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Building Sustainable Sales Capability: Lessons Learnt From Recent Episodes of Mis-selling
The Asian Banker, Feb 2009, Pages: 30
Against the backdrop of the financial turmoil and rising incidences of consumer complaints on the issue of mis-selling financial products, retail banks need to be ever vigilant in managing the legal, financial and reputational risks associated with poorly executed sales processes.
To restore consumer confidence for the rehabilitation of the banking industry, a sustainable sales capability reinforced with risk controls at the front, middle and back office is a pre-requisite. Additionally, effective segmentation, risk profiling, documentation, sales advisor training and supervision, as well as compensation issues also need to be re-examined.
This report provides an assessment and evaluation of the sales capabilities in selected Hong Kong and Singapore banks. Drawing from interviews with senior banking executives and other third parties involved in the processes this report identifies a best practice sales model that will help banks build sustainable sales capability in these turbulent times.
This Report is For:
- Heads of Consumer Banking, Wealth Management and Private Banking
- Compliance and Operational Risk Management Officers
- Regulators and Government Officials
- Consumer Advocates
- Vendors and service providers in the financial services industry
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