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Sales incentives ditched by The Co-operative Bank

Sales incentives ditched by The Co-operative Bank

Category: Banking

Updated: 12/01/2018
First Published: 10/10/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Co-operative Bank has ditched staff sales incentives across its UK branches, focusing instead on rewarding good customer service.

Speaking at the Conservative party conference, the chief executive of The Co-operative Bank, Barry Totell, stated that sales targets and incentives were "wrong" and confirmed the bank has banned such schemes.

Instead of branch based sales targets and incentives, The Co-operative Bank will reward its call centre staff for practicing good customer service. The scheme, due to take effect next year, will be based on feedback from mystery shoppers, questionnaires and independent experts.

Addressing the audience in Birmingham, Mr Totell said:
"Frankly, if your business is about delivering excellent customer service then why would you incentivise selling?

"At banks a customer walks through the door and staff decide they are going to sell that customer a credit card whether they like it or not, because they have a target to sell credit cards that day. It is the wrong way for banks to approach it but that is what happens."

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