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March, 2024

Great Southern Bank gains B Corp status, launches extended sponsorship and targets underserved small business market with new digital tool

Great Southern Bank (GSB) has joined the ranks of Certified B Corporations (B Corp), a global network of over 7,800 businesses committed to making a positive impact beyond profits.

The B Corp Certification is an internationally recognised benchmark that validates a company’s commitment to high standards of performance, accountability, and transparency. To get there, GSB over the past year has unveiled a significant community partnership with Mission Australia, launched its latest Reconciliation Action Plan (RAP), and been recognised by the Australian Financial Review (AFR) as one of the country’s Best Places to Work. The Diversity Council of Australia (DCA) also acknowledged GSB as an Inclusive Employer.

“Our aim is to be recognised as one of Australia’s top purpose-led businesses, and B Corp Certification is a huge step towards achieving that goal,” said CEO of Great Southern Bank, Paul Lewis. “It’s a testament to our dedication to ethical business practices and social and environmental responsibility. It also provides external validation that our rebrand, redefined purpose and sustainability focus have put us on the right pathway forward.”

GSB also extended its Co-Major Partnership with the Carlton Football Club this week for at least the next four seasons until 2027. The bank’s logo will feature on the back of the AFLW home and away guernseys, and across various Club platforms, including media backdrops, changeroom signage, digital communications, game-day activations, and retail club apparel.

“It is very exciting to have Great Southern Bank recommitting to the Club until at least 2027,” said CEO of Carlton Football Club, Brian Cook. “The partnership has grown significantly since its inception, with the investment of Great Southern Bank spanning over many parts of the football club. We are excited about the possibilities that lie ahead and are grateful for Great Southern Bank’s ongoing support, we look forward to working alongside each other for the next four years.”

In other news, GSB has moved to address what it sees as the underserved Australian small business market, specifically targeting nano (sole traders) and micro businesses (employing less than four people), GSB has introduced a new, digital-first banking proposition. The new Business app is now available for download in the Google Play and Apple App stores.

“Through our small business offering, we’re doing something different. This is an industry-leading proposition. We’re blending the best aspects of neo banks with the crucial elements they lack – banking expertise, licences, and capital. And that is going to give us a strong competitive edge in a very sizeable market,” said Paul Lewis, CEO of Great Southern Bank.

With 2.4 million small businesses in Australia, three-quarters of which fall into the nano or micro business category, GSB’s research indicates that over 10% of small business owners are likely to change their primary business banking provider in the next 12 months.