By Scott Andrick
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.
Mortgage servicing, fair lending, vendor risk management and sales practices are among top priorities, according to ABA experts.