Commonwealth Bank today launched its first Financial Inclusion Action Plan (FIAP), designed to foster financial resilience for large numbers of people experiencing financial exclusion, especially women, and contribute to inclusive economic growth.
The FIAP Program, led by Good Shepherd Microfinance in partnership with the Centre for Social Impact, EY, and the Department of Social Services, aims to support organisations in identifying measurable actions to improve the financial wellbeing of their customers, staff, suppliers and the communities in which they operate.
Commonwealth Bank was one of 12 trailblazing organsiations launching its FIAP at the Resilient Women Summit in Sydney this morning, with leaders from government, business, education and the community sectors announcing collective action which could contribute an estimated $2.9 billion per year to gross domestic product (GDP).
The Commonwealth Bank FIAP includes 27 actions in total, with six actions that are aimed specifically at improving the economic security of women:
- Build capability of frontline staff to deal with customers experiencing domestic violence through the development of appropriate training;
- Train CommBank financial advisers on financial issues that impact women;
- Support staff who are themselves experiencing violence;
- Pay the superannuation guarantee to eligible staff on paid and unpaid parental leave;
- Continue to engage with managers to provide female employees with opportunities for professional and leadership development; and
- Use our influence and purchasing power to make a positive impact on the diversity and inclusion practices of our supplier base.
Bank General Manager Corporate Responsibility Kylie Macfarlane said: “This plan is a demonstration of how we embed our vision and values in our business practice and will ensure we are working to secure and enhance the financial wellbeing of all our customers, including the most vulnerable.”
“The FIAP supports our corporate responsibility plan, Opportunity Initiatives, to help drive positive change in education, innovation and good business practices.”
You can read Commonwealth Banks Financial Inclusion Action Plan here.