While most Americans — 85 percent — say they trust their bank to do the right thing, there is a marked satisfaction difference between customers who reported feeling sales pressure to open accounts and those who received customized financial advice, according to J.D. Power’s latest study of financial sales practices.
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With the Department of Labor’s fiduciary rule now in effect, ABA today released a new members-only guide to help banks understand the rule’s implications for their marketing and sales activity.
Regular outreach calls, tracking of customer goals and value-added events help bankers win with customers—without making a hard sell.
Examiners at the Consumer Financial Protection Bureau and the OCC remain intensely focused on incentive compensation and sales practices, particularly at banks with more than $20 billion in assets, according to senior officials speaking at ABA’s Government Relations Summit this morning.
Banks have steadily won back customer trust since the financial crisis, but that trust could be endangered by sales pressure that isn’t based on the customer’s best interest, according to a new study by J.D. Power.
ABA today released a new members-only tool—the ABA Sales Practice and Incentive Compensation Risk Assessment Matrix—to help member banks assess and manage risks posed by their sales practices and incentive compensation programs.
In the wake of the scandal over fake accounts created at Wells Fargo, the OCC has added a strong emphasis on governance of sales practices to its risk supervision for large banks, according to the agency’s Semiannual Risk Perspective released today.