Facing Ethical Dilemmas in Banking I

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Presentation transcript:

Facing Ethical Dilemmas in Banking I Year One – Chief Retail Officer Perspective Mike Allen

Executive Banking School Roadmap GROWING Capability Confidence Courage YEAR THREE Chief Executive Officer Perspective YEAR ONE Chief Retail Officer Perspective YEAR TWO Chief Financial Officer Perspective

Executive Banking School Roadmap GROWING Capability Confidence Courage YEAR THREE Chief Executive Officer Perspective YEAR ONE Chief Retail Officer Perspective YEAR TWO Chief Financial Officer Perspective

Year One – Chief Retail Officer Perspective Retail Strategy Curriculum Leadership Communication Leading the Retail Line of Business via a Balanced Scorecard Discovering Customer Segments & Consumer Behaviors Successfully Communicating & Advertising in Retail Banking Developing and Pricing Profitable Bank Products Modernizing & Optimizing Delivery to Meet Customer Requirements Facing Ethical Dilemmas in Banking Applying Concepts Learned to Today’s Market Chief Retail Officer Perspective

Year One – Chief Retail Officer Perspective Retail Strategy Curriculum Leadership Communication Leading the Retail Line of Business via a Balanced Scorecard Discovering Customer Segments & Consumer Behaviors Successfully Communicating & Advertising in Retail Banking Developing and Pricing Profitable Bank Products Modernizing & Optimizing Delivery to Meet Customer Requirements Facing Ethical Dilemmas in Banking Applying Concepts Learned to Today’s Market Chief Retail Officer Perspective

This Session’s Critical Topics Ethics and the Banking Industry Ethics and Customers Ethics and the Bank

Ethics and the Banking Industry

The Banking Industry’s Place Ethics and the Banking Industry The Banking Industry’s Place What’s different between banks and other industries? Is ethical treatment more/less important? Culture across industries

Ethics and the Banking Industry Stakeholders Take 5 minutes and list all of a bank’s stakeholders and what they are “owed”

Ethics and the Banking Industry Stakeholders

Ethics and Customers

What is a Duty of Care? What is a duty of care? Ethics and Customers What is a Duty of Care? What is a duty of care? What is owed to customers?

Ethics and Customers What is Duty of Care? The mortgage crisis is a clear instance of consumers who needed protection. There was predatory lending to people who didn't know what they were doing. ~Nassim Nicholas Taleb

Fiduciary Duty What is fiduciary duty? Ethics and Customers Fiduciary Duty What is fiduciary duty? Is fiduciary duty owed to all customers? Is it owed to some? If so, who? It all comes down to knowing your client.

Suitability What is suitability? Ethics and Customers Suitability What is suitability? Is a suitability analysis owed to all customers? Is it owed to some? If so, who? It all comes down to knowing your client.

Ethics and Customers Know Your Client What is needed to be able to provide a suitability standard to knowing your client? Elements of knowing your client: Personal and financial circumstances Risk tolerance Financial knowledge and experience

Know Your Client General Human Behavioral Characteristics Ethics and Customers Know Your Client General Human Behavioral Characteristics Failure to understand the odds Misunderstanding financial risk Complexity and the magical number 7 Anchoring and reactions to framing Animal spirits (hubris) And on and on and on… To take advantage of or to protect and serve?

Questions

Year One – Chief Retail Officer Perspective Retail Strategy Curriculum Leadership Communication Leading a Profitable Retail Line of Business Discovering Customer Segments & Consumer Behaviors Successfully Communicating & Advertising in Retail Banking Developing and Pricing Profitable Bank Products Modernizing & Optimizing Delivery to Meet Customer Requirements Facing Ethical Dilemmas in Banking Applying Concepts Learned to Today’s Market Chief Retail Officer Perspective

Executive Banking School Roadmap GROWING Capability Confidence Courage YEAR ONE Chief Retail Officer Perspective YEAR THREE Chief Executive Officer Perspective YEAR TWO Chief Financial Officer Perspective