Question

How should financial services be sold to reduce mis-selling?

Answer 1

In the recent past there has been a rise in the cases of mis-selling. The reason for this is the increased target preasure on the bank officials for cross selling various financial products. The mis-selling can be reduced by understanding the needs of the bank customers well and not forcing them to buy a financial product that is unncessary for them. The profiling of the customer should be done properly and the financial advice should be truthful and honest. This way mis-selling can be reduced and the customer can also be retained for a long time. The other factors like age of customer, risk taking ability should also be considered while selling the financial product.