10x Banking has become the first core banking platform to receive B Corp certification. Head of Impact, Pip Marchant, shares why this is cause for celebration and her tips for other companies looking to join the B Corp community.
Why B Corp certification matters
In a nutshell, B Corp certification distinguishes companies that have a strong environmental, social and governance (ESG) agenda. It’s a holistic recognition of a company’s commitment to creating value for all stakeholders, not just shareholders.
To achieve the certification, companies fill in a survey and supply evidence that they meet rigorous standards. Companies must also make a legal commitment to stakeholder accountability.
B Corp is all about using business as a force for good. We chose to go for certification because this ethos aligns so closely with our own. Our mission is to make banking 10x better, not just for clients but also for customers and wider society.
One of our core values at 10x is impact, which means caring about the world and making it better. It was almost a no-brainer for us, why wouldn’t we go for certification when the values of the B Corp movement are embedded at the heart of our company? So, we went for it and are incredibly proud to have received certification.
Part of 10x’s impact strategy
B Corp certification reflects the impact work that we have been doing for some time. I think it’s quite unusual for a company of our size to have a dedicated Impact team of four full-time people. Additionally, we have a committee made up of representatives across the company driving our agenda. And to top it all off, we have a companywide goal to ensure all 10xers are accountable for making positive change.
Our strategy centres on three pillars: our people, planet, and communities. People covers everything from wellbeing months to supporting our employee networks who drive our equity, diversity and inclusion (EDI) strategy.
A lot of work I’ve been doing recently focuses on our planet pillar, and implementing our plan to measure, reduce and offset our carbon emissions. This is an area we’re learning a lot in and working with outside experts to get right.
And last, but not least, we support the communities we operate in through matching the fundraising efforts of 10xers and giving everyone a volunteering day. We do a lot of work with schools and supporting young people from underrepresented backgrounds in tech break into the industry. Check out the event we ran with codebar to learn more.
There is a huge amount going on and even more to consider for the future. We’ve been doing a lot of this work since the beginning of 10x, in a very authentic and genuine way. I think this is largely due to our founders Antony and Amanda Jenkins caring passionately about this space. We don’t do this work because the government or an investor has told us to, we do it because we think it’s the right thing to do.
Tips for companies thinking about B Corp certification
If you’re going to apply for it, there’s a couple of practical tips for going through the application. And then some tips for how you approach it with the business.
In terms of the actual application, I wish I’d been aware of how changeable the timelines can be. They said it was going to be a long time and we were looking at completing certification months down the line. We actually had a very quick turnaround. Fortunately, I had an amazing team working with me, who were really on top of gathering the information we needed.
So, make sure you’re ahead of the game. When you’re filling in the questions, keep copies of evidence as you go because you may need it quicker than you think you do.
The analysts at B Corp are very knowledgeable, so my other bit of practical advice is to ask them lots of questions. Ask them what they really need from you, and you’ll find them very responsive and incredibly helpful. Even if you feel silly, just ask it.
In terms of working with the business, it’s key to get buy in from the company early on. Be upfront, tell everyone you’re going for certification and explain why it’s important. Because you are going to need everyone’s help. You need evidence from across the business and sometimes only a handful of individuals will know the answer to the question.
It really helps if people believe in what you’re doing, so let everyone know right away. Say we’re going for this, and we want you to come along with us.
What’s next for 10x
This is not the end of our impact journey. We are not going to sit back now we’ve got B Corp certification and pat ourselves on the back for a job well done. In some ways, this is just the start.
We will reflect on the outcomes and where we missed points on the B Corp questionnaire to identify areas for improvement. We will also look beyond the questionnaire, listen to ideas from our colleagues and observe what other companies are doing. We’re going to keep on going.
