Revising your Bank’s Sales Culture

Following the heavy fines levied against Wells Fargo and the scathing report (see below) of the investigation which is making its rounds in Board rooms around the US, some banks have begun examining their sales practices to ensure that a similar scandal does not unfold in their own organization.

The report shows that unrealistic targets promoted an overly aggressive sales culture in the bank and misconduct often resulted in terminations with insufficient probing into the cause of the misconduct.

Industry experts seem to agree that there needs to be less focus on bolting on as many products as possible on customers and more focus on how the customer’s needs are solved.

Link: http://caribbeanbusiness.com/wells-fargo-scandal-weighs-heavily-on-other-big-banks/

Link to the Report: http://stmedia.startribune.com/documents/board-report.pdf

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