Ahead of the Deloitte UK Young Banker of the Year awards, Dame Colette Bowe, Chairman of the Banking Standards Board, discusses the importance of rebuilding trust in the banking industry and the role that the Banking Standards Board has to play within that. 

Contenders for the Deloitte UK Young Banker of the Year Award provide a welcome reminder that young operational staff are acutely aware of customer needs and the importance of ethical banking.

A healthy society and a vibrant economy like the UK has to have well-run banks and building societies that understand and serve the needs of people and businesses. From paying household bills to growth finance for business, millions of us rely on the banking system every day.  And some 500,000 people across the UK work in the industry.

But trust in the system has been badly damaged and it's no surprise that the public expects change after everything that has happened.

It is easy to forget that some of our banks and building societies are exemplars when it comes to good culture and customer service; but many of our retail and wholesale banks freely admit that there is much still to do. They recognise the urgent need to raise their game and build the necessary momentum for change. This won't simply happen overnight, and it will be an uncomfortable journey, but the time has come to win back trust.

That is why awards like this one, which encourage young front line staff to really think about what matters in banking, are so important.

What's clear is that firms across the industry are all at different stages of their change journey, but are united in their determination to put the legacy conduct issues behind them and prove to customers that they can provide a consistently fair and trustworthy service.

They also recognise that they need help, which is where the Banking Standards Board (BSB) comes in.

The BSB was inspired by the Parliamentary Commission and, although it is financed by the banking industry, it has been set up to be independently led and committed to help raise standards of competence, conduct and culture across the sector.

So what does that mean in practice? It means that the BSB exists to challenge the industry very strongly to raise its game. Work is underway – evidence- based research and analysis – so that the BSB can provide banks and building societies with a full independent assessment covering key areas of the business. And to do that we will be drilling down into many operational areas.

We will not name and shame: our role is to assess the on-going work that banks and building societies are doing to develop and strengthen their own culture and ethos. But we will give constructive criticism where it is necessary, as well as recognise progress.

There will be a particular focus on communication and how change is being communicated to staff. Are those messages from the top of the business permeating through to middle management and on to those on the business front line? Are staff really bought into and helping to deliver change?

All of this will help the BSB provide additional value and added intelligence for the banks and building societies involved, enabling us over time to produce valuable industry-wide snap shots on progress. Through this, and a complementary range of research work, we intend to help the industry overcome the sticking points.

That is why I am so pleased to be judging these awards and experiencing the commitment of these inspirational young people to improving the reputation of the banking industry.  

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