Banks opting to sell products over phone: Is it a preferrable mode of selling?

Selling over phone does not justify the purpose, all points are never covered, moreover all these activities are out sourced the person who sells on phone is not on pay rolls of the company , in order to met target they just say certaisn points which are not correct and then sell product

Later on thsi results in litigation between customer and bank

So selling products on phone shoudl be banned as there is ample voilation of DND also

OK so long as ICICI Bank doesn't do it!

I agree with Ms. Patil. The purchaser is often oblivious to the hidden terms and hence suffers as a consequence. Sometimes these banks become extremely disturbing in their feigned 'sales pitch', which is rather disturbing than welcome. Banks should not be allowed to sell products over phone also because of the most obvious reason that there are chances of confusion and / or deception to the buyer.

I was sold the SAME insurance policy THREE times. Each time I thought it is the VERIFICATION call (as I was told during the FIRST call - which I had accepted). Months later, when I checked my Credit card statement, I found THREE IDENTICAL debit amounts, I called Customer Care - only to find that the same policy has been SOLD THRICE to me. I had not bothered to check the policy documents that I got by courier. 

Such Tele-marketing calls ONLY mislesd you by not giving you the complete details, and are an easy means to PART YOUR MONEY FROM YOU.

One should never buy ANY PRODUCT (whether tangible or Financial) over phone.

Its true that when products are sold thru phones and internet where the customer has nil or very little chance of viewing the product and getting more info ,customers should be very much alert and 90% think in a way of doubt.

There are bamks which use BPO to yarn out the policy and conditions(part) on phone so fast that 10% of what they say is not registered by the future customer.Also when asked to send the details by email they very politely say that it can be sent only on the person commiting to the proposal with a nonrefundable small initial deposit etc etc.Never will they send any documents by mail for scrutiny.

Such teleselling should be viewd with suspicion and should never be encouraged.

Selling banking producs are like selling services or selling concepts.In any selling customer need has to be put forth and creation of product awareness and features are required.

The targeted audience whi normally uses phone cannot spare the required time to understand product features and relate with his needs.

The best selling option should be one o one discussion wherein striking rate is much higher.Neverthless what can be achieved is jst marketing of product or glimpse of how the product can be percieved by the customers?

In Nutshell the it is not prefered way.

I don't think selling products over the phone is a good decision. It will destroy the financial privacy of the customer. Also, he may not know each and everything on phone. The best decision can be done by practically facing the product or getting information online. In many cases, credit card statements reflects a chargeable item promised to be free, with conditions attached in fine print lost due to communication gap. These type of cases makes it a lot of uncomfortable for the customers. That is why sale should not occur in phone....

As we are busy with our phone talking about our business, life and fun with our friend.We get a call for sell its not good it may be any time to you and you may get destructive from your important work. So the sell shoud be done personnel so that the sale is done at right way and in right time.

I think, banks banks should not sell the products over phone. financial products have to be sold to customers on a need basis and companies have to keep that in mind. I had purchased the same credit card theft cover from hsbc bank but i have not yet received the policy document nor any response from the bank for my complaints, there is no personal contact with the sales people. financial products have to be sold to customer on analysing his need but not for the sake of companies own profits.

It is not good that banks sell products over phone. Really it is a disturbance for the customers. Banks have email id for allmost all customers. So they can send emails or can also send postal mail. And also the person who on phone is telling in a hurry and not able to grasp.

i dont think swati should have started this debate. Aviva itself tries its best to sell insurance products on phone. i have received 2 calls from bajaj allianz, 1 from aviva and 4 from icici prudential insurance in the last 6 months, with representatives trying their best to sell ULIPs on phone. trying to convince a banker to buy ULIP and that markets will go up and up.

i feel no matter which part of financial services sector you are, whether its banking, MF, insurance or even those dumbass brokers, nobody should be allowed to sell something on phone.

in many cases,the phone banking personnel,promises something,say freebies,whereas in reality they may be chargeable items-eg:in case of credit cards,the statement may reflect a chargeable item,which was promised to be free,albeit with conditions attached in fine print lost due to communication gap