Supplied by Absa For centuries, the banking sector has attracted bellicose public reviews from various opinion-makers and ordinary people throughout the world.
When the American poet, Robert Frost, said:"A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain," he reinforced a widely-held view. It is important to mention that this criticism is not without merit if one appreciates the centrality of banks in nations’ economic evolution.
Yet, despite the international impact of the crisis, the South African banking system was globally feted for having withstood the perils of the meltdown. Public money was never diverted to save our banks. Many initiatives were taken by banks globally, and I can attest to the fact that the banking sector in South Africa and across the continent also rose to the occasion. When President Cyril Ramaphosa declared banking an essential service, our industry was brought into sharp focus. Through this step, our sector’s social role was formally acknowledged as an agent for social change.
Citing these is not an effort at chest-beating. Far from it, the sector has benefited from the communities in which we operate and it therefore makes sense to invest in those communities and practically show empathy during tough times. We also acknowledge that we have more areas of improvement that require ongoing attention.A deep dive into the big business story of the week, as well as expert analysis of markets and trends.This brings me to the homeward point.