ASIC, APRA, and the Banking Royal Commission have been scathing about the conduct and culture of the major banks and others in the finance sector. The contrast between CCFS and the broader finance sector couldn’t be clearer.
The Ultimate Aim: Profit or Mission
Of course, it goes without saying that running a viable organisation is essential. However, CCFS is a
missional, not-for-profit charity. While CCFS needs to finish the year with a surplus, our primary aim is to serve churches and support our movement. In contrast, banks seek to maximise profit and a return to shareholders. Motivated by unrealistic KPIs and incentivised by bonuses, front line staff view you as a sales opportunity.
During his time at a major Australian Bank, I witnessed first-hand a large shift in corporate culture:
transitioning from being a provider of professional services and a trusted advisor to that of a sales and marketing business. This became even more apparent when the bank hired a senior marketing executive from the Mars Corporation as its State Manager. The Mars Bar salesman had no banking experience, and in the period following his appointment underperforming products, particularly in the area of insurance and managed funds were ‘pushed’ to clients. A cultural battle between a client’s best interest and poorly framed KPIs was turning the trusted advisor into a product-pushing salesperson. CCFS is different. CCFS is not a sales organisation. CCFS is professional, missional, not-for-profit, operated for the benefit of the movement and ultimately, the Kingdom of God.