On 24 March 2021, the Lab hosted a community event showcasing the purpose-driven banking ecosystem in the UK and exploring how we can grow it.
In December 2020, The Lab published a discussion paper, written by Dr Gemma Bone Dodds, providing an overview of the purpose-driven banking ecosystem in the UK. It defined purpose-driven banking as those institutions driven by a social or environmental mission, that have their mission embedded into their ownership, governance, and culture and leadership. The paper identified five different types of institutions offering banking services in the UK that meet this definition: credit unions, community development financial institutions (CDFIs), building societies, ethical banks and mutual banks (which are not yet trading).
Following on from this paper, this event showcased the budding ecosystem of purpose-driven banking institutions and explored strategic questions that could spark the sector’s growth. Speakers included Andrew Gall (The Building Societies Association), Bridget Meehan (NI Mutual), Ed Grattan (Triodos), Eleanor Pughe (Responsible Finance) and Valerie Walwyn-Tait (Plane Saver Credit Union).
Watch a recording of the event here.