NZBA is a professional body that was established in 1891 as the voice of bank of the banking industry. The NZBA has been significant engagement in management of difficult situations such as policy regulation within the New Zealand banking industry. The objectives of the organization include maintaining favourable standards of good banking practice and maintaining good bank customer relationships through development of strategic measures that promote positive change and high customer satisfaction levels. Charles (2017) connoted that the banking industry is one of the fastest growing sectors not only in NZ but also in all countries across the world. The body operates under the regulation of the Financial Markets Conduct Act 2013 and emphasises on its implementation. The NZBA has attracted a large pool of registered banks in the country for enhanced credibility. It was also made a requirement that various financial institutions must be a member of any association that will monitor their code of conduct. The body is commonly known as the voice of the banking industry in New Zealand, it serves to protect the interest of both banks and their customers from the breach of fiduciary duty. It helps in interpreting the provisions of New Zealand's Central Bank in regulating the banking sector and ensure compliance to the set guidelines.
Ethical and Professional Standards
The body ensures compliance with the ethical and professional standards by avoiding issuance of misleading information to the public. Professionalism and ethics are essential aspects for effective delivery of the banking services across the world (Granja, 2018). This is due to the risks associated with the practices where no regulations are applied. The operational code defines the level of interaction and engagement between banks and customers. The underlying operational standards within the NZBA outline a highly successful engagement between banks within the industry and its customers. The agency provides merit to the banks found not complying with these provisions. In addition, it is essential to ensure moral principles to promote the organisational trust in the public's perspective. The set ethics and professional standards are used in the decision-making process of the member firms (Unda & Margret, 2015).
The major policies that have been outlined within the company influencing its operational environment include customer management practices and development of important dispute resolution schemes. These policies have formed the basis of the association development. The level of service delivery varies from one banking institution to another; it is the role of the NZBA to define operational standards where all the banks needs to consider in defining their respective service delivery strategies.
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New Zealand Banker's Association (NZBA). (2022, Jul 11). Retrieved from https://proessays.net/essays/new-zealand-bankers-association-nzba
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