10 things the Banking Finance sector can do to earn back the trust & commitment of its customers & shareholders.

Having written extensively over the years about the issues in the banking finance sector, especially in the Consumer Banking space of mortgages and financial sectors, I have collated a 10 point action plan that they can do to earn back the trust and commitment of customers and shareholders.

At least 10 things the Banking and Finance sector needs to do earn back the trust and commitment of customers and shareholders.

1. Reset the priorities of the organisation to establish clear goals, values and expectations for business and sales growth that endorse a fair exchange of value and is ethical and inclusive of customers, employees and shareholders.
2. Reset your leadership team to transition from short term, bonus driven, ‘winner takes all’ cultures to adopting a longer term, ethical and sustainable approach to running better businesses that is human-centred and not solely profit driven.
3. Reset your culture by adopting the Selling Better practical sales philosophy and articulate a code of conduct that is ‘how we sell and do business around here’
4. Reset your sales strategy, value proposition and sales operating system that serves the markets you want to work in and is transparent setting up a fair exchange of value and win:win outcome for both buyers and sellers. Shareholders will benefit from this too.
5. Reset your selling-buying-servicing processes to show everyone in your organisation how they help and serve customers in a timely and effective manner around the remit you want to take to market. Create consistent standards and processes that can be applied, learned and assessed.
6. Reset product explanations and pricing by having a lexicon that is clearly displayed and clearly explains what each of your products and services are and what they do for customers. This should be in simple plain language with case studies that spell out the risk factors and consequences of such products and services. No hidden fees or ambiguities. No tricky play on words.
7. Reset your whole business around customer centricity, starting with your customer facing teams to show them ‘how we sell and service around here’, what is expected, what they are accountable for, what is not accepted, then roll out across the whole organisation – everybody lives by selling something. Train, educate, coach and support their adoption of the ‘best way to sell and service around here’.
8. Reset all commission, bonus and reward structures to remove any competing motivations that set people up for the wrong behaviour. Bring remuneration levels back to a level playing field that rewards ethical and sustainable behaviour that delivers sustainable returns. This is one of the biggest issues in the banking finance sector that needs to be addressed but not in isolation.
9. Reset the way you reinforce, communicate and support a more human centred, ethical business approach. Lead from the front, set the purpose and direction about what is expected on a daily basis in how we sell and do business around here.
10. Finally, reset how quickly you call out unethical, corrupt and criminal behaviour in your own business. Get on the front foot addressing these issues immediately with gravitas and certainty, accompanied by the appropriate consequences. Don’t wait to be found out. That is the coward’s way of managing and behaviour and we are now seeing a lot of cowards, vagabonds and thieves being exposed to the light

Just image the banking and finance sector running like this.

The good news is that there are businesses in the banking and finance sectors who are doing the right thing. They have the customers’ and their own businesses best interests at heart. They work in collaboration based on trust and substance. Those organisations who can step in to show a better way to do business will make winners out of clients, employees and shareholders.

We can start where you want to start: Sales Strategy, Sales Process, Salespeople or Selling Better Culture and CX. Talk to us, we are your selling better advisory team. (+61) 3 9533 0000

Remember everybody lives by selling something.

Author: Sue Barrett, www.barrett.com.au 

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