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Australian Bankers’ Association
Total industry shift on perception of risk: a successful way forward for the banking industry 2012
The brief The Australian Bankers’ Association (ABA) recognised that the industry’s poor reputation posed a threat to the regulatory environment due to the heavy influence of community, media and political attitudes. Negative sentiment was driving a type of regulation that had significant implications for the stability, efficiency, productivity, innovativeness and competitiveness of the Australian banking system. While the existence of a negative industry reputation was obvious, its causes were less clear. The ABA wanted to understand more than what the traditional polling had offered, which often provided conflicting signals. Futureye was commissioned to develop an industry–wide strategy to address its political, regulatory and reputational risks. The brief required a lasting solution that delivered an innovative response to its negative standing in the community, while at the same time, reducing significantly the risk of increasing regulation.
While the project is yet to be completed, Futureye’s work has enabled an unprecedented level of discussion within the industry. Through its focus on industry engagement, Futureye has initiated a dialogue between its members that has changed the industry’s perception of reputation and risk. Rather than considering these issues at a bank level, the industry is now considering these issues with a collective, industry–wide view. This different perspective has formed the necessary foundation for a “game–changing” industry strategy to address the industry’s political, regulatory and reputational risks. The final strategy was presented to the ABA CEO Council in July 2012.