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How to avoid banks sales strategies?

How to avoid banks sales strategies?
By Karan Kapoor


Key Points
Bankers will persuade you, anyhow. It is you who have to be aware
Bankers do not always sell. They also help
Stay alert be careful


Car showrooms, boutiques, jewellery stores, what all do they have in common? Yes, they all sell products, their employees are paid commission rather than salaries, and they are trained, product sellers. Nevertheless, any person walking into a Bank is also a prospective customer, that is the level on which we have our banking institution, now it is not only about deposits and loans, Today bank offers a lot more. Sometimes we fell in that trap. 
Banking is turning into a retail market for their services. Their sales strategy can bring you to debt. The term customer service agent is a disguise for a salesman, and they can be very crafty. 
What should be your pre-requisite knowledge of Personal Bankers
Once you are in the bank, you are a prospective customer, so keep a few tips of the trade. 
1. Bankers will approach, once you step inside 
Every banker is directed, and taught in such a way, to reach out to a customer as they enter. They will reach out to you, with such politeness that you might not say no. 
If you are in the line to merely make a deposit, and a banker reaches out to you, to help you. Politely say “no”. A banker cannot help you with deposits, they do not have a cash drawer at their desk. 
2. Bankers analyze your account to determine the product to pitch 
If by chance you sit with a banker, they will ask your details to confirm and to update them, but they need it to scan and analyze your account. They will then ask questions regarding your financial goals, only to know. This way they will come up with accurate schemes that you might now refuse. 
There is not anything wrong in offering new products, by when commission is there, high-pressure sales are the wrong tactic 
For this, you have to be firm and absolute. 
The following are those things that you need to watch out. 
1. Unrequited Phone Calls 
A banker does not need your physical presence to sell new offers to you. They have your details and can call you. 
You have to be aware of such calls, not every call is important. Most of their calls are to sell you new cards, schemes, and over it all, to make you invest in the bank’s mutual fund. 
Do not be fooled by this, they just want to make you buy their products. 
2. Misleading Description of Products
The most common sales trick bankers do is to offer you a new credit card in place of your current credit card, while the card is not even near the expiry date. 
This is the case where the customer is not replacing their old credit card, but starting a new line of credit. It is crucial to look out for this. 
Apart from credit details, one should also look at and analyze the documents carefully, the terms and conditions have a lot of loopholes. 
Also scrutinize the details properly, and keep asking about the hidden charges if you like a deal. Force selling is good, but even we can force the info out. 
3. High fee products 
The financial products like mutual funds have some annual fees - and some upfront or back end commissions, and if you buy such products from a bank, you might end up paying more than required. Charles Schwab or Fidelity, such portals can provide discounts on such brokerage. 
Bottom line is...
This does not mean you should not contact personal bankers, not all bankers are bad. 
There is a positive aspect of personal banking, in some scenarios they actually and truly help customers. They also provide solutions to your financial problems, as they are always knowledgeable in these fields. 
The bottom line is, banks are now turning to a retail facility, and we have to make sure that we do not take a wrong step. It is our control over our minds and finances. 

What has been your experience in personal banking? Share it here?