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Westpac Champions Banking Transformation for Social Sector – Sponsored Article


Thursday, 5th May 2011 at 3:48 pm
Staff Reporter
Westpac, which became the first bank to introduce a dedicated Social Sector Banking team in 2008, has transformed banking and championed new and improved ways in which community and Not for Profit groups operate financially.


Thursday, 5th May 2011
at 3:48 pm
Staff Reporter


2 Comments


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Westpac Champions Banking Transformation for Social Sector – Sponsored Article
Thursday, 5th May 2011 at 3:48 pm
Above: Julienne Price, Head of Social Sector Banking 

Westpac, which became the first bank to introduce a dedicated Social Sector Banking team in 2008, has transformed banking and championed new and improved ways in which community and Not for Profit groups operate financially.

Aligning with Westpac’s core values of social responsibility and community, the Social Sector Banking team understands that community organisations need more than just a bank account – they need people who care about their cause.

Recognising this, Westpac Social Sector Banking developed a suite of banking solutions, financial literacy and hands-on support that community groups – big and small – need.

These innovative tools and resources have transformed banking for the sector, championing new and improved ways community and Not for Profit groups financially operate.

Julienne Price, Head of Social Sector Banking says Westpac understands that the Not for Profit sector works under special conditions, which is why they have developed a whole range of banking solutions that centre on the sector’s needs, such as saving time and money.

Price says they started the Social Sector Banking team to provide innovative and tailored financial services to community and Not for Profit groups.

She says Westpac’s vision to provide the best banking solutions for the sector still stands today nearly three years later and they will continue to pioneer banking solutions that make a real difference to our customers.

Committed to the social sector

In 2010, Westpac contributed $82 million* to help build capacity in the social sector. This investment has helped pave the way for the transformation of financial services offered to Not for Profit organisations.

Specifically, Westpac is assisting the social sector through:

  • Training and accrediting bankers around Australia to understand the specific financial needs of the Not for Profit sector
  • Waiving monthly fees on bank accounts for Not for Profit organisations
  • Developing innovative products specifically designed to help save social sector customers time and money, in particular online collection solutions for membership fees and donations
  • Delivering free financial literacy for Treasurers and Board Members to ensure they are making confident financial decisions for their organisations
  • Recognising and rewarding those unsung heroes of the sector who are responsible for ensuring organisations survive financially one year from the next
  • Organisational mentoring programs which are aimed at cementing long-term partnerships with the Not for Profit sector through the mutual exchange of skills and experience
  • Being a member of the Not-for-profit Sector Reform Council to provide insight and guidance to the Government on issues affecting the sector and how Government needs to reform to support the sector
  • Encouraging employees to donate to charities through the Matching Gifts program which matches dollar-for-dollar donations and has distributed around $26.5 million to approximately 1,500 charities since it began in 1999
  • Leading corporate Australia in sustainability and environmental policies including being the first Australian bank to sign up to the Equator Principles, committing to environmentally and socially responsible investing

So whatever your organisation is striving to achieve – the Westpac Social Sector Banking team is here to help you on your path. Visit westpac.com.au/socialsectorbanking or email socialsectorbanking@westpac.com.au to find out how we can assist you.

* This includes forgone revenue from fee free accounts for Not for Profit organisations and low income earners, charitable gifts, community investment, eco projects and in-kind support.  



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2 Comments

  • Anonymous Anonymous says:

    Think Bendigo Bank’s Community Sector Banking group might be well ahead of Westpac in terms of the claim of first with a specific business unit to engage the social sector. Bendigo’s is actually a JV with 19 non profits.

  • mandymoowatt says:

    Correct!

    Community Sector Banking was formed in 2002 as joint venture between Bendigo Bank (now merged with Adelaide Bank) and Community 21 – a consortium of 20 not-for-profits including Jobs Australia, ACOSS, Oz Child & SCOPE.

    Community Sector Banking remains the only banking service in Australia whose sole purpose is providing financial solutions, products and services to our not-for-profit sector. 

    http://www.communitysectorbanking.com.au

     

     

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