Banking on Trust
There's no doubt that the public are calling for change when it comes to the financial-services industry, and that everyone wants to see a more ethical approach, which is why David Gonski, the ANZ chairman, is happy to sign the Banking and Finance Oath. According to Gonski, the relationship between the financial services and ethics continues to evolve. He tells Ben & Co. that the Banking & Finance Oath is central to the local banking and finance sector.
In these days of constant media coverage, big companies – and there are few bigger than the banks – know that doing the right thing isn’t enough, you have to be seen to be doing the right thing, by the public.
Cynicism is at an all-time high, and trust at an historic low, as shown by the results of the 2017 Edelman Trust Barometer, a global survey that reveals public trust in our institutions, and CEOs in particular, is at an all-time low. Credibility for business leaders plummeted in every country studied. With reported incidents of bribes to win government contracts, paying executives significantly more than employees, moving profits overseas and overcharging for essential products, it’s no wonder that 70% of people are more likely to trust an individual than an institution.
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