At Smart Money People, our vision includes improving customer outcomes in financial services by shedding a light on good and bad culture within organisations.
What is culture?
Commonly described as “the typical behaviours that characterise a firm”, the spotlight on a firm’s culture is shining brighter than ever before. Culture is very often driven from the top down, and the way management within a firm behaves often dictates the way the rest of the organisation behaves, and sets out what’s acceptable behaviour to them and what isn’t.
In the past the culture of some financial organisations could be considered unimportant, a tick box exercise, and at times, unethical. You only have to look at the behaviours of people within firms before the financial crisis in 2008 to see how a poor culture shattered the trust consumers and businesses placed in financial services firms.
And while the financial services landscape is markedly different from the depths of 2008, rebuilding trust, and keeping hold of it, is an ongoing process that takes time and effort.
What do we look at when analysing a firm’s culture?
When someone leaves a review on our site of their experience with an organisation we ask them a series of questions to capture a full picture of their experience, and how the actions and behaviours of the organisation left them feeling.
We’re then able to benchmark this data against reviews left for industry peers to paint a picture of what culture within that firm, and industry looks like, and whether an organisation is promoting a good culture among staff, or if there are issues at the heart of the organisation.
Find out more about our work with our culture in finance report.