BankingFutures

Who are we?

BankingFutures is run in partnership by Leaders’ Quest and Meteos, two non-profit organisations committed to enhancing the positive role business plays in society.

What is our goal?

We aim to contribute to create a healthy, resilient and inclusive banking sector in the UK; one that can withstand shocks and enables all stakeholders to participate in the economy.

What is BankingFutures?

  • To meet this challenge BankingFutures has created a forum for a sustained, multi-stakeholder dialogue to contribute to debates about bank reform. It convenes leading figures in the UK’s largest banks, regulators, customers and civil society experts to jointly address:
    The lack of visible leadership from the banking sector and the need for a frank conversation about how to (re)align incentives to deliver long-term value and better societal outcomes
  • The need for improved communication between those advocating for reform within the sector and civil society
  • Limited engagement by institutional investors about their role in reshaping bank behaviour.

Our goal is to create an opportunity for societal stakeholders to engage with leaders of bank reform to propose policies and actions for the creation of a diverse, sustainable banking system.

Phase 1

BankingFutures began with a structured dialogue with over 200 industry leaders, investors and customers. The resulting report, Banking on Trust, (February 2016), called for the UK banking system make significant progress in three specific areas.

Phase 2

Phase 2 is building on this work by creating three Action Groups committed to developing policy, market and management recommendations in three areas:

  1. Forging strong links between the financial system and the real economy
  2. Reintroducing a long-term culture into investing (in recognition that the current model has been at the expense of customers and society)
  3. Improving duty of care to customers, and particularly more vulnerable members of society.

We will launch the consolidated findings in December 2017 with a road map for tangible actions against a 2020 horizon. The project will be overseen by a Steering Group of senior banking leaders, investors, financial reform experts and civil society representatives. Their remit is to provide guidance and supervision, and to ensure the cross-pollination of ideas across our three Action Groups.

What’s our method?

We will seek to achieve these goals by undertaking formal roundtables, facilitated office-based workshops, site visits to users of bank services, conversations with financial exclusion experts, and meetings with people who’ve personally experienced bank shortcomings. Our work is underpinned by extensive primary and secondary research, and consultation with a range of external experts.

Our process is designed to enable these stakeholder groups to build trust and collaborate on solutions. The BankingFutures Steering Group and three Action Groups, will therefore comprise representatives from each stakeholder group, tasked with the leadership needed to work collectively towards solutions.

Our deadline

In December 2017 our BankingFutures project will publish its final report, laying out a road map to 2020 towards a healthy banking sector.

Our ethos

BankingFutures takes a systems approach to change within the financial sector. We believe different actors and interests within the financial system hold it in place, and that substantive change requires collective input and action. The principle system actors are investors, bank employees, regulators and customers and civil society. They all need to be involved in the process of change. Experience teaches us that we must seek systemic change through a multi-stakeholder, cross-sector leadership approach. That real commitment to action is most likely to come about through joint analysis of opportunities for change, and a collaborative search for solutions across all interested stakeholders.

We believe concrete commitment to action, and visible, forward looking leadership will lead to long-term change.

What the steering group members of BankingFutures say about the project:

“Our starting point is that banks are here to serve. Society needs to tell us how, and then we need to meet those requirements. However, it’s also our responsibility to help society express informed choices. We have a collective challenge that our voice is currently absent from these debates.”
John Flint, Chief Executive, Retail Banking and Wealth Management, HSBC

“For a long time investors over-emphasised the importance of short-term profit maximisation. We need to hold managers to account so they can drive the right behaviours in their organisations. It’s incumbent on this group to work with managers to set new expectations and help drive down that change.”
Jessica Ground, Global Head of Stewardship, Schroders

“Trust in the banking industry remains perilously low. Time alone won’t heal that; it requires concerted effort by the industry. We’ve been pleasantly surprised that people were ready to hear from bankers. We now have space to discuss and debate a way forward with the stakeholders that we serve. The leadership challenge in banks is unique and complex; the UK industry needs initiatives like BankingFutures to help unravel that.”
Matt Hammerstein, Head of Client and Customer Experience, Personal and Corporate Banking, Barclays

“Many communities are still failing to benefit from economic growth while people and businesses still struggle to access the appropriate and affordable financial products and services they need to participate in the mainstream economy.  Constructive dialogue between all those involved in the financial services sector is critical to tackling these issues.”
Jennifer Tankard, Chief Executive, Responsible Finance

“The core challenge facing the banking sector is how it better serves the needs of the real economy – and a real economy that is in transition to a zero carbon future. The individuals in BankingFutures are seeking to stimulate the next generation of leadership in the sector, which means both preparing for and shaping a very different future”
Nick Robins, Co-Director, Inquiry into the Design of a Sustainable Financial System, UNEP

“Even 8 years after the financial crisis there remains a gap between public perceptions of banking and the banks’ view of the world. Meaningful engagement between banks and civil society is vital to closing this gap and navigating towards a financial system that not only delivers the best possible economic and social outcomes, but is seen to be delivering them.”
Tony Greenham, Director of Economy, Enterprise and Manufacturing, RSA

The BankingFutures Steering Group

  • John Flint, Chief Executive, Retail Banking and Wealth Management, HSBC Holdings Plc
  • James Garvey, Managing Director, head of Capital Markets, Lloyds Banking Group
  • Tony Greenham, Director of Economy, Enterprise and Manufacturing, RSA
  • Andy Griffiths, Senior Advisor, Corsair Capital & Executive Director, Investor Forum
  • Jessica Ground, Global Head of Stewardship, Schroders
  • Matt Hammerstein, Head of Client and Customer Experience, Personal and Corporate Banking, Barclays
  • Will Hutton, Chair, Big Innovation Centre Steering Group, Big Innovation Centre
  • Stephen Jones, Independent
  • Stuart Lewis, Chief Risk Officer and Member of the Management Board and Group Executive Committee, Deutsche Bank
  • Francesca McDonagh, Head, Retail Banking and Wealth Management, UK & Europe, HSBC
  • Glen Moreno, Chairman, Virgin Money
  • Faith Reynolds, Independent
  • Fred Rizzo, Portfolio Manager, GIC
  • Nick Robins, Co-Director, Inquiry into the Design of a Sustainable Financial System, UNEP
  • Simon Samuels, Independent consultant
  • Bevis Watts, UK Managing Director, Triodos
  • Helen Wildsmith, Stewardship Director, CCLA

BankingFutures Action Group 1 Participants

  • James Cliffe, Head of Business Banking UK, HSBC
  • Tony Greenham, Director of Economy, Enterprise and Manufacturing, RSA
  • Will Hutton, Chair, Big Innovation Centre Steering Group, Big Innovation Centre
  • Tony Baron/Martin McTague, Chair of the Treasury Policy Unit/Policy Director, FSB
  • Marloes Nicholls, The Finance Innovation Lab, Strategist and Senior Fellow
  • Stephen Pegge, Group Competitive Markets and Business Policy Director, Lloyds
  • Faith Reynolds, Independent
  • Nick Robins, Co-Director, Inquiry into the Design of a Sustainable Financial System, UNEP
  • Jennifer Tankard, Chief Executive, Responsible Finance
  • James Corah, Head of Ethical and Responsible Investment, CCLA
  • Stephan Wilken, Managing Director, Head of Enterprise Risk and Model Risk, Deutsche Bank AG
  • Rebecca Pritchard, Head of Business Banking, Triodos
  • Marloes Nicholls, Strategist and Senior Fellow, Finance Innovation Lab

The recruitment process for Action Group 1 is in process; further participants will be added to this list in the coming weeks.

BankingFutures Action Group 2 participants

  • Carla Antunes da Silva, Deputy Group Strategy Director, Lloyds
  • Justin Bisseker, Pan-European Banks Analyst, Schroders
  • Albert Coll/Paul Novelle, Institutional Policy and Market Relations Director/Head of External Relations, Banco Sabadell ‎
  • Paul Cox, Senior Lecturer of Finance, University of Birmingham & Investment Advisor, NEST
  • Lawrence Dickinson, Group Chief of Staff and Company Secretary, Barclays
  • John Flint, Chief Executive, Retail Banking and Wealth Management, HSBC Holdings Plc
  • Andy Griffiths, Senior Advisor, Corsair Capital & Executive Director, Investor Forum
  • Sue Harding, Director, Financial Reporting Lab, Financial Reporting Council
  • Will Hutton, Principal, Hertford College, University of Oxford & Chair, Big Innovation Centre Steering Group, Big Innovation Centre
  • Stephen Jones, Independent
  • Hendrik-Jan Laseur, Founder, Lead the Change
  • James Hopkinson, Global Head, Investor Relations, Standard Chartered
  • Sacha Sadan, Director of Corporate Governance, LGIM
  • Simon Samuels, Independent consultant
  • Eugenia Unanyants-Jackson, Director, Head of ESG Research, Allianz Global Investors GmBH

BankingFutures Action Group 3

Action Group 3 begin work in Q4 and detailed recruitment will begin soon.