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Good article in Banking Exchange — including our point of view — on the Wells scandal and aftermath: what it means for cross-sell and the sales culture.

 

Forty-odd years ago, banks didn’t “sell.” Yes, they had new accounts representatives and calling officers. Some even admitted to having marketing directors. But no salesmen.

 

Sell was a dirty word.

 

That was something they did down at the used car lot. That was the business of people who pushed life insurance. That was something that, frankly, everybody else did. There was something plain unbankerly about selling.

 

But gradually, banks realized that sales and all the trappings—goals, incentive pay, and sales management—really were part of banking. Some accepted this grudgingly, some realistically, and some enthusiastically. One of the latter, although hardly the only one, was Wells Fargo.

 

  • Is sell a dirty word in banking again?
  • In a post-Wells Fargo settlement period, dare bankers utter that word?
  • In a time when UDAAP has become, and remains, the law of the land, can selling in banks survive?

 

Read more…

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