MSE News: Bank staff still under sales pressure, despite mis-selling scandals

ses6jwg

We can definitely make customers better off, given the chance.

I made a lady over £1500 a year better off by upgrading her savings, her bank account and sorting out a home insurance policy for she which she had been over paying on for 15 years.

Mozette

and do bears still 'do their business' in the woods?

Not even a tiny surprise.

pinkdalek

ses6jwg wrote: »

We can definitely make customers better off, given the chance.

I made a lady over £1500 a year better off by upgrading her savings, her bank account and sorting out a home insurance policy for she which she had been over paying on for 15 years.

Nice one.

Amazing how nothing is mentioned about the poor "mis-selling" her previous insurer had been giving her for the past 15 years. No doubt her old insurer would have offered cheaper premiums to new customers also. So are renewal customers a victim of mis-selling now?

Banks get criticised when they keep customers in old accounts earning pittence! Banks get criticised when they promote alternative accounts which may make them better off and then slated for mis-selling.

ses6jwg

pinkdalek wrote: »

Nice one.

Amazing how nothing is mentioned about the poor "mis-selling" her previous insurer had been giving her for the past 15 years. No doubt her old insurer would have offered cheaper premiums to new customers also. So are renewal customers a victim of mis-selling now?

Banks get criticised when they keep customers in old accounts earning pittence! Banks get criticised when they promote alternative accounts which may make them better off and then slated for mis-selling.

Your point is a good one.
However, being what I would consider to be a "good" bank adviser, unfortunately you will probably agree also that there is a significant minority of advisers, and managers, in banks who are engaged and in rare instances actually actively encourage mis-selling to exceed targets.

In recent years they got a pat on the back and put on pedestals through the quarter, then at the end all their "clawbacks" and "non activations" and "cancellations" got quietly swept under the carpet and advisers moved on to new branches.

Nowadays they are starting to get caught up with.

Consumerist

pinkdalek wrote: »

. . . Banks get criticised when they keep customers in old accounts earning pittence! Banks get criticised when they promote alternative accounts which may make them better off and then slated for mis-selling. . .

I don't think "Banks get criticised when they promote alternative accounts which may make them [customers] better off" but they are justifiably slated when they mis-sell i.e. make customers worse off, not by chance but as a deliberate act of deceit.

Macca83_2

Its easy enough to say that incentives are causing sales of inappropriate products but the easiest thing for banks to do is to remove incentives completely but still maintain the pressure on staff to sell. This effectively would be a huge bonus to the banks who would reap the reward of continued sales without the cost of paying a bonus to the staff. Plus theres the media friendly benefit of being to shout from the rooftops that they don't promote the greed of a bonus culture.
I just don't see how this media attention will bring about any positive change to the banking system.

redandwhiteliz

Macca83 wrote: »

Its easy enough to say that incentives are causing sales of inappropriate products but the easiest thing for banks to do is to remove incentives completely but still maintain the pressure on staff to sell. This effectively would be a huge bonus to the banks who would reap the reward of continued sales without the cost of paying a bonus to the staff. Plus theres the media friendly benefit of being to shout from the rooftops that they don't promote the greed of a bonus culture.
I just don't see how this media attention will bring about any positive change to the banking system.

This is exactly what is starting to happen. The staff are still targetted but no longer paid on sales. If you believe what you read it is all to be service based, but the pressure is still there as the staff will not get the service reward without hitting the sales targets.

_Andy_

As per most MSE 'headlines', this is hardly news --oh shock, people in sales positions are under pressure to perform...zzzzzz

chambta

Macca83 wrote: »

Its easy enough to say that incentives are causing sales of inappropriate products but the easiest thing for banks to do is to remove incentives completely but still maintain the pressure on staff to sell. This effectively would be a huge bonus to the banks who would reap the reward of continued sales without the cost of paying a bonus to the staff. Plus theres the media friendly benefit of being to shout from the rooftops that they don't promote the greed of a bonus culture.
I just don't see how this media attention will bring about any positive change to the banking system.

Exactly what I see happening from the inside.

jonesMUFCforever

Some are going to the ''service'' route as part of bonus schemes next year.
Do you know what will happen??
Honest staff who will stick to the bank's procedures will be pilloried if they get a 'low' score from a customer just because the customer wanted something they did not qualify for.eg loan overdraft credit card etc