IF A leading blue-chip PR firm was commissioned to find a suitable banker to project a different image of banking to the British public, then they might plumb for Ashok Vaswani without hesitation.
Let’s face it, most people think that bankers are just rhyming slang for people who entertain themselves a lot (in true cockney parlance, and that is the benign interpretation).
Vaswani has put the customer at the very heart of what he does – as the CEO of Consumer Banking and Payments – and for an industry that can sometimes appear very unfriendly, he projects a warmth and humility that isn’t much in general evidence across this sector.
If it was as simple as ‘the customer is always right and everything should be centred around that’ few banks would arguably, make the amount of money that they do (pre-pandemic).
Therein, crudely, is the crux of a difficult equation. Vaswani put the GG2 Power List in no doubt as to where he stood on this. “I think any organisation has to truly know and understand what its purpose is, why you exist.
“When you are purpose-led and you get your focus right, everything else flows from this.
“We have always said that, nobody needs another bank! Instead, how can we help people get the things done in their life that truly matter to them?” he tells the GG2 Power List.
For him, there are two further points that guide him in focusing on the fundamentals of what banking is, and should be, about.
“Secondly, putting the customer first. It’s about listening, truly listening to what the customer is telling you, about their pain points, about what matters to them, and then responding and bringing something to them that meets those pain points. And third, being humble.
“We have to be willing to accept that we are wrong, listen and adapt.
“We might not like what the customer tells us, but we have to truly hear and respond in the right way. Nothing ever changes if we, as people, are not willing to change.”
This humility, and willingness to listen, it might be argued is not something to which British banking, in the main, has aligned itself.
Many still believe the sector has a long way to go in treating customers fairly, let alone well, and a considerable number have the bitter experience of banks behaving abominably – not listening, not caring and definitely not showing any form of empathy or understanding.
What struck the PL when it met Vaswani for a previous edition of this list, was just how approachable and amiable he was, and the way he talked about his upbringing in Mumbai, in his single-mother household and those values instilled in him then have stood him in great stead for the challenges he has faced.
And this year, there have been more challenges than in any other.
“After 2008, I didn’t think I would witness another global crisis of that scale in my lifetime!” he tells us. “The impact has been huge; there is no facet of life that has not been affected by this pandemic.
Our role is to ensure that we can keep on supporting our customers, many of whom are going through a difficult time, whether that be with work, or caring for family, maybe they have worries about money or are struggling with mental health concerns.”
He said the bank’s response to sending 70,000 colleagues globally back to home to work was “phenomenal” but didn’t elaborate with us on what lasting changes might come from it. “Ultimately, we are social creatures, we love to be with other people,” he remarks.
He is a Board Trustee of Citizen’s Advice (a free information and advice service), and has been able to advise on its digital future, and its important outreach. People can no longer wander into a Citizens Advice office as they used to, obviously. “The ongoing digitalisation programme will help to ensure they are able to remain relevant and able to support consumers remotely during this time.”
This accent on technology is a recurring feature of Vaswani’s career since he joined Barclays in 2010 – initially heading up its operations in Africa. With that responsibility, his outlook completely changed, he told the GG2 Power List.
“It was a defining moment for me. I was very fortunate to have travelled a lot in my career, but it was the time in Africa that really opened my eyes and changed my thinking. There I saw the leapfrogging of technology and the way products and services were being adapted to very specific needs in the community.
“Seeing first-hand the sheer amount and pace of change was amazing! I realised that technology was shaping everything. I realised that others were ahead and that we, as a bank – and our customers – couldn’t be left behind.”
He has, in his various positions within Barclays, gone on to introduce new products and services, and most of these have a strong digital component.
Among these is Rise – a global Fintech (companies that marry finance and technology) initiative designed by the bank to support innovation and creativity in the sector.
In late October, the bank launched a related accelerator programme for black founder ledtech businesses. More than 140 had responded and 25 were being selected at the time of going to press.
Vaswani told the GG2PL: “Rise has celebrated its fifth birthday and has come a long way in that time from the seed of an idea to a global network.
It is going from strength to strength and is using its expertise to make positive social change.
Recently, Rise launched a dedicated accelerator programme for black founders, and we have a big focus on supporting and developing female entrepreneurs.”
He is also hugely proud of the work of Pratham – a charity in India that aims to plug gaps in education in the country – did under Covid-19 health safety restrictions.
“I have been able to drive fundamental changes to its fundraising strategy, which has been hugely impacted by Covid-19. I feel truly humbled to be playing a small part in supporting the education of our future generations!”
Vaswani has had various roles in Barclays, looking after its card businesses in Europe, CEO of Personal and Corporate Banking and CEO of Barclays UK.
Prior to this, he worked at the Citi Group and Brysam Global Partners, a private equity firm in the US and trained in India as an accountant and company secretary, following his degree from Sydenham College of Commerce and Economics, Bombay University. He is married and has a daughter who works in the US.
