This is a more systemic issue, not with one bank but across the board, banks to ed-tech to fintech. As long as you give revenue targets & push employees to get there, products that generate more revenue for the business over what is right for the customer will be mis-sold.

Easier for employees of banks, brokerages, wealth management firms to mis-sell as relationships are already established & there is trust with the brand, which is why the customer has allowed them to be custodians of their assets.

A potential fix is to mandate every sale of a product to be digital, even if this is being done in person. Mis-selling a product digitally leaves a trail and makes the company also responsible unlike physically where there isn’t a trail & blame can be passed to the employee.

So if a 66-year-old walks into a bank, the employee selling has to mandatory enter a bunch of details into the bank sales app. Based on the profile of the customer, only a bunch of products (MF, Insurance, etc) that fit the risk profile can be sold and nothing else.

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