New bank is developing a ‘hive’ of essential workers
One of Australia’s largest mutual banks has been recognized for its new digital bank for essential workers.
Teachers Mutual Bank and its Winter subsidiary are among those improving their communities, according to a global survey by the Global Alliance for Banking Securities released Thursday.
Carolyn Murphy, director of digital banking at Mutual, told AAP the new bank is called Winter because it takes the teamwork of an entire community of bees to ensure a hive thrives.
“Winter represents the interconnectedness of a very important community of people – essential workers,” she said.
As a mutual bank, the majority of funding comes from member deposits.
“This means Winters – the endearing term we’ve given our Winter members – i.e. nurses or firefighters, can ultimately contribute to home loans for paramedics and teachers who are also eligible members. “, she said.
“The bigger the Hive grows, the more Winter can invest in its members.”
Currently, workers can get a digital wallet to tap and pay, 24-hour access to instant transactions, track their spending habits, and 1% short-term cash back on grocery and transportation expenses. public.
Personal loans and auto credit offers are coming very soon and home loans are on track for the end of the fiscal year.
All of Winter’s retail deposit products, and mortgage products where available, are independently certified as responsible investments by the Responsible Investment Association of Australasia.
This is at no additional cost to members and means their money is not used to fund fossil fuels, tobacco or gambling.
Ms. Murphy said Hiver represents a new category of digitally-focused banks.
Values-based banks are independent financial organizations that use money for positive social and environmental change.
They can be private banks, credit unions, microfinance institutions, credit unions and community banks, and serve more than 60 million customers in 44 countries.
Digitization allows them to be closer to their customers and to meet their needs.
Many of these banks serve people who have never had a bank account or digital basics such as credit and debit cards that many of us take for granted.
There is also attention to detail at mission banks.
The Winter Visa debit card is made from 82% recycled plastic.