The Banks Just Don't Get It!
Ros O'Connor • May 28, 2017
A recent article in the Weekend Australian by Richard Gluyas talks about "Banks 'drowning' under rising tide of inquiries". It talks about the fact that there have been 39 industry probes launched since the financial crisis in 2009. The banks are worried about the commercial fallout that has already occurred and the potential "higher systemic risk" from the "outside world" of a Labor Party call for a royal commission. If our banking system is so good why does Australia keep having all these banking investigations?
There is no doubt that we need a strong banking sector for a strong, resilient economy but the banking fraternity have to ask themselves WHY do our governments keep launching reviews into the banking system; because the Australian public see inequities in the system, where the banks are making enormous profits yet the benefits to the Australian people who fund those profits is negligible.
How many businesses during the Global Financial Crisis had an implicit government guarantee behind them in case of failure? That's the public purse guaranteeing their future. And when official interest rates were falling, how many full basis points were passed on to their customers? Now I know that no one would have wanted our banks to fail and it would have been catastrophic for all Australians, but there doesn't seem to be any quid pro quo does there!
The banking industry in Australia is amongst the most successful in the world especially as far as the shareholders and senior executives are concerned, but therein lies the rub. Unless you are a shareholder you are likely not very impressed with the treatment you receive from your bank, especially if it is one of the larger institutions. Maybe it's that word 'institution' that says it all. How does an 'institution' connect with it's customers? Have the staff been too institutionalised? How do they foster a relationship that respects and benefits all parties? Are they just too big and too powerful to see the real and genuine daily struggles that an SME faces for example? Do they have any idea what it is like to put everything you have on the line when you sign that personal guarantee? Then, when things get a bit tough they change the goalposts of compliance so that the bars that need to be hurdled are ever increasing in height and difficulty.
It seems that there is a lack of understanding of their customers real needs. Does that suggest a lack of empathy, a lack of emotional intelligence on behalf of the banks? Maybe. Is there an element of we are more important than our customers and a condescending attitude that the public are the uninformed masses? Maybe. As discussed in Gluyas's article, an ex bank chief executive talks about the need for the banks to stand up for themselves and educate the uninformed. The more I examine the demeanour of the banks the more I see a sense of entitlement.
The banking industry in Australia will continue to be under the scrutiny of governments and industry bodies until such time as they can really work with their customers to benefit their business outcomes with a real and genuine attempt to see the relationship from the other side. The so-called 'uninformed masses' elect governments which is something that the banks need to remember. Put aside the ego and the sense of entitlement and really provide a service that resonates with your customers.
Rethink your business thinking.
Human capital and innovation are the source of all long term economic success
Ros O'Connor
The Power of Teamwork... and Self Awareness "If you want to go fast, go alone. If you want to go far, go together" The origins of this quote are unclear, with, it seems, many attributions abound. However, the strength of this statement resonates so strongly, that it's relevance will always be current, no matter where you are in your professional or personal life. Whether it's the teamwork we encounter with our work colleagues, or the teamwork that is our family unit, or the teamwork of our friendship group, they all are part of our own personal life team. Being able to share an idea or a problem or even just a conversation with someone in your team is invaluable. We all have a different thinking perspective and we all benefit from other people's input. If you believe your way of thinking is the only way to go, with no input from others, then you you will usually end up in the proverbial crash and burn scenario. Arrogance in your belief, that you alone have all the answers, will not get you far and quite frankly, lead you on a path of ultimate failure and regret, both professionally and personally. Listening to the input of those in your team will always give you a better balance of how to tackle any situation and will give you a much better chance of going far in the pursuit of your desired goal. Thinking DNA can help you understand your thinking and mindset to build your self awareness, so you can use that knowledge to best advantage in your life teams to go far, not just faster. Get in touch - ros@thinkingdna.com.au 'Human capital and innovation are the source of all long term economic success' #thinkingdna #mindset #selfawareness #teams #teamwork #success #far
Life is filled with pressure situations. People are fond of saying as a joke, 'No Pressure', haha, when it is clearly a pressure situation. We are under pressure every day. It might be relatively inconsequential pressure like having to choose what to have for lunch or it might be something that will impact in a much bigger way, such as the pressure of meeting a deadline. It might be pressure that we put ourselves under or it might be a situation that we find ourselves in through the actions of others. Whatever it is, we have to make decisions under pressure. When we are under pressure, we absolutely have a default way of thinking which we unconsciously manifest in the decision we make in that pressure situation. When we are forced to make a decision, as opposed to having time to think over a course of action, we have a different thinking perspective. Think about a scenario where you are put under pressure to make a decision. You have to decide on one course of action. You may become flustered and unsure of yourself or you may become someone more focused on what is logical or what process should be followed or how will this affect others. One of the tools that Thinking DNA uses is HBDI®. We can ascertain how you will respond to a situation when you are under pressure. It's such powerful knowledge for anyone to discover about themselves because we don't always make the best decisions when we are under pressure. It means that you can be aware of your default mode that is your 'safe place' when you are under pressure and frame your thinking with that knowledge or at least understand why you make those pressure decisions. Self awareness, knowing yourself, understanding your thinking and your mindset under pressure are all part of your self analysis that can unlock so much knowledge about YOU. Let ThinkingDNA help you find the key. 'Human capital and innovation are the key to all long term economic success' #thinkingdna #thinkingunderpressure #selfawareness #knowledge #mindset #people #HBDI ®
You are unique! One of a kind but do you really understand how you think or even why that matters? It matters because knowing how you think will unlock your career path in the best and most positive way. It is the key to a rewarding and satisfying career pathway. How many times do you hear 'follow your passion'? The trouble is, most people don't really know what their passion is when they are formulating their career trajectory and what that may look like. A lot of us fall into the trap of embarking on a career in our late teens/early twenties, by doing something that we think will develop into a career that will sustain us financially through life and provide a trajectory whereby we can move up through the ranks. However, a lot of us find that in time, the career we have pursued turns out to be just 'a job' and not a fulfilling calling. You may be very good at 'your job' but it's not really what you want to do with your life. So how do you unlock your future fulfillment? Crucially, know how you think, where your thinking comes from, and where your thinking goes when you are under pressure. What you are good at may not be what really interests you. Knowing and understanding how you think is the key to unlocking a rewarding career pathway. An HBDI® assessment can help you understand your thinking perspective and highlight your thinking mindset. I am a 1112 thinker. Get in touch with me at Thinking DNA to find your thinking profile. Human capital and innovation are the source of all long term economic success. #thinkingdna #mindset #career #future #success #people #innovation
Your people are your lifeblood! Give them the best possible chance to be the best they can be. We help you to enable your people by building better Teams. Better Teams leads to better business and that leads to success and profitable outcomes for everyone involved in your business. A collective of people and therefore ideas will lead to better outcomes for your people, the Teams they work in and with and therefore better business outcomes for everyone. Thinking DNA utilises HBDI® to understand your people's thinking and the perspectives they bring to your business in a non judgemental way. No one style of thinking is correct or incorrect, just different and we all know that diversity in thinking produces better outcomes in all aspects of life. Get in touch now - today even - to build better business outcomes in a cost effective way. Here is the link to our website. https://lnkd.in/gBNeRk8 The whole process can be online or face to face, whichever suits your requirements. We can help you enable your people to help you build better Teams and therefore better business outcomes. "Human capital and innovation are the source of all long term economic success" thinkingdna.com.au #business #people #diversity #success #betterteams #thinkingdna #HBDI
No one person has all the answers. A collective of ideas will always have a better chance of success
People and profits, hand in hand, is where a business needs to get to, if we are to have "caring capitalism". Is your business in need of some serious rethinking and re-energising to display to your people that your business has real purpose and that you care about them and their journey whilst showcasing your business's real worth and value? Are you and your people getting the best result for their and your efforts? Maybe all that is needed is to have a real look at your people with a different perspective. Maybe they are not using their thinking to the best advantage because they are not being supported or given the chance to do so in their role. Maybe your thinking is blinkered and you can't see past your own confirmation biases. We all approach our thinking with a different lens. We all approach a task in a different way. Drop a group of people onto a deserted island and watch how all of them approach the survival issues. Some will analyse the situation and rationally and logically try to resolve the issues at hand. Others will set out to organise and structure the processes that need to be achieved for survival. Others will engage with everyone so that the group dynamic is working and not fracturing, whilst others will be thinking of different ways and concepts to move forward, survive and even thrive in the environment. All together, with everyone's perspective and input, as a Whole Brain® (HBDI®), they will work out a plan that will keep them alive. If they go off on their own, chances are they will struggle. No one person has all the answers. A collective of ideas will always have a better chance of success. "Human capital and innovation are the source of all long term economic success" thinkingdna.com.au #business #people #success #innovation #work #environment #HBDI #thinkingdna
If we take a step back from the overall premise of the term 'caring capitalism', that Helen Trinca spoke of in the Weekend Australian 4/5 February, in her article about the Federal Treasurer's essay regarding the rebirth of Australian capitalism, and break it down into those 2 words, historically for the most part, they have been mutually exclusive and never the twain shall meet. However, under the microscope of current generational ideals this doesn't measure up and that word 'caring' is no longer an idealistic vision that is spoken to but not really considered. No more 'we need to be seen to be doing the right thing', but in reality nothing is done. How many reports and investigations have been commissioned where the final analysis has pages of recommendations suggested, but then nothing changes? A shift in attitudes, that is already being driven by society's younger cohort, needs to become the norm, with some re thinking about the way business goes about their business and actually doing it. If 'caring capitalism' is to be a real goal, businesses need to focus as a priority, on their human capital, their people, and display to them that your business has an authentic purpose, that is generated in a way that showcases real values and purpose. People and profits, hand in hand. Human capital and innovation are the source of all long term economic success - thinkingdna.com.au #business #people #profit #innovation #success #society #thinkingdna
In his article in the Weekend Australian 28/29 January, Jim Chalmers spoke of his vision and plan for the 'Rebirth of Australian Capitalism' His words of "Our goal is secure, well-paid jobs but also getting our human capital right more broadly - seeing productivity and participation as a function of investing in people, especially their capacity to adapt new technology" are the core of where we need to be as a nation of people striving to build something better for us all, now and into the future. People, the right people, aka human capital, are the starting point for any venture. Get the mix of people right, with diversity of talent, thoughts and perspective and you are well on the way to securing something really special for their future and your own. Human capital and innovation are the source of all long term economic success - thinkingdna.com.au #people #future #talent #diversity #perspective #thinkingdna
Diversity is the buzzword in our lives at the moment. The media is full of stories about the need for gender diversity in the boardroom and the broader workplace as a whole. There is also a lot of fallout at a very high corporate level as a result of the Royal Commission into the Banking and Financial Sector. Many business and community sectors are looking at the make up of these large corporations, with a view that the culture within is far from where it should be. Why has this happened? Now don't shoot me, but the issue isn't about gender or ethnicity or any other demographic as such. It's about having a diversity of thinking. I am all for having women in high level roles. They are just as intelligent and capable as the next person, male or female. I am a woman after all and want women to succeed and live up to their potential in whatever field of endeavour they choose and not be overlooked because they are a woman. The criteria however shouldn't be just about gender per se, but about the fact that women often approach an issue from a different perspective than a male counterpart would. Remember the ground breaking book by John Gray, "Men Are From Mars, Women Are From Venus"? Men and women think differently, from a different perspective, and this is a good thing. Now bring ethnicity into the frame and you will often get different thinking perspectives as well. But it's not cut and dried is it, because everyone is different as much as we are the same. We all have commonalities but we are all different. The true test of diversity can only come from understanding the thinking perspective of the people involved. A team, whether members of a board, or an office of managers and staff, or a sports team need the input of different thinking perspectives to create a whole of brain outcome. No good having a board filled with people who are all creatives or one where everyone is all about the business process. There needs to be input from all aspects on equal footing. Otherwise, essential aspects will be overlooked and eventually create massive problems eg, banks at the moment and the apparent lack of customer care and duty of care in their business model. So, whether your team is male, female, black, white or any other flavour, is not the criteria that should be singled out. Look at the thinking style of your people and you will identify the diversity you need for success. Every other diversity criteria becomes irrelevant because thinking diversity brings all these differences to the fore without even trying. Thinking DNA can help you get the best diversity of thinking from your team. Open the possibilities to better thinking. Ros O'Connor ros@thinkingdna.com.au 0422 609 010 Thinking DNA - www.thinkingdna.com.au
Is your business in need of some serious rethinking and re-energising? Are you and your people getting the best result for their efforts? Maybe all you need is to really look at your people with a different perspective. Maybe they are not using their thinking to the best advantage because they are not being given the chance to do so in their role. We all approach our thinking from a different perspective. We all approach a task in a different way. Drop a group of people onto a deserted island and watch how all of them approach the survival issues. Some will analyse the situation and rationally and logically try to resolve the issues at hand. Others will set out to organise and structure the processes that need to be achieved for survival. Others will engage with everyone so that the group dynamic is working and not fracturing, whilst others will be thinking of different ways and concepts to move forward, survive and even thrive in the environment. All together, as a Whole Brain, they will work out a plan that will keep them alive. If they go off on their own, chances are they will struggle. Some of our biggest companies are going through turmoil in their boardrooms at the moment; aka AMP, CBA and so on. If they looked at the individual thinking perspectives of each board member, they may find that they don't have a diversity in their thinking, which has lead them down a path of an internal and external nightmare to say the least! Our mental defaults can lead to mental blind spots and as a result act as a roadblock to making the best balanced decision. Get in touch with me to unlock the thinking diversity in your business. Better teams and better results are what I can achieve for your organisation. Learn to better use the talents within your team, for better staff engagement, with inevitable better business success. Ros O'Connor ros@thinkingdna.com.au 0422 609 010 Thinking DNA - www.thinkingdna.com.au human capital and innovation are the source of all long term economic success
Fear is such a personal thing. What one person fears, someone else wouldn't give a second thought to. We do indeed set limits because of fear. If we fear something we don't want to do it or be put in a situation where it might happen. If that occurs, we panic. It can be paralysing. We become nervous, break out in a sweat and sometimes highly agitated. Depending on the type of fear, it can be quite debilitating and make life unbearable. I live in an area now that has a lot of beautiful parklands and waterways and along with that an extensive bike pathway system. Great, my husband said. We'll get you a bike and we can go for some lovely bike rides on the weekend. The trouble with that is I have never had a bike, even as a kid and never really learnt to ride one, not well anyway. I also as a kid had a bad accident on a bike on one of the rare occasions that I actually rode one. Soooo, I avoided ever riding one again. I had a fear, irrational as it may sound, of getting on a bike and riding it. Now I know most of you are thinking Whatttt!!! Has a fear of riding a bike!! I know, but there it is. Now, this however is the first step to overcoming this fear. Owning the fear. I have told the world here in this article what I fear and you know what? It sounds ridiculous. But fear is not rational. Our mind does things that we don't want it to but we can overcome them. There are all sorts of things that people are fearful of. Flying, crowded places, driving, dogs .... I could go on and on. Often the fear can be traced back to a certain time and place but ultimately to get past the fear we need to face it head on but at a pace that we are comfortable with and with the help of an encouraging friend as an enabler if possible. So tomorrow I am going to buy myself a bike (and a helmet) and get out there and start riding it. Familiarity is the thing that will get you past the fear and stop you being limited by that fear. Practice it. Do it over and over and over and over again. You will gradually get used to it. Some may take a short time, others much longer but eventually it will become something that you don't fear. And the sense of achievement will be something that will give you cause to pat yourself on the back. No one else will look twice but you will know and that's what matters. Face your fears. It's good for your soul. Ros O'Connor Thinking DNA - www.thinkingdna.com.au human capital and innovation are the source of all long term economic success
