There’s a strong commitment within the financial services sector to regain confidence and trust in today’s post-financial crisis period.
With 41 percent of US customers and just 29 percent of UK customers trusting their bank to do the right thing, it's clear that there's an opportunity to raise industry standards and deliver more ethical banking. This situation has resulted in a strong focus on conduct and culture.
Resolving conduct issues has cost banks around $320bn in the last five years, significantly impacting on profitability and reputation. Now is the time to act.
A continuing challenge for financial services firms is the complexity of the macro-political environment. Sanctions change constantly, meaning robust communication channels are needed to facilitate the flow of information through the organization.
With regulators holding individuals to account, it’s in employees’ best interests to understand fully the current economic situation and what this means for them.