From The Financial Brand:
Do sales goals pervert financial institutions’ promise to “put customers first?” Is the notion of “customer advocacy” quaint and idealistic? Or can banks and credit unions really align their priorities with consumers’ best interests? Read more
The banking industry has been rocked by scandal and controversy in recent years. Today, by some estimates, only one in 10 consumers trust bankers to act in their best interests.
A self-funded public advocacy group called Which? put the issue of advocacy in banking to the test. Did financial institutions genuinely help customers make wise banking decisions? Or was the sales culture at banks so dominant that it perverted their integrity.
In the most fundamental and human terms: Would banks do what’s right for customers? Or only what’s right for the bank? Whose side are banks on? Can they be trusted to give credible advice uncontaminated by sales quotas?
It's unfair to paint all with the same brush, but generally speaking it makes sense to keep the other person's perspective in mind when the subject is finances. Let's see self-interest (quotas, performance measurement, keeping your job) vs customer's interest. Hmm.. what to do, what to do?