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 that community and not-for-profit (NFP) groups financially operate.
Julienne Price, Head of Social Sector Banking says, “We understand the NFP sector works under special conditions and has particular needs such as saving time and money, which is why we have developed this whole range of banking solutions.
“We started the Social Sector Banking team to provide innovative and tailored financial services to community and NFP groups. Our vision to provide the best banking solutions for the sector still stands today nearly three years later and we 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 NFP organisations.
Specifically, Westpac is assisting the social sector through:
- Training and accrediting bankers around Australia to understand the specific financial needs of the NFP sector
- Waiving monthly fees on bank accounts for NFP 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 programs 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 from one year from the next
- Organisational mentoring programs which are aimed at cementing long-term partnerships with the NFP sector through the mutual exchange of skills and experience
- Joining the NFP Sector Reform Council to provide insight and guidance to the Government on issues affecting 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, which includes being the first Australian bank to sign up to the Equator Principles, committing us 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 {encode=”socialsectorbanking@westpac.com.au” title=”socialsectorbanking@westpac.com.au “}to find out how they can assist you.
* This includes forgone revenue from fee-free accounts for NFP organisations and low income earners, charitable gifts, community investment, eco projects and in-kind support.
