Virtually every corner of the Australian Banking sector has experienced the glare of the Hayne Commission. Formed to investigate alleged misdeeds by bankers, the Commission has since exposed widespread abuse, forcing banks to reevaluate their operations and a new Banking Code of Practice.
In an insightful blog post by Accenture Managing Director San Retna, San argues that banks can address the impact on their firm reputation as well as increased regulatory oversight through an aggressive focus on culture and conduct. Key to this shift, San argues, is to move from exclusively rewarding sales targets and incorporate a greater focus on customer experience. Doing so will both reduce the most aggressive sales tactics while also reinforcing employee compliance with regulations that are designed to protect consumers.
While such a strategy makes sense, it can be very difficult to execute properly. Doing so requires understanding the current cultural and behavioral influencers within the firm and an ability to measure and monitor how these factors change over time in reaction to change initiatives.
This is where tools such as Starling’s AI-powered Predictive Behavioral Analytics platform can help. Our intuitive dashboards reveal the hidden Trust networks that influence conduct and which enable behavior to spread, contagion-like, across a firm. Quantitative metrics empower managers to actively manage firm culture to balance customer experience against profit seeking goals.
Read the full blog post: How Addressing Conduct in Australian Banks Can Kill Two Birds with One Stone