A court battle with the regulators over interest rate rigging, a media expose about dubious life insurance claim denials, and an endless string of accusations about poor financial advice has put the nation's banks at the centre of a national debate about corporate culture.

Steven Munchenberg, managing director of the Australian Bankers Association, is very much in the eye of the storm and, while he's not making any excuses for his members, he believes that the apparent cultural crisis facing banks will galvanise them to be better prepared for the digital future.