Tools & Resources Transparency in Promotions and Sales: A Checklist for Financial Service Providers

Transparency in Promotions and Sales: A Checklist for Financial Service Providers

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This tool focuses on the first point of contact with the client—the initial “sales pitch.” Financial service providers can use this tool to improve transparency when promoting and selling credit and savings products.  The tool contains five “good practice” checklists.

Financial service providers must fully disclose to clients the prices, terms, and conditions of their financial services. Transparency protects clients by allowing them to make financial decisions based on full and accurate information.  However, full disclosure is not enough—financial service providers must provide complete information in a form that is understandable to clients. This includes using plain language that does not mislead or confuse clients, using multiple methods to disclose information, and using materials and communications methods appropriate to clients’ financial literacy.

Financial service providers should observe the principle of transparency at every point of interaction with the client, from promotions, to loan disbursement, to repayment, to account closing. This tool focuses on the first point of contact with the client—the initial “sales pitch.” Financial service providers can use this tool to improve transparency when promoting and selling credit and savings products.  The tool contains five “good practice” checklists:

I.    A checklist of communication “do’s” and “don’ts” that apply to all interactions with clients during the promotions and sales process
II.    A checklist for transparency when selling individual loans
III.    A checklist for transparency when selling group loans
IV.   A checklist for transparency when promoting savings products
V.    A checklist for transparency when selling products to clients with extra needs

Managers should examine the tool to determine which elements apply to their institution. Then, managers should review the tool with sales staff and discuss how to apply the checklists to staff interactions with clients. The Smart Campaign encourages financial service providers to adapt the tool to their particular products and sales techniques.

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