More than half of consumers say they would feel more confident in their bank or building society if it had B Corp certification, according to research commissioned by The Cumberland Building Society.
The survey of 2,000 people suggests customers increasingly want financial providers to show a wider social purpose alongside offering products and services.
Some 52% of respondents said B Corp accreditation would give them more confidence in their provider, while younger consumers were especially likely to respond positively. Around 67% of those aged 25 to 35 said certification would increase their confidence, alongside 59% of 18 to 24-year-olds.
Among older age groups, 55% of 35 to 44-year-olds said B Corp status would strengthen trust, falling to 47% among those aged over 45.
B Corp is a global certification awarded to businesses that meet standards around social impact, governance, transparency and environmental performance. This year’s B Corp Month campaign carries the theme “A Simple Symbol, A Powerful Signal”.
The Cumberland said the findings point to a growing expectation that financial firms should have a more visible and positive effect on the communities they serve.
The building society became B Corp accredited in January, making it the first building society in the North to achieve the status. It recorded a score of 104.6 in the assessment process, above the UK company average of 82.8 and the service industry average of 80.9.
The mutual also said it is the largest employer in Cumbria to have secured B Corp certification.
SHIFT IN EXPECTATIONS
Stuart Miller, chief executive at The Cumberland, said: “These results show just how customer expectations are evolving and it’s not just about products and services. People want to know that their bank or building society is making a positive difference in the communities they serve.
“With more than half feeling more confident in B Corp certified financial providers, with that figure rising even higher among younger generations, this shows a clear shift towards purpose-led banking, where trust is built not only through service, but through values and real-world impact.
“At The Cumberland that’s exactly what we aim to do, ensuring we support people with their financial needs as well as the communities we’re based in.”
The research also found that almost a third of respondents were unaware of the difference between a building society and a bank.
A building society is owned by its members and is intended to serve customers, while a bank is owned by shareholders and typically operates with a stronger focus on generating profit.
The Cumberland has 31 branches across Cumbria, Lancashire, the North East and Scotland, and said it remains focused on customer relationships and community impact as part of its broader strategy.
COMMUNITY FOCUS
Jill Johnston, chief people & sustainability officer, said: “At The Cumberland we’ve always focused on building trust, supporting our community, and putting people first.
“This research shows how consumers value organisations that put people and planet alongside profit and achieving B Corp certification shows that we’re on the right path, making a real difference that our customers can see and feel.
“Having secured B Corp status, The Cumberland is now looking to continue its journey in developing a responsible business which fosters relationships with customers and progress its positive impact on the community around it.”
