On-demand Webinar: Changing the culture of financial services

The FCA defines culture as ‘the habitual behaviours and mindsets that characterise an organisation’ yet culture is commonly known as ‘the way things are done around here’. How can the financial services sector change this mindset to reflect a culture that aligns employee practice with the best customer outcomes? Can organisations utilise the Covid-19 pandemic as an opportunity to develop their corporate culture in a vacuum?

Dr Tom Reader, associate professor at the LSE’s Department of Psychological and Behavioural Science, explains that the key is having a compelling reason to change as “Covid-19 is testament to the fact that culture can change rapidly”. Behaviours change when the cause is important – often, change programmes are ineffective because they are meaningful only for the people who want the change, not for the people they want to change.