The Better Banking Project works to identify and promote best practices in the financial services industry, with a focus on systemic changes that enable lasting reforms.
The Project’s latest initiative addresses banking culture. Often oversimplified or misunderstood, the behavioral norms among industry practitioners have serious implications for all aspects of a financial firm – from consumer protection and risk management to innovation and governance efforts. As such, culture is now being acknowledged as a critical factor that can either reinforce or undermine new financial regulations and post-crisis reform efforts.
Building on its original research identifying the mindsets of financial professionals, the Better Banking Project is currently working with interested parties to develop a comprehensive, industry-wide assessment tool that will allow banks to evaluate their individual cultures as well as benchmark their performance against peers and track improvements over time.
Recent publications include a revealing look at mindsets in the financial industry, “Inside the Banker’s Brain: Mental Models in the Financial Services Industry and Implications for Consumers, Practitioners and Regulators” as well as a research brief uncovering the foundations of consumer trust, “The DNA of Trust in Banking.”
Inside the Banker's Brain
In a revealing look at mindsets in the financial industry, “Inside the Banker’s Brain: Mental Models in the Financial Services Industry and Implications for Consumers, Practitioners and Regulators” delves beyond the stereotypes to offer a more nuanced, detailed portrait of banking culture. Where financial reward was once presumed to be the only motivator, we now see the striking roles played by several factors, such as complexity and the desire to be seen as intelligent.