13 October 2015

Innovation and vision

Vishwanath Thanalapatti - Risk Management Professional

25Posts 97,729Views 18Comments

I need a bank's credit rating to open an account

25 May 2011  |  3142 views  |  1

A bank’s business development manager may not like this at all.  I see a need for this. In the last one year I realized quite a few banks knocked on my door to open and maintain my bank account. In addition a few friends who are bankers have asked me to open an account in their banks. This incentive driven business promotion is now spreading like a wildfire.  

I now impose standards on banks that need my savings. I am looking for a dashboard on their web site that will demonstrate honesty, integrity and righteousness.  In short ‘Do the right thing’.  The KPIs are

1.       Credit ratings, corporate credit rating for last 5 years

2.       Bonuses paid to top executives in the last 5 years. What are the parameters for paying bonus? In cash and in kind (all paid trip to an Island resort for family).

3.       Profit/loss made in the last 3 years. How these relate to bonus paid.

4.       Employees sacked in the last 3 years as a cost cutting measure. This must have correlation to #2 and #3.  

5.       How many legal suits were filed against the bank and settlements made.

Additional Mandatory Information:

1.       Money lost in the recession on account of investment in exotic securities.    

2.       What was the role played by the bank in special situations? Example recession.  Was the bank prudential? At least 3 examples that demonstrates the bank did the right thing.

As mandatory disclosures to general public, I also would like to know how the bank has distributed its assets; will the bank be liquid in the short run and solvent in the long run.  Simple explanations will be necessary.

In the design on their web site each bank must be mandated to have this dash board prominently available with frequent updates.

If the banks need information from me, it is fare they must also be wiiling to disclose theirs. I will choose my bank that is transparent, less risky with better governance. If you need my loyalty, bring something worthwhile to the table.

Is any CEO ready to accept this challenge?

TagsRetail banking

Comments: (1)

Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 27 May, 2011, 16:06

Best wishes finding such a bank. But, while I don't know about #4, #1, 2, 3 and 5 are generally available on the bank's websites or quarterly filings to regulators. And, if they're not, lack of dashboard might be the least of your worries in dealing with such a bank!

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job title Risk Management Professional
location Toronto, Canada
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