Internal culture in improving but more needs to be done to improve public perception of banks
Speaking this morning (Monday) at the launch of the Staff Culture Survey and the Customer Bank Sentiment Check by the Irish Banking Culture Board, the Minister for Finance, Paschal Donohoe TD, welcomed the publication of the surveys and their contribution to the debate on cultural change within the banking system.
Minister Donohoe reiterated some of his views made previously on the future of banking and acknowledged that building and maintaining trust for customers and staff in the domestic retail banks can only improve the outcome for their businesses.
Speaking at the launch, Minister Donohoe said: ‘I would like to recognise the important role of the Irish Banking Culture Board in seeking to rebuild trust in the banking sector through its work and various initiatives. This event today to mark the publication of their two surveys is one of those important initiatives’.
The Minister also acknowledged the staff members who took part in the surveys, saying that the valuable information they provided gave valuable insight into how the organisations are run. He noted the positive indicator that two third of staff are positive about the culture in their organisations. There was also positive results in terms of staff sentiment regarding the ability to speak up about issues that affect them.
The survey also identified issues that needed further engagement, such as the role of the Executive Committee, the long hours’ culture and the way in which banks carry out their internal business.
Turning to the external customer survey, trust in banks appears low and there were also concerns around digitalisation, loss of bank branches and treatment of vulnerable customers. Thus while it seems that the banks’ internal culture is improving, the external view has not significantly shifted since the last survey in 2018.
The Minister said: ‘There are clearly outstanding issues that our banks and financial institutions need to make further progress in addressing. These surveys will assist in identifying the areas that are most in need of attention. Cultural and legal changes need to be carried out together in order to achieve the desired outcome of an improved financial sector. I hope, subject to agreement by the Attorney General, to publish the heads of the SEAR legislation in the coming period, before conclusion of the Dail session’.
See link to Minister’s speech here: https://paschaldonohoe.ie/speech-to-the-to-the-irish-banking-culture-board-event/
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