Addressing the critical issue of domestic and family violence, the Next Chapter Innovation think tank has been launched by Commonwealth Bank (CommBank). This new initiative is a key part of the bank’s ongoing commitment to aiding victim-survivors of financial abuse and domestic violence.
The Next Chapter Innovation think tank, hosted at CommBank’s South Eveleigh offices, brought together five community organisations, handpicked as Innovation Partners. These organisations are at the forefront of developing responses to financial abuse, a critical yet often overlooked aspect of domestic violence. The think tank provided a platform for these partners to collaborate with a diverse group of CommBank executives and subject matter experts, spanning departments such as retail, HR, business banking, strategy, marketing, and community investment.
Each Innovation Partner will benefit from the mentorship of a senior leader from CommBank. This guidance, coupled with the bank’s expertise in innovation and program delivery, is aimed at bolstering the organisations’ impact over the forthcoming year.
Sian Lewis, CBA Group Executive of Human Resources, emphasised the bank’s commitment to leveraging its resources for social good. “By pooling our expertise and resources, we aim to empower these community organisations to create significant, lasting impacts in the realm of financial abuse recovery,” she stated.
The five Next Chapter Innovation Partners are tackling various aspects of domestic and family violence:
YFS LTD: Focused on the Logan and Scenic Rim communities, YFS Ltd is developing practical solutions to raise awareness about technology-facilitated abuse, including ‘bring your device’ sessions and security measures for those affected by domestic violence and financial abuse.
Indian (Sub-Cont) Crisis and Support Agency (ICSA): ICSA caters to the unique needs of the South Asian communities. The agency’s projects include developing guidelines and educational sessions on dowry abuse, a prevalent yet underaddressed issue.
EACH: As a purpose-driven organisation, EACH is commissioning a report to inform the creation of a national resolution service for domestic and family violence in small businesses.
Afghan Women on the Move: This group assists Afghan and other multicultural women in Australia. Their approach includes language-specific content and therapeutic art workshops to address the complex challenges of domestic violence and financial abuse in multicultural communities.
Illawarra Women’s Health Centre: Through the upcoming Illawarra Women’s Recovery Centre, the organisation is developing a Pathways to Financial Security Framework. This initiative aims to redefine financial security for women who have experienced domestic and financial abuse and establish steps for long-term financial independence.
Lula Dembele, Director of Lived Expertise & Advocacy at the Illawarra Women’s Health Centre, expressed enthusiasm for the partnership with CBA. “This collaboration with CommBank is a crucial step in developing practical solutions for women striving to reclaim financial stability after suffering economic abuse,” she said.
The Next Chapter Innovation, announced in July 2023, offered eligible not-for-profit and social enterprises grants up to $200,000, dedicated executive support, and access to a think tank for leveraging corporate expertise. This initiative by CommBank sets a precedent in the financial sector, highlighting the pivotal role of corporate entities in addressing societal issues like domestic and family violence. The bank’s commitment to providing practical, innovative solutions to combat financial abuse underscores its dedication to not just financial success, but also to fostering positive social change.
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#CommBank launches Next Chapter Innovation think tank, collaborating with five partners to address domestic violence & financial abuse, exemplifying corporate commitment to societal solutions & positive change. 🏦💡🤝🌐👥 #TheIndianSunhttps://t.co/6eovxHMFOK
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