The prestigious award ceremony took place on 7 December 2023 at London’s Mansion House. Initiated in 1987 by the Chartered Banker Institute, the awards honour individuals who embody customer-focused and ethical professionalism.

This year, young bankers from around the UK were asked to present an idea they could develop in their organisation that could improve outcomes for customers, colleagues, and communities. These ideas were to reflect their vision for the future of the banking profession, whilst being consistent with the ethos of the Chartered Banker Institute and the UN Principles for Responsible Banking. The winner of the competition is presented with a trophy, £1000 in prize money, plus £1000 for a charity of their choice.

Mr Herd’s winning idea is for a dementia safe feature on banking products which releases a package of support for customers living with dementia and their families. The customer would notify and engage the bank about their diagnosis and allow the bank to put measures in place to support the customer with their finances and allow them to keep their financial independence for as long as possible.

The support features include enhanced customer service support, a card and account monitoring features for the customers designated “champion” and enhanced financial crime screenings to protect the customer from scams and fraud. These features will support the customer in a truly difficult time and allow them to feel in control of their finances with the support of the bank and their nominated champion.

After scooping this year’s title, Mr Herd commented: “I’m delighted to have had this opportunity to champion the needs of customers living with dementia.

“The number of people diagnosed with dementia is increasing every year in the UK, and research shows that customers living with dementia and their families need more targeted support from the banking industry.”

He continued: “Being able to raise my idea of Dementia Safe on such an esteemed platform will start conversations in the industry on how we better support customers living with dementia.

“The proposals from my fellow finalists show the very best of our industry, and giving young bankers the opportunity to develop and present these ideas will continue to have a positive impact on not only banking but wider society.”

This year’s winner was announced by Alderman Sir Peter Estlin, who added: “The Young Banker of the Year competition is an excellent opportunity to not only celebrate some of the future leaders of our City, but to showcase the abundance of talent that exists across the sector too.

“By grappling with, and finding solutions to, some of the key issues being discussed in the City – like how to deliver sustainable growth – these young professionals are pushing boundaries, challenging accepted wisdom, and devising strategies today that will benefit us all tomorrow.

“My congratulations to Craig and the other finalists. They are a credit to themselves, their businesses, and the City as a whole.”

Simon Thompson, chief executive of the Chartered Banker Institute, said: “All four finalists personified the ethical and professional ethos of the Chartered Banker Institute and the values underpinning the UN Principles for Responsible Banking.

“Congratulations to Craig, our Young Banker of the Year, and to all our finalists for presenting their ideas for aligning banking with the objectives of the Paris Agreement and the UN Sustainable Development Goals. The future of our banking sector and profession is bright if tonight’s Young Bankers are anything to go by.”

The competition also offers an Audience prize for the candidate who, in the opinion of the attendees, best personified the high, professional standards expected of bankers through their presentation. The winner of this year’s Audience Prize was also Craig Herd from Sainsbury’s Bank.

Steve Pateman, president of the Chartered Banker Institute, commented: “I would like to congratulate Craig, for winning the Audience Prize and on becoming, the 2023 Chartered Banker Young Banker of the Year.

“I pay tribute to all four finalists tonight, for their inspirational ideas. There has been much to be proud of and it leaves me with enormous confidence in the future of our banking profession.”