ABA calls for greater client-centricity in banking reforms
The Australian Bankers’ Association (ABA) is supporting former auditor-general, Ian McPhee, who said reforms to the banking sector are already gaining traction, including the redraft of the Code of Banking Practice, the implementation of the conduct background check, and stronger coordination with industry figureheads.
ABA executive director retail policy, Diana Tate, said McPhee’s comments that initiatives to improve the banking sector had become visible with many having graduated from the planning to the implementation phase was a positive sign.
In the former auditor general’s fifth independent governance report on the banking industry’s package of initiatives, McPhee praised progress but placed the development of performance indicators under the microscope.
“Senior leadership within the banks has acknowledged the need for performance indicators to assess the performance of the package of industry initiatives in driving behavioural change and in having a positive and sustained impact for customers,” he said.
“Performance indicators are being developed to measure the effectiveness of the adoption of new or revised customer advocate and whistleblowing arrangements by all banks.”
Tate said the next step was to continue to push the agenda for greater customer experience for clients.
“It is important that the industry increases awareness with customers and the broader community about how they will benefit from the improvements banks are making, and also that we’re able to measure success effectively,” she said.
“If the industry’s reform program is to be successful, bank customers must be able to experience improvements themselves.
“It is encouraging that we’re seeing early signs of customers benefiting from these changes, but banks realise there is much more work to be done.”
AUTHOR
Hope William-Smith
Recommended for you
Next year will see AMP roll out an end-to-end solution for its North platform, marking a shift in the firm’s position within the advice technology sector and building on adviser feedback.
My Dealer Services is predicting strong growth in self-licensing next year, citing recent ASIC action against Interprac and the desire for independence as key drivers of the self-licensing trend.
ASIC has handed down a six-month AFSL suspension to MW Planning after the firm failed to replace its banned responsible manager.
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
