The implications of this latest Éist snapshot are clear – it is critical that financial services organisations re-evaluate and potentially refocus their culture change initiatives to ensure they are prepared for the future.

In May of this year, the Irish Banking Culture Board’s (IBCB) published two reports:  Éist: Survey of Bank Culture and Éist: Public Trust in Banking Survey, focused on the views of bank staff and public sentiment about banks, respectively. These complementary perspectives shed a unique light on the contrast between staff and customers, together providing a thought-provoking snapshot of culture within the Irish banking sector today.

The surveys show that whilst efforts to deliver culture change have been considerable, it is clear that there is still work to be done and the banks need to continue to build on the positive progress they have made. Irish banks must evaluate their culture change journey to-date, and as we approach the final quarter of 2021, it is now more important than ever for banks to solidify their culture goals over the next few years.

Bridging the Gap

While the survey of bank staff shows progress is being made internally across all member banks, the results of the public trust survey show those internal changes in culture have yet to resonate with the majority of bank customers. Ultimately, this gap between public trust ratings and staff perceptions of bank culture points toward the need for banks to review their operating models on an ongoing basis to align with evolving public expectations as part of culture change initiatives. The findings of these surveys will act as a framework to inform the ongoing culture transformations being undertaken in the banks.  As we advocated previously, within the financial services sector, People and Risk initiatives should be viewed as two sides of the same coin, as each is intrinsically shaped by leadership behaviours, underpinned by I&D and have been shown to have a direct impact on customer experience and organisational performance.

Access our report for full insights on the Éist survey findings and our view on the path forward that banks must take to evolve public trust levels. 

Get in touch

The pace of change is challenging leaders like never before. To find out more about how KPMG perspectives and fresh thinking can help you focus on what’s next for your business or organisation, please get in touch with our team below. We’d be delighted to hear from you. 

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