The COVID-19 crisis has imposed new requirements on banks. Social distancing necessitates that employees work remotely, rendering a bank more vulnerable to cyber-hackers. A bank’s culture has never been more critical than it is now at every level of the hierarchy. From the top down, employees must be guided by company values, by the goal of doing their jobs right. How can management avoid new crises through lapses in culture?
A bank won’t survive without customer trust; if customers don’t feel safe entrusting their finances with their bank, they will move on. Gaining that trust in the Digital Age is more complicated than in the past, with new banking channels available to a new generation of customers with new cultural priorities. Astute bank leaders are working diligently to maintain the crucial human (H) factor, prioritizing culture alongside more traditional top objectives.
A bank’s underlying culture determines how its staff handles pressures and challenges, ordinary and extra-ordinary. As the aftereffects of the Brexit vote impact London’s banks, each bank’s culture should be refined so that employees do the “right thing” while achieving desired results, building a robust business in even the most volatile environment.