Disciplinary actions. Government fines. Victim restitution. There is no shortage of regulatory compliance issues hitting the headlines these days. In recent years, however, it is news of aggressive sales tactics that has had the general public and several regulatory bodies that oversee financial institutions very concerned.
Digital transformation challenges in banking have been well understood and the strategies to address them simple and clear. However, it is becoming increasingly apparent that the industry is reaching a tipping point in the digital transformation journey.
Most financial institutions have critical cross-selling initiatives that encourage employees, via incentives, to sell multiple products to customers. While some employees decide to cheat the system and conduct illegal activities such as opening deposit accounts, credit cards, and debit cards on behalf of customers without the customers’ knowledge, financial institutions have the ability to prevent such situations.
In our new guide, we outline various ways financial services organizations can employ a strategy focused on building customer and public trust, strengthening a company’s culture, and reducing risk exposure, all while increasing sales. You can download it here.