In the past year the banking, insurance and finance industry has been rocked by crisis and scandal. Systematic management failure, obsession with targets and a failure to respect both customers and staff has stripped away trust and confidence to the point where something must be done.
Staff across the finance industry feel this management failure every day through understaffing, stress, bullying and now blame shifting away from poor culture driven from the top and towards frontline workers.
We've had insurance policy holders with claims denied because they had the wrong type of cancer, or they failed a 70 year old definition of a heart attack. We've had customers charged for services they they never received and we've had customers sold products they didn't want, need or understand.
As a result, much of the community now believes that our industry struggles to find, let alone use its moral compass.
The issues affecting our industry are wide reaching but they all have one thing in common, without the right intervention finance workers may become the individual scapegoats of systematic cultural problems within their organisations. Some of these issues include;
- Conflicted pay, where remuneration drives poor customer outcomes
- Whistleblower protections
- Banning Bankers for breach of code of conduct
- Banking Code of practice
- Consumer complaints
- Stronger Regulator