The Irish Banking Culture Board (IBCB) today released its Annual Report for the period 2023 – 2024, covering a year of impactful initiatives aimed at enhancing public trust in Irish retail banks and fostering a values-driven culture across the industry. Through research, partnerships, and purpose-driven strategic platforms, the IBCB continues to drive positive cultural change across the retail banking sector and bolster financial inclusion and literacy. 

The purpose of the IBCB is to work with its member banks to build trustworthiness with the public. A cornerstone of its work is the publication of two key surveys that provide insights into the evolving landscape of trust and internal culture within banks and inform the organisations work programme. 

The IBCB’s éist 2023 Public Trust in Banking Report, released in July 2023, revealed incremental but essential progress in public trust levels. Although the exit of two retail banks from the market tempered sentiment, public trust in banks remained linked to purpose-driven values and community support. These findings underscore the importance of banks staying committed to local communities, supporting vulnerable customers, and advancing financial awareness. 

The IBCB’s éist 2023 Staff Culture Survey Report, published in September 2023, gathered responses from over 10,000 bank employees across various roles, with 86% affirming that their bank conducts business ethically, and 76% perceiving alignment between stated organisational values and actual business practices, up from 56% since the first employee survey the IBCB published in 2019. Staff across the industry emphasised organisational pride in a sector dedicated to improved ethical business and customer-centric service—each identified through the data as core values pivotal for attracting and retaining talent. 

Speaking about the IBCB surveys, IBCB Chairman, Mr Justice Hedigan, said: “One of the key roles of the IBCB is to measure and assess trust levels with, and the behaviours of, our member banks. Our éist Public Trust in Banking surveys for trust levels with the public and our éist Staff Culture survey for internal bank culture and behaviours, are the key to this and define our work programme.” 

Recognising the importance of celebrating values-aligned behaviour, the IBCB launched its inaugural Proud to Work in Banking Awards in May 2024. This event honoured bank staff whose commitment to social purpose, customer centricity, ethical and accountable behaviour and financial inclusion, for example, could be highlighted as exemplary. 

The IBCB’s Annual Report also highlighted its significant strides in financial literacy and inclusion through key partnerships with Safe Ireland, TASC, and Inclusion Ireland. These 

collaborations deliver critical financial awareness education to support specific customer cohorts, including domestic violence survivors and individuals with intellectual disabilities. 

Furthermore, throughout the period the IBCB has worked closely with member banks around the implementation of the Central Bank of Ireland’s Individual Accountability Framework and associated conduct standards, reinforcing the belief that individual accountability is at the heart of a positive and resilient banking culture. 

Commenting on the Annual Report release, Marion Kelly, IBCB CEO, said: “Our annual report highlights the meaningful progress being made by retail banks in not only regaining public trust but also offering a workplace that staff feel proud to be a part of. We look forward to building on this momentum through further collaborations and initiatives that reinforce ethical business practices, financial inclusion, and customer focused behaviours.” 

“As IBCB moves forward, it remains committed to deepening partnerships with other banking providers across the financial services sector, consumer organisations and Government to drive sustained improvements in banking culture and financial literacy and inclusion across the sector,” she added. 

For more information or to access the full report, please visit: 2023-2024 Annual Report – Irish Banking Culture Board