Banking code – good banking governance

Banking Code | The Association| Time to Act| Concepts & Measures


The crisis in the financial industry has destroyed the trust in almost all industry players

  • Between financial institutions and financial service providers
  • Financial institutions and business, entrepreneurs, industry and investors
  • Financial institutions and accountholders, savers and small investors
    and requires immediate action!

In Germany alone, there have been 2079 banks, 718 financial service-providing institutions, 633 insurance companies, 26 pension funds as well as 6000 funds and 78 investment companies that have been affected by this capital-based damage to image and the economy. (as of Jan 08/Bafin)

The financial market has not self-regulated itself in the sense of economic liberalism, but rather appears almost to have completely collapsed. Thus, it requires global intervention and regulations which are accepted by the parties involved and transparent.

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Banking Code

Until strict, internationally comparable laws exist, the financial industry will subject itself to its own code of conduct called “good banking governance” because now it is time to refine and develop such a system of rules and regulations.

These normative rules and regulations are being prepared by the participants themselves because they possess the required technical knowledge and only this will symbolise credibility and a new way of doing things.

Federally, this will be done upon a global level, verified and, optimally, jointly ratified at the same time. Employees and customers will actively participate in the process of the development of the code through corresponding internal and external forums for dialogue.

The public – employees, customers and media – demand this. The codes should be immediately communicated and made transparent. The financial institutions will formulate the banking code to which they themselves are subject.

The financial industry has the main goal of globally establishing a financial system that is functional and stable and has integrity.

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Even we, the members of the Banking Code Initiative, are in demand!

The Banking Code Initiative is an association of interdisciplinary experts from business, science, marketing and communication.

Experience across many industries and many years of comprehensive expertise – particularly in financial industry services – distinguish the members of the Initiative and enable them to develop pragmatic, action-oriented communication measures and implement them in a resource-based manner.

They can be used in all communication disciplines and lead to an interwoven concept without entering into competition with the respective divisions (Communication, Marketing, Sales, HR) or external service providers (advertising, PR, etc.).

We support the process from the first impulse through the operative implementation. Thus, the code is transported and fundamentalised within the financial institution and to the public.

The values from the following semantic field are central and form the basis for the code and must be restored:

  • Decency & sincerity
  • Prudence & conscientiousness
  • Authenticity & integrity
  • Openness & straightforwardness
  • Virtuousness & honesty
  • Loyalty & trustworthiness

This crisis which has also been called the “crisis of trust” urgently requires the addressing of ethical values and implementing them into the monetary economy.

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Time to act

These values must be anchored in the company and must be able to be experienced externally. This requires various, targeted measures which communicate the results not only as catchwords, but rather can be made comprehensible. The geist of a “reputable entrepreneurship” and its representatives will thus be able to be experienced and felt.

The special challenge lies in the synchronicity of the internal and external image change. The integral measures package of internal and external communication will be realised in the obtaining of customers. In this regard, it does not concern deep penetration with marketing catchwords, but rather initiating a practical relationship:

Because nothing is more direct than face-to-face dialogue. Thus, the focus is not upon brochures and classical campaigns, but rather is experienced and thus able to be experienced by people:

The foremost company representatives will provide professional consulting (coaching), make announcements to the public and the media about changes of course and then present the “new values and regulations to be enacted” without creating liability by so doing through formal juridical crossfire.

The authenticity of persons is communicated through “Live Communication”, both by company representatives as well as also from testimonials whose image and path through life embody the new inner attitude of the bank and radiate outwardly upon the code presentation, e.g. through events with the top key accounts or public events.

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Concepts & measures

The Banking Code Initiative develops – following the code – individual concepts and measures of the mix of communication and marketing.
Sequential, analytic customer surveys, management coaching, training, PR measures and classical image promotion while using the new media.
In order to quickly find direct access to the public, the possibilities of Live Communication are particularly required.
The following are suitable as measures:

  • Public events
  • Key account events
  • Media events
  • Participatory events such as forums for dialogue or conferences for savers

Frankfurt in September 2008
Banking Code Initiative:
Dr. Helmut Ziegler ∙ Fritz Pütz ∙ Sven Eichenlaub ∙ Rosa Erdmann ∙ Dr. Olaf Behrend