The guy at the top is the problem. He comes from an era in the banking industry when pens were on chains and executives believed that all tellers stole money from the drawer. The distrust of employees was engrained in their thinking and probably their training. The continuation of this distrust in this day and age, especially in a business that doesn’t require the employees touch physical money, is criminal. FB still thinks he runs a bank. Here’s a great example: when he came to First Data he ridiculed the then current management for not having a Controls Department, which is standard at a bank per FDIC regulations but not common elsewhere. The governance of policy, adherence to regulations, monitoring of practices and employees are functions that can - and were - accomplished by various internal departments (audit, legal, security.) But FB needed to be in charge of a bank so he built a redundant Controls Department and populated it with ex-banking cronies at salaries no one at First Data approached. We grumbled and said things like “We don’t have a vault either. Should we build one of those?” Anyway, the problem is one man. He needs to go.
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He knows very little about banking. He only has a insufficient understanding of "card processing". He has the biggest learning curve (I know that ship sailed already).
Really well said. I hope you get a shout out at the next global town hall "people can write about me on the internet." Lol.
He wants the culture of a bank with the expertise of a technology company and the salaries of a call center.
If the pay isn’t good and the culture isn’t good, then you’re going to have a company populated with unengaged, un-enthusiastic associates who have little to no desire to up-skill outside of getting out of here. Badging reports isn’t going to change that nor is sapience reporting nor are locker room chats.
The rot starts at the top.