The significance of a growth mindset and personal ethics during the COVID-19 pandemic

Friday 28 August, 2020
by FINSIA InFinance Magazine

By Michelle Lim and David Goldfeld

BFO 2020 Young Ambassadors Michelle Lim of KPMG and David Goldfeld of UBank. 

With the challenges we face on a daily basis in this current crisis, we are all building resilience as we learn to adapt and ‘pivot’, even if we don’t realise it. So how can we mindfully build resilience in times of uncertainty? One way of doing this is by developing a growth mindset. Growth mindset is the belief that skills and intelligence can be grown and developed through hard work, good strategies and input from others.

A key characteristic of the growth mindset asserts that skills and knowledge can be developed, and that learning requires time and effort. It is not set but rather fluid and capable of being nurtured. Further characteristics are that it treats mistakes as learning opportunities and the challenges that mistakes generate simply as obstacles that need to be overcome.

The growth mindset encapsulates the essence of The Banking and Finance Oath (The BFO). Like The BFO, there is always an intention to adhere to your values and doing the right thing. Adopting a growth mindset also echoes the promise of The BFO - by adopting a growth mindset you are demonstrating a continual commitment to always strive to improve and do good. Not only is this empowering, but it is undoubtedly one of the fundamental keys to building resilience and creativity.

Our skills and capabilities are critical in navigating uncertainty. However, we should not exclusively rely on them.

In a changing world, we look to our support network and the constants available. The BFO provides a constant which any individual can refer to in times of uncertainty. Each tenet of The BFO encourages and challenges you to think about a problem in a certain way.

It provides direction and guidance when you feel out of your depth and struggling to navigate tough situations. By taking the time to refer to the words of the Oath, you take a moment to pause from the unknowns, reflect on the situation at hand, and minimise the risk of failing to look at a problem from a certain angle.

The BFO provides you with an ethical framework and is there to guide you through that decision-making process.

For further information on building these critical skills, FINSIA provide webinars such as Resilience and your Leadership in a Changing World which you can watch on-demand here.

Michelle Lim is a Risk Consultant at KPMG and David Goldfeld is a Graduate at NAB, on rotation at UBank. They are both 2020 Young Ambassadors for The Banking and Finance Oath (BFO), a proud supporter of FINSIA.

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The Oath

  • Trust is the foundation of my profession.
  • I will serve all interests in good faith.
  • I will compete with honour.
  • I will pursue my ends with ethical restraint.
  • I will help create a sustainable future.
  • I will help create a more just society.
  • I will speak out against wrongdoing and support others who do the same.
  • I will accept responsibility for my actions.

In these and all other matters;
My word is my bond.

The Vision

A banking and finance industry that meets the community’s needs and has its full confidence thereby fulfilling its integral role in society.