The Banking Standards Board (BSB) published its annual review for 2016-2017. Collecting the views of more than 28,000 people working in banks and building societies across the UK, the BSB annual review gives an overview of the entire UK banking sector, and enables banks to compare themselves to other banks.
This years’ report highlighted a number of issues that still plague the banking industry, with 13 percent of bankers saying it is difficult to progress in their careers without “flexing ethical standards”, while one in eight bankers had said they had seen instances where unethical behaviour had been rewarded. Similarly, sixty percent agreed that “our internal processes and practices are a barrier to our continuous improvement”, suggesting the need for a cultural shift along with an operational overhaul.
Conversely, ninety percent of those surveyed said that people in their organisation had the skills and knowledge to do their jobs well and most colleagues would go the extra mile for customers.
While there are still ethical issues facing bankers, it’s clear the individuals working in these banks need greater organisational change in order to take a truly customer-oriented approach to all activities at their banks. That’s why we at the RBA are on a mission to professionalise Retail Banking, offering Retail Bankers across the world the opportunity to become professionally educated to a certified standard, while sworn to abide by the Retail Bankers Oath – RBA’s professional code of conduct and ethics.