The Consumer Financial Protection Bureau says the Cincinnati bank engaged in aggressive sales practices and open bank and credit card accounts without consumers' authorization in order to meet sales targets.
A lawsuit filed by a New Jersey branch employee who was fired in 2016 includes detailed allegations about the pressure that front-line workers faced to meet monthly sales targets. The case is scheduled to go to trial in February.
One of the missteps in banks’ attempts to build productive sales and service cultures is overemphasizing sales processes and tactics while underappreciating product knowledge.
The San Francisco bank is trying to turn the page with a new report that mostly pins blame on executives who have either left the company or been demoted, but the report shows the misconduct went further back than previously acknowledged.
J.D. Power was so puzzled upon surveying customer attitudes about bank sales practices after the Wells Fargo debacle that it delayed its report and re-interviewed respondents. Here was the (sort of) explanation.
The risk, complexity and psychological biases related to financial products make them ill-suited for push-based selling tactics. Instead, banks should use their digital channels to help customers decide what they want.
