Since the Covid-19 crisis hit, Australia’s financial institutions have had to divert a lot of resources and focus their efforts on addressing the challenges they face. They’ve also had to adapt quickly to accommodate their customer’s changing financial needs. But has their response to the pandemic been enough to rouse respect from the community they serve and rekindle a trust that has been lost?
Making the right decisions has never been so hard. Nobody wants to look in the rear view mirror and say ‘if only we’d...’. Covid-19 has caused institutions to sharpen their focus on the purpose of the organisation and those best placed will already have a strong purpose, values and principles defined. Developing this ethical infrastructure will fair institutions well into the future. Every society needs its institutions to work collaboratively and although fierce competitors, our financial institutions now have a burning platform to come together to do good – not just in response to this crisis but in its daily operations that fulfill its purpose.
In February, The Banking and Finance Oath was honoured to be asked to contribute to Starling Trust's 2020 Compendium publication. Although the piece was written prior to the pandemic, the sentiment still stands - developing and maintaining a strong ethical foundation will nurture trustworthiness beyond the current threat. An industry, once reviled, is now positioned to be the best it can be.
You can download the full publication: Starling Trust's 2020 Compendium or read The BFO article here.