B&T: Big Banks Need To Deliver Results
Big Banks Need To Deliver Results Instead Of Empty Promises
In the wake of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, all eyes are on how the banks will respond, and what changes they will implement moving forward.
Tony Cole-Cocking, B&T, February 14, 2019
The scathing report, conducted by the commissioner Kenneth Hayne, addressed a myriad of issues behind the scenes of the big banks, chiefly among them, 24 cases of civil and potentially criminal breaches of the law.
Hayne takes note of compromises taken in self-interest, stating that: “A ‘good enough’ outcome was pursued instead of the best interests of the relevant clients or members”.
Many expect widespread damage control moving forward, but according to Michelle Ryan, head of corporate communications at WE Buchan, the solution lies in actual tangible change, as opposed to lip service.
“I think rather than navel-gazing on that part, it’s now about moving forward and making sure that they’re considering what they can do and the steps to take to ensure they’re still addressing that.
“I’m sure they would know firsthand how their reputation is tracking,” Ryan told B&T.
Ryan feels as though this is an opportunity for genuine improvement, if handled correctly.