Australian Multinational Bank Launches Tool to Help Small Businesses

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The Commonwealth Bank of Australia (CBA) recently launched a new tool to assist small and medium-sized businesses (SMEs) with the hopes of helping them embed sustainability in their companies.

The Commonwealth Bank of Australia (CBA) recently conducted research and discovered that many businesses need help to become sustainable due to several reasons, such as cost, finding suitable suppliers, and, essentially, the lack of time and resources.

The bank sought to help SMEs address these reasons and eventually developed the Sustainability Action Tool. The tool provides insights into possible actions SMEs can take to reduce their environmental impact and simultaneously lower costs.

The tool is part of the bank’s efforts in their philosophy that it is essential to invest in innovation and sustainability. Recently, CBA helped SA Mushrooms, a family-owned company, expand and achieve their creative ambitions.

Kerryn Saward, general manager for commercial transaction products and growth at CBA, said, “Small business owners have a strong interest in sustainability and are already implementing sustainable practices in their business. However, small business owners are time-poor and are looking for more tangible and practical sustainability solutions that can be incorporated in their businesses easily, with minimal effort and time.”

Saward boasted that the tool would allow SMEs to identify simple changes that they can already act on immediately, as well as more significant actions that they can take, which would substantially impact the environment and reduce business costs.

The tool is expected to be rolled out to all NetBank users in May. It will have continuous updates starting in July, in time for the bank’s SmallBiz Week 2023 in Melbourne. It will showcase the tool to business owners, government agencies, and industry leaders, further cementing its leadership status in the banking industry.

Owen Raszkiewicz, CEO of Rask, added that “CBA is a leader in the banking industry, and its customer satisfaction ratings are consistently higher than other Australian banks, making it an attractive choice for investors.”

The bank is on track with the government and big industries’ sustainability efforts. Recently, mining giants SLB, Rio Tinto, and the Australian global mining company have put in their efforts to lower water waste through Gradiant.

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