NOT LONG AFTER the 2018 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, I attended a panel discussion that sought to consider its professional and ethical implications for bankers. Anna Bligh, CEO of the Australian Banking Association at the time, persistently used the #notallbankers hashtag, which was stretched beyond all rational use during the commission. Despite a #fewbadapples, she suggested, bank integrity was secure: Australians could sleep well at night knowing their money was safe. 

Until then, it had never occurred to me that my money – such as it is – might not be safe in the bank. These institutions go to some trouble to present themselves as symbols of safety, stability and trustworthiness. For example, there was great excitement when the Commonwealth Bank’s vault – still one of the largest in the world – was hauled to Sydney’s Martin Place in 1926 by the twenty-five horses required to transport it. It was a public spectacle that demanded our trust in banking, saying look at the hefty measures the bank takes to protect your money. Banks are now more likely to flaunt their investment in cybersecurity, scam prevention and online fraud, like the ANZ Falcon® technology that ‘works around the clock’ in a way that’s ‘personal to each and every one of our customers’. The message is the same: sure, we have big bucks, but we use them to keep your money safe.