Public Consultation Opens on Irish Banking Culture Board
A public consultation to inform the establishment of a new, independent Irish Banking Culture Board (IBCB) has opened. The Board is an initiative of the banking industry aiming to rebuild trust in the sector and embed a customer-first culture. Members of the public are invited to share their views via an online survey (yoursaybankingculture.ie) to guide the structure and membership of the Board, as well as its work programme.
Marion Kelly (pictured), Programme Director of the Irish Banking Culture Board Establishment Office, said: “The establishment of the Irish Banking Culture Board is a vital first step in rebuilding trust in the banking sector and changing banking culture in Ireland. The industry recognises that people’s confidence in the sector has been damaged and the creation of this independent Board is part of a determined effort by the banks to introduce real and lasting cultural reform, for the benefit of those who matter most: our customers.”
The online consultation, which is open for six weeks, provides an opportunity for the public to share opinions on the qualities and experience they deem most important for the Board’s membership, the priority areas that its work programme should focus on and how the body should engage with key stakeholders, such as bank customers, the wider public and Government.
The online survey is one of a number of initiatives underway to shape the establishment of the IBCB. Other measures include:
- Interviews within and outside the banking industry, including customers, the business community, representative bodies and the political system.
- A survey of staff in the five founding member banks of the IBCB (Allied Irish Banks, Bank of Ireland, KBC Bank Ireland, Permanent TSB and Ulster Bank) – essential drivers of change. The survey was completed by over 14,000 bank staff since its launch on 8th October.
- A process to select an independent, non-banking Chairperson to lead the Irish Banking Culture Board is running concurrently.
Once established, it is envisaged that the core functions of the IBCB will include:
- Promoting the highest ethical business conduct in banking;
- Driving continuous improvement in culture across the Irish banking industry for incumbents and new entrants by requiring participating banks to commit to a programme of improvement under the headings of competence, culture and customer outcomes;
- Publishing a summary industry report – based on mechanisms such as an annual assessment survey of staff in IBCB member banks – to benchmark and measure progress;
- Providing a best practice advisory role to assist banks in implementing and embedding cultural change;
- Promoting and facilitating thought leadership across and beyond the industry.
Education is fundamental to effecting meaningful change and to this end the five founding member banks of the IBCB are supporting the launch of two University College Dublin accredited Culture programmes developed by the Institute of Banking, in consultation with the Association of Compliance Officers of Ireland. These programmes are focused on leading and managing effective cultural change in the financial services industry. Staff from the five banks will participate in these modules.