Rebuilding trust in the financial services industry starts and ends with culture
With the financial services industry’s brand value and customer satisfaction scores at an all time low, a focus on culture is the best way forward, writes BrandMatters’ Paul Nelson.
Throughout the banking royal commission hearings, the commissioner has repeatedly come back to two connected areas: remuneration and culture. The inwardly focused remuneration schemes that prioritised sales and profit over customer benefit have caused a great many of the sector’s systematic problems and created a ‘win at all costs’ culture. So what can they do now?
We see four key factors that summarise the journey to the situation we now find ourselves in:
A consistent market and media focus on individual industry player market performance and shareholder returns.
