Claire Deekes, chief customer officer at The Cumberland Building Society, emphasised the critical role of community engagement for mutuals.
She explained that mutuals serve people by offering financial services while reinvesting in their communities.
Deekes highlighted that The Cumberland, one of the oldest building societies, is marking 175 years of service this year.
She noted the challenge of maintaining profitability while staying committed to community values.
Deekes said: “At The Cumberland, through our Kinder Banking commitments to People, Planet and Community, we firmly believe that fostering robust community engagement and forging strategic partnerships are pivotal to our collective prosperity and longevity.
“Take, for instance, our partnership with EVERFI, an organisation that provides free teaching and learning resources for schools.”
Deekes added: “By developing financial education resources, we are providing the next generation with a base knowledge of financial literacy that will help them make smart financial decisions in the future, which can only be positive for our community further down the line.
“Since summer 2023, we have donated £500,000 between FareShare Lancashire and Cumbria and FareShare Glasgow and the West of Scotland, to offer funding to every one of FareShare’s Community Food Members in Cumbria, and some in Lancashire and Dumfries and Galloway.
“This helps to serve hot meals and provide food to people in the region who are experiencing food poverty.”
Deekes explained that partnerships with local organisations amplify their impact, driving economic growth and supporting initiatives such as financial literacy and environmental sustainability.
Since June 2022, The Cumberland has contributed over £45,000 to Cumbria Wildlife Trust, supporting conservation of the region’s endangered red squirrels.
Their charitable foundation also donates up to £25,000 annually to community groups.
She said: “The Cumberland always donates a percentage of profits to charitable organisations and communities in the region, and in FY23/24, this was a significant six-figure sum and our largest figure to date.
“In today’s hypercompetitive landscape, mutuals must adapt and innovate to stay relevant.
“By embedding ourselves in our communities through initiatives and partnerships, we not only strengthen customer loyalty but also attract new members who align with our values of social responsibility and inclusivity.”
She added: “The significance of community initiatives and partnerships for building societies today cannot be overstated.
“By embracing our role as catalysts for positive change and forging meaningful connections with our communities, we not only secure our own success but also contribute to the flourishing of the regions we proudly serve.”
