What is BankingFutures?
BankingFutures was a multi-stakeholder, structured dialogue designed to support the creation of a healthy, resilient and inclusive banking sector in the UK. It was run in partnership run by Leaders’ Quest and Meteos, two non-profit organisations committed to improving the role of business in society, and led by Anne Wade, Partner at Leaders’ Quest, and Sophia Tickell, Co-Founder and Co-Partner at Meteos. BankingFutures’ work on long-termism in the capital markets was led in conjunction with Andy Griffiths, Executive Director of the Investor Forum.
What was the process?
BankingFutures was a two-phase project launched in 2015. It 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 to take concrete action to:
- Forge stronger links between the financial system and the real economy, focusing on the critical SME sector.
- Reintroduce a long-term culture into investing (in recognition that the current model has been at the expense of customers and society)
Phase Two, which ran from March 2016 to July 2017, focused on identifying the concrete actions banks, investors and policymakers must take to achieve these two priorities.
The project was overseen by a Steering Group of senior banking leaders, investors, financial reform experts and civil society representatives. For a list of those who participated in the project, see below. (listed below). Its remit was to provide guidance and supervision, and to ensure the cross-pollination of ideas across themes.
What was our method?
We held formal roundtables, facilitated workshops and arranged site visits to users of bank services, conversations with financial exclusion experts, and meetings with people who have been personally impacted by the shortcomings of the current banking system.
The process was designed to enable different stakeholders to build trust and develop solutions together. Our work was underpinned by extensive primary and secondary research, and consultation with a range of external experts.
Who took part?
BankingFutures benefited from the active engagement of over 200 people via roundtables, interviews and written submissions. Most people were happy to have their participation acknowledged by being included in the following participant list. Inclusion in this list, however, should not be taken as endorsement of all the project’s conclusions or findings.
For a list of participants, please click here.