024, the mutual bank significantly increased its Impact Score by 13% and achieved several milestones that reflect its commitment to social and environmental performance.
“One of our most notable achievements is our exceptional workers’ score, which highlights our dedication to creating a positive and supportive work environment for our employees,” Michelle explained.
BankVic has also implemented several sustainability initiatives and increased its involvement in community projects.
“We were established by members and for members, to be inclusive of all who wanted a better way of doing their banking – at a product level, an impact level, and an inclusiveness level. This has not changed, and never will,” she said.
To find out more about BankVic’s B Corp certification, head to the website.