Professionalism in banking – The Business & Financial Times

By Robert Owusu, FCIB

Developing and sustaining professional behaviours is critical to any job success. Employers expect their employees to be professional while engaging with others and representing the organization.

Banking is often publicly perceived as a front-facing, sales-driven industry but in reality, it encompasses a complex eco-system of departments and responsibilities.

From back-office operations to compliance, decision-making and strategic planning, every function is critical in maintaining trust and professionalism within the sector.

A strong sustainable and competitive banking sector needs effective regulation and compliance. However, it also needs people who have customers’ interest at heart and who within this ethical framework have the ability, autonomy and confidence to exercise judgement when presented with situations that aren’t straightforward.

It needs a culture in which knowledge and experience are valued, challenge and feedback are expected, and mistakes are recognized, remedied and learned from, a culture, in which professionalism is the norm.

WHAT IS PROFESSIONALISM

Professionalism is a collection of traits that demonstrate one’s capacity to be a diligent, reliable and courteous individual in a professional context. The way one presents himself/herself, interacts with people and approaches jobs, play a major role in determining one’s level of professionalism.

This involves getting properly dressed, treating others with respect and having a good altitude. In the workplace, professionalism is apparent through how well employees adhere to organizational policies (Source: Banking All Info.).

In other words, professionalism is a set of behaviours, qualities, skills, good judgement, moral standards and principles that exhibit competence, integrity and respect in the workplace. It goes beyond possessing technical skills. It involves adhering to ethical standards, maintaining accountability and striving for excellence (Source: The Financial Express).

CHARACTERISTCS OF PROFESSIONALISM

Professionals possess a number of important features that can apply to virtually any type of business. Being a professional in your chosen field means much more than just holding a college degree and donning a business suit.

Below are the outstanding characteristics that should manifest or be displayed by professionals: –

1. NEATNESS (APPEARANCE)

Maintaining a professional look with good hygiene and cleanliness is an important element of professionalism. It is critical that you wear clean attire that adheres to your organization’s dress code and that your workplace is clutter free. Neatness communicates to people that you are organized, mindful of how you present yourself – ready to fulfill your professional responsibility. You can display neatness by: –

• Making sure that your clothing is clean and free of wrinkles and holes.
• Choosing appropriate attire for your profession.
• Maintaining adequate and proper personal hygiene.
• Keeping your workplace tidy and organized.

1. ETIQUETTE (DEMEANOR)

Etiquette is an unwritten rule of behaviour that outlines the appropriate way to behave in the workplace. Proper etiquette frequently entails displaying excellent manners, being courteous and treating people with kindness and respect. There are numerous ways to demonstrate proper business etiquette, including: –

• Greeting new people in a kind and polite manner.
• Dressing appropriately for the occasion.
• Using professional language and full sentences in written communications.
• Putting your phone off or on silence during meetings and when you are engaged in face-to-face conversations.
• Remembering and greeting individuals by name.
• Making eye contact when speaking to other people.

1. RELIABILITY

Being dependable in the workplace is crucial. When employees can rely on another to perform their parts effectively, departments can become more efficient and successful. It is easier to accomplish corporate goals and overcome difficulties when you and your co-workers can trust each other to meet deadlines, create quality work and respond immediately to request. You can demonstrate reliability through: –

• Always following up queries in a prompt manner.
• Producing consistent quality work.
• Responding to bugs and problems in a consistent manner.
• Following defined protocols and procedures.
• Giving your full attention to the task at hand.
• Being detail-oriented.

1. COMPETENCE

Professionals strive to become experts in their field, which sets them apart from the rest of the pack. This can mean continuing your education by taking courses, attending seminars and attaining any related professional designations.

1. CONSIDERATION

Employees that exhibit concern for people around them are aware of their coworkers’ ideas, feelings and needs. Even under difficult conditions, they are courteous and pleasant to coworkers and customers. While it may be necessary to give bad news or voice criticism for a project or its outcomes, doing so with care is more helpful and effective. Those who are considerate exhibit thoughtful and empathetic behaviour such as the following: –

• Being nice, polite and kind to your colleagues.
• Making an effort to help those in need.
• Remaining tolerant and considerate of others and their feelings.
• Thoroughly listening to others’ views and opinions before responding.

1. WORK ETHIC

Employers like to recruit employees who are dedicated to their roles and responsibilities and may offer more advancement opportunities to those who remain actively engaged in the workplace. A strong work ethic demonstrates that you are committed and devoted to achieving great results through your work. Demonstrating your dependability and willingness to go above and beyond to satisfy your employer’s expectations can assist you in your career progression.

You can show your dedication throw the following initiatives: –

• Being proactive and volunteering for new projects.
• Displaying a positive work ethic and strong work attitude.
• Producing high quality work.
• Meeting all deadlines.
• Maintaining a good attitude toward your job responsibilities.

1. ACCOUNTABILITY

Although organizations frequently hold their employees accountable, the most effective professionals hold themselves accountable. Accountability demonstrates to others that you accept ownership and responsibility for your actions and the consequences. Accountability necessitates accepting responsibility for mistakes or failure, which can be difficult at times.

However, your ability to do so may demonstrate your self-awareness and dedication to honesty and integrity. You can enhance and better demonstrate your accountability by: –

• Completing all assigned duties in a timely and prompt manner.
• Accepting responsibility for the consequences and outcome of your decisions.
• Striving to accomplish your objectives and undertake your part to help your team fulfil targets.

1. INTEGRITY

Integrity is an integral component of professionalism since it shows others that you devote yourself to a high moral standard. Those with integrity are truthful and ethical. While most organizations have a behavioural policy in place to guide employees’ conduct, it is critical that you remind yourself to maintain a high standard of morality in all situations.

Your integrity can shine through when you keep your pledges and accept ownership and accountability for your actions. Acting with integrity also entails being respectful and courteous to your coworkers, supervisors, subordinates and customers. You can demonstrate integrity in the workplace by: –

• Keeping your word and commitment at all times.
• Maintaining confidentiality when mandated.
• Avoiding discussing sensitive topics irrelevant to your employment.
• Adhering to all corporate regulations and procedures.
• Giving credit to others for their accomplishments.

DISTINCTION BETWEEN PROFESSIONALISM AND ETHICS

Though the terms professionalism and ethics are used interchangeably by some people, they are different concepts. The main difference between the two include: –

1. Nature: – Professionalism is cultivated by the individual personally and encompasses a wide range of behaviours and attitudes, while ethics refers to the guidelines that state the dos and don’ts in a specific context.
2. Source: – Professionalism is pursued by the individual personally and is not solely defined by a set of rules. In context, ethics are usually stated, meaning they are explicitly defined and documented, such as in a code of ethics.
3. Scope: – Ethics focus on maintaining integrity in the workplace and adhering to acceptable standards of behaviour, while professionalism includes ethical behaviour but also covers other

aspects of workplace conduct, such as competence, respect and reliability.

1. Application: – A code of professional conduct is the real-life application of a code of ethics with specific actions taken to adhere to the code. Ethics can be considered the theoretical ideas while professional conduct is the practical path to fulfilling those ideas.

Example of professional conduct include having a policy of full disclosure when it comes to your qualifications being honest and transparent in your work and maintaining a loyalty to your employer, clients, profession and society. Ethical behaviour is an important aspect of professionalism, but it is just one feature among many others that contribute to a professional’s reputation and success.

WHAT IS PROFESSIONALISM IN BANKING

Professionalism in banking refers to a conduct, where all individuals working in the banking sector are expected to act in a fair and honest manner. This is to protect the interest of customers, colleagues and counter parties and the wider interest of society as a whole (Source: The Financial Express).

Banks are more regulated financial institutions worldwide than any other institutions because of their fiduciary and intermediary roles. However, laws and regulations alone are not enough to bring discipline in banking operations. Therefore, it is imperative that, to enhance public confidence, trust and pride within the banking profession, individuals working in the banking sector should make a personal commitment to higher standards of professionalism.

IMPORTANCE OF PROFESSIONALISM IN THE BANKING SECTOR

Promoting professionalism in the banking sector has very important impact on the industry.

This includes: –

• Increased confidence in the banking system, building trust and customer loyalty, encouraging economic growth and investment.
• Enhanced transparency and, reduced fraud which finally benefits both bank and clients.
• Improved reputation (both local and international), attracting foreign investments and strengthens the banks competitive position.
• Ensures compliance with legal and ethical standards, avoiding legal repercussions.
• Facilitates effective teamwork and collaboration within the banking institution.
• Development of a skilled and ethical workforce contributing to the overall development of the country.
• Increased employee motivation and job satisfaction, leading to productivity.

EXPECTED QUALITIES OF A BANKER

The world of finance is highly competitive and succeeding in this industry requires a unique skill set and specific traits. Bankers who excel in their roles and lead their organizations to success possess a distinct combination of attributes that set them apart from the rest.

Detailed below are traits that define these professionals and contribute to their achievements in the banking sector: –

1. FINANCIAL ACUMEN

At the core of every successful banker is a deep understanding of financial markets, investment strategies and economic trends. Bankers possess exceptional financial acumen, enabling them to analyse complex data, interpret financial reports, and make informed decisions. Their ability to identify profitable investment opportunities and manage risk effectively is crucial in guiding their clients and organizations towards success.

2. LEADERSHIP SKILLS

Leadership is a fundamental trait among bankers. Effective leadership fosters a collaborative and innovative work environment encouraging employees to perform at their best and driving the organization towards their goals.

3. EFFECTIVE COMMUNICATION

While analysing markets and spreadsheets is a key component of the job scope in the banking industry, clients and coworkers are equally important. Most hiring managers will look out for candidates that are capable of both being an effective listener and someone who can explain complicated processes in an easily understandable manner.

4. EMOTIONAL INTELLIGENCE

It’s no secret that the finance industry can be a high-pressure environment. To be successful in this line of work, one needs to be personable and have strong emotional intelligence. Recruiters in this space don’t just examine CVs’ but are looking for candidates who can interpret not only spreadsheets, but human behaviour, too.

5. RELATIONSHIP BUILDING

Building and maintaining strong relationship with clients and stakeholders is a key trait of bankers.     They excel in networking, communication and relationship management. The ability to establish trust and credibility is crucial in attracting and retaining clients, as well as nurturing long-term partnerships.

6. PROBLEM-SOLVING ABILITY

The financial industry presents a myriad of complex challenges, from intricate financial transactions to unforeseen market shifts. Bankers possess exceptional problem-solving skills enabling them to analyse problems from various angles and develop creative solutions. Their ability to think critically and act decisively is instrumental in navigating through uncertainty and finding viable solutions.

7. RESILIENCE

Resilience is a characteristic shared by bankers. The finance industry can be demanding and subject to market volatility. Bankers must demonstrate the ability to remain composed under pressure and bounce back from setbacks. Their resilience allows them to adapt to changes, stay focused and continue working towards their goals.

8. ATTENTION TO DETAILS

In the financial world, even the smallest oversight can lead to significant consequences. Bankers pay meticulous attention to detail in their work, ensuring accuracy and minimizing errors. This trait is essential in managing complex financial transactions and ensuring compliance with regulatory requirements.

9. TIME MANAGEMENT

Bankers are masters of time management. They handle numerous responsibilities, meet deadlines and prioritize tasks effectively. Efficient time management allows them to maximize productivity without compromising on the quality of their work.

10. ADAPTABILITY

The finance industry is ever-evolving, driven by technological advancements, changing regulations and market dynamics. Bankers demonstrate adaptability, embrace change and continually upgrading their skills to stay relevant in a rapidly changing landscape.

11. ETHICAL INTEGRITY

Integrity and ethical values form the bedrock of trust in the finance sector. Bankers uphold strong ethical principles, ensuring transparent and honest dealings with clients, colleagues and stakeholders. Their ethical integrity fosters confidence and credibility in their professional relationship.

12. CONTINUOUS LEARNING

Bankers are committed to lifelong learning. They stay informed about industry trends, economic developments, and innovations in finance. Continuous learning empowers bankers to stay ahead of the competition, offering the most up-to-date advice and solutions to their clients.

PROFESSIONAL MISCONDUCT IN BANKING

Professional misconduct refers to inappropriate or unethical behaviour by professionals in the conduct of their duties or in their business operations.

In other words, professional misconduct is a breach of ethical or legal standards by professionals in their field, which can result in serious consequences such as legal action, damages or disciplinary action by their registration body (Source: Founder Shield).

In the context of the banking sector, professional misconduct can include actions such as: – fraud, misrepresentation, embezzlement, money laundry, insider trading and violations of regulations and policies. The definition of professional misconduct can vary by profession and is often outlined by law.  Typically, it encompasses actions that fail to meet the standards expected of a professional in their field, which may include breaches of ethics, negligence or actions that undermine public trust or violate legal standards.

STRATEGIES TO MANAGE UNPROFESSIONAL BEHAVIOUR

Strategies for dealing with unprofessional conduct include: –

• Ensure that all staff are aware of behavioural expectations and reporting processes.
• Establish a “zero tolerance” approach to unprofessional behaviour.
• Consistently apply policies and processes to manage unprofessional behaviour that comply with current employment law.
• Hold team members accountable for their behaviour and involve HR to implement appropriate responses that help the individuals.
• Reduce fear of revenge and intimidation by having “zero tolerance” to retaliation.
• Ensure the same standards apply to all management and staff.
• Reward positive behaviour.
• Provide skill-based training.
• Build a positive culture.
• Take further action, if necessary, by reporting to the board.

CHALLENGES IN MAINTAINING PROFESSIONALISM IN THE BANKING SECTOR

Professionalism runs the risk of exposing individuals to an impossible task of maintaining conduct standards in a profoundly inimical environment. The key challenges in maintaining professionalism in the banking sector include: –

• Corruption and unethical practices prevalent in the country’s business culture.
• Pressure to meet sales targets may compromise ethical standards.
• Inadequate training and professional development programmes for bankers.
• Lack of accountability and consequences for unethical behaviour.
• Political interference and favouritism influencing banking operations.

CONCLUSION/WAYFORWARD

A steady drip-feed of examples of bad behaviour or lack of competence has undermined the reputation of the banking sector as a whole. Public confidence in the industry’s ability to manage and police itself has declined sharply, leaving a vacuum that regulation is now moving to fill.

Regulation cannot, however, do everything; nor should it aim to. Even the best designed, implemented and enforced regulation cannot guarantee that customers will be treated fairly or market participants act with honesty and integrity. It cannot transform poor managers or role models into good ones; and there are obvious downsides to a world in which a firm deems anything not explicitly prohibited to be appropriate.

A strong sustainable and competitive banking sector needs effective regulation and compliance but it also needs something more. It needs institutions – who have their customers’ interest at heart and who within this ethical framework have the ability autonomy and confidence to exercise judgement when presented with situations that aren’t straight forward.

It needs a culture in which knowledge and experience are valued, challenges and feedback are expected, and mistakes are recognized, remedied and learned from, a culture, in short, in which professionalism is the norm.

ABOUT THE AUTHOR

ROBERT OWUSU, FCIB – is a Fellow of the Chartered Institute of Bankers (Ghana). A seasoned banker with wide experience in Retail Banking, Internal Auditing, Project Management, Electronic Banking with high specialty in Internet Banking. He is also a Consultant and a Supervisor of Chartered Institute of Bankers (Ghana) examination.

CONTACT

E-mail address:  kwa [email protected]; Tel. 0240 821597 & 0546 907904

Post Views: 112