Marion Kelly
CEO, Irish Banking Culture Board (IBCB)
Addressing culture is turning the dial for Irish retail banks that have delivered several customer and staff-focused initiatives centred on restoring trust and reputation.
Restoring trust and reputation in the banking sector following the financial crisis of 2008 has been a monumental task and has taken concerted efforts to slowly but surely win back faith from both customers and employees.
Why listening builds banking trust
“We commenced in 2019 to strategically engage with customers, staff and wider stakeholders and learned that many didn’t feel listened to and felt that their opinions didn’t count. So, it was imperative that we listened to them and introduced initiatives focused on addressing their concerns and needs,” says Marion Kelly, Chief Executive Officer of the Irish Banking Culture Board (IBCB), which is focused on helping its three member banks, Allied Irish Banks, Bank of Ireland and PTSB, build trustworthiness with the public.
Investing and changing the culture
With a workforce of around 20,000 across the retail banking sector, fostering openness, transparency and a culture where colleagues feel empowered to speak up and take accountability has been vital to ongoing reform. In the past 10 years, the IBCB member banks have invested significantly in their internal culture programmes, in diversity and inclusion and training.
Equally, initiatives to meet the needs of customers began with a major engagement drive. This included the launch of the now annual éist (the word for listen in Irish) research, which gives an evidence-based indication of how the banks are doing on the trust scale with the public.
Retail banks have invested heavily
in anti-fraud programmes —
raising awareness and helping
customers safeguard themselves.
Listening to people to make the right changes
There is also a wide range of regular stakeholder meetings, enabling representatives to sit down and listen to various voices, including the owners of small businesses, farmers and people from all walks of life.
The results of the éist surveys and the listening sessions inform initiatives by the IBCB and its individual member banks — particularly in the areas of financial literacy and awareness, inclusion and investment in social and community initiatives.
“We have listened to the lived experience of those customers who, for example, may have debt issues, financial literacy or accessibility issues or have some form of disability and where they may feel disempowered to access financial services,” says Kelly.
Financial literacy programmes to meet needs
This has led to partnerships with organisations such as Safe Ireland and TASC to design a Financial Awareness Training Programme for survivors of domestic abuse. This training supports both outreach workers and survivors in navigating challenges, such as opening a bank account without standard documentation or dealing with debt taken out without their consent.
Moreover, the IBCB and Youthreach are helping marginalised young people build financial literacy, covering budgeting, savings, credit use and risks of debt from easy-access finance like credit cards and buy now, pay later loans.
Kelly adds: “Retail banks are uniquely expected to play an active role in society — beyond offering the right products and services, they’re also expected to support customers who need extra help and support local communities.”
Guarding against fraud to regain trust
Fraud and scams remain a major concern for bank customers. Protecting them has helped rebuild trust and reputation, according to Kelly. Retail banks have invested heavily in anti-fraud programmes — raising awareness and helping customers safeguard themselves. When fraud does occur, customers want fast, human support. All three Irish retail banks now offer strong response services, which are highly valued by those affected.
The IBCB and its member banks have made steady progress in rebuilding trust. In 2021, its first éist Survey showed trust in the sector at -28. By December 2024, trust had turned positive — rising to +1. “Trust, once damaged, takes a long time to restore; the efforts of the past number of years are paying off with trust levels with customers and staff. The challenge ahead is growing and building on this, and sustaining it,” concludes Kelly.
