Australian banking outlook: Compliance culture depends on innovation
Banking institutions are risk engines. Customers know this. Bankers know this. Financial regulators know this. Although no one likes to be turned down for a loan, risk due diligence is actually a good thing. The global financial crisis of 2007-2008 proved that risky practices of the past were not good for the economy, for society, or for confidence in the sector as a whole. The challenge is finding the balance to meet responsible lending criteria while ensuring consistent customer satisfaction.