Starling CEO and founder Stephen Scott was invited to present at the NY Fed conference “Building Cultural Capital in the Financial Services Industry: Emerging Practices, Risks and Opportunities,” on June 4, 2019. The full day event, which was attended by over 200 private sector executives and public sector officials, included remarks from current NY Fed President and CEO John Williams and former Federal Reserve Chairman Paul Volcker.
Stephen presented at a session about the impact of new technologies and the 21st century workforce on culture. He then joined Jonathan Haidt, Professor of Ethical Leadership at New York University-Stern School of Business; Damon Horowitz, Philosophy Professor at Columbia University, and Vanessa Colella, Chief Innovation Officer and Head of Citi Ventures at Citigroup for a panel discussion.
In his presentation, Stephen discussed the importance of culture: how it drives conduct; how it beats compliance; and how it is contagious. He also cited academic research finding that employees with a high cultural fit correlate to higher levels of firm and individual performance.
After describing the development of metrics that can be used to measure culture, Stephen concluded with commentary about trust. He noted that trust networks are the heart of culture problems; that they are essential to governance solutions; and that they are the future of supervisory success.
His entire presentation can be downloaded here.