Doing well by doing good
Australia's Bendigo and Adelaide Bank ranked top globally by FORTUNE
The FORTUNE Annual "Change the World" List of Companies That Are Doing Well By Doing Good has been released, with Bendigo and Adelaide Bank ranked the top Australian company.
FORTUNE's annual list of top 50 companies ranks enterprises that have made an important social or environmental impact through their operations and profit-making strategy with companies recognised for, and competitively ranked on, innovative strategies that positively impact the world.
In the category of Economic Opportunity and Financial Inclusion, FORTUNE has ranked Bendigo and Adelaide Bank at thirteenth globally taking into account the Bank's measurable social impact, business results and degree of innovation.
This ranking sees Bendigo and Adelaide Bank as the leading Australian company and second in the world for a commercial bank.
Mike Hirst, Managing Director of Bendigo and Adelaide Bank said:
"Shared Value is a concept now gaining global momentum, although it has been central to our strategy for Bendigo and Adelaide Bank's entire 160 year history.
"To be recognised among international enterprises committed to strengthening the connection between corporate and community success by addressing social and environmental needs is confirmation that our business model is ahead of its time.
"We are enormously proud of our Community Bank® model, which is the most obvious of our shared value models. The concept of feeding into community prosperity, rather than off it, is fundamental in all we do.
"The model better enables local communities to develop the capability and resources that underpin their own sustainability, growth and resilience through providing funding and helping build commercial skills.
"The performance of the financial system is ultimately only as good as the benefits it delivers to its users whether they be individuals, communities or businesses. We believe that to be truly successful, all stakeholders in our business - customers, staff, shareholders, partners and suppliers - must feel fairly rewarded for the effort they put in to helping our business be successful," Mr Hirst said.
Bendigo Bank's Community Bank® model is unlike any other banking model.
Background: The Community Bank® concept was developed as community angst grew when Australia’s major banks reduced their branch presence by about 30 percent in the 1990’s, leaving many regional towns without a local banking presence. This event sowed the seeds for a response to a pressing economic and social need; to retain local capital in the community by restoring a local banking presence.
Bendigo Bank created the Community Bank® model with the genuine belief that all Australians are entitled to receive quality banking services and specialist financial advice, no matter where they live. But what began as an alternative banking model has today become a network of people and communities taking greater control of their financial futures, investing something of themselves to shore up the prosperity and sustainability of the place they call home.
Almost 20 years on, Community Bank® branches have injected more than $165 million in profits, contributing to the social and economic sustainability of more than 316 Australian communities. The model requires partnerships with local people and community enterprises to provide communities with quality banking services, employment opportunities, a local investment option for shareholders, and importantly, a source of revenue for projects determined by local people.
Bendigo and Adelaide Bank provides the banking infrastructure and licensing requirements, while the community runs the branch and generates valuable funds to invest into their community.
See below how the Community Bank®model is delivering for Australian communities