A news story from CBC has gone viral. The BANK employees are under tremendous pressure to sell YOU products. They will say and do almost anything, according to the CBC news article.
For those of us working in Financial Services, this is old news. Stories of high pressures sales and tied selling has been going on for over two decades. Sales targets were introduced to the retail branch network in the ’90s. It was the beginning of a new sales culture. Prior to this, bank tellers and account managers had always worked with a ‘soft sell’ approach. They were there to help and service your needs. This was about to change forever.
Your bank teller is now scanning your financial profile to see if they can up sell you some bank product. Last week, my son and I were in the TD Bank and they informed my son he was preapproved for a TD Visa card.. of course, there was a small annual fee… so we can add to the BANK’s $billion profits!
Now we are seeing Mobile Mortgage Reps working for Banks. They come to your home or business. They are paid on a commission basis. Think about it. How can anyone expect them to be unbiased? They can only sell you one brand and one range of products. Are all mortgage products the same? They can never truly provide neutral advice or recommend other brands.
It will be interesting to see if this issue gets swept under the rug or if it will become a big stink. The BIG FIVE BANKS rank in the top EIGHT largest corporations in Canada. And last year, RBC was the first Canadian corporation to report over $10billion in net profit.
Hmm, I wonder how they make all that money, year after year, after year, after year.
Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.
Steve Garganis 416 224 0114 firstname.lastname@example.org
As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.