{"id":19711,"date":"2023-04-06T13:27:45","date_gmt":"2023-04-06T13:27:45","guid":{"rendered":"https:\/\/aligntraining.com\/blog\/2023\/04\/06\/the-importance-of-sales-training-for-ethical-selling-in-the-banking-industry\/"},"modified":"2026-08-22T15:14:04","modified_gmt":"2026-08-22T15:14:04","slug":"the-importance-of-sales-training-for-ethical-selling-in-the-banking-industry","status":"publish","type":"post","link":"https:\/\/aligntraining.com\/nz\/blog\/the-importance-of-sales-training-for-ethical-selling-in-the-banking-industry\/","title":{"rendered":"The Importance of Sales Training for Ethical Selling in the Banking Industry"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Ethical sales training helps banks meet Australian Banking Association code of conduct requirements.<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Revelations about banks incentivising staff and third parties to push products on customers, such as unnecessary mortgages, credit cards and deposit accounts, have eroded public trust.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Former Australian Public Service Commissioner Stephen Sedgwick\u2019s independent review last year&nbsp;found some of the banking sector\u2019s current practices carried \u201can unacceptable risk of promoting behaviour that is inconsistent with the interests of customers and should be changed\u201d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now a rewritten \u201ccode of conduct\u201d has just been released by the Australian Banking Association (ABA) and approved by the Australian Securities and Investment Commission (ASIC).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ABA chief Anna Bligh says the code represents a stronger commitment to ethical behaviour from the banks and will be mandatory for its retail banks members.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The new code provides for improved protections for small business borrowers and at its current setting of applying to small businesses who borrow up to A$3 million, the code is expected to cover between 92-97% of businesses in Australia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">National Bank (NAB), Westpac and ANZ bank chiefs are among those quick to confirm they will be implementing the code \u2013 some ahead of the July 2019 deadline.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In reality some Australasian banks have long been ahead of the curve when it comes to ethical selling practices and corporate social responsibility (CSR). Not all banks have been behaving badly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One, that has just been recognised internationally for its service-centred culture, is Teachers Mutual Bank (TMBL). It has been recognised by the&nbsp;<a href=\"https:\/\/ethisphere.com\/\" target=\"_blank\" rel=\"noopener\">Ethisphere Institute<\/a>&nbsp;(EI) as one of the \u2018World\u2019s Most Ethical Companies\u2019 in 2018.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is one of only 135 companies and four banks internationally \u2013 and the only Australian company \u2013 that meets the EI standard for transparency, align, ethics, and compliance. EI believes align and transparency impact the public trust and the bottom line of any organisation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">TMBL turned to Align Training in 2009 when it was still called the Teachers Credit Union. It adopted\u00a0Align\u2019s training systems\u00a0and set about changing the culture of its business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">TMBL is now one of Australia\u2019s largest mutual banks and provides financial products for more than 190,000 members and has more than A$6.6 billion in assets, following successful mergers with UniBank and Firefighters Mutual Bank. In the first half of 2017 Roy Morgan Research revealed TMBL led customer service rates across the top 15 consumer banks in Australia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Megan Brice, managing director of Align Training for Australasia, says her company\u2019s <a href=\"https:\/\/aligntraining.com\/training-programmes\/sales-training\/\">sales training<\/a> approach is guided by a simple philosophy: align earns trust, trust builds relationships and relationships create long-term value.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThis is something many people learn only when their business faces a crisis and they quickly find they haven\u2019t banked any goodwill to help them ride it out,\u201d Brice says.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cCorporate social responsibility has had a lot of lip service, but the <a href=\"https:\/\/aligntraining.com\/\">ethical selling practices<\/a> side of it needs to become an ingrained part of the overall culture.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Revelations about banks incentivising staff and third parties to push products on customers, such as unnecessary mortgages, credit cards and deposit accounts, have eroded public trust.<\/p>\n","protected":false},"author":6,"featured_media":19712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kadence_starter_templates_imported_post":false,"footnotes":""},"categories":[201,198],"tags":[],"class_list":["post-19711","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-finance","category-sales"],"acf":[],"featured_image_src":{"landsacpe":["https:\/\/aligntraining.com\/wp-content\/uploads\/2023\/04\/Rectangle-198-1.png",303,445,false],"list":["https:\/\/aligntraining.com\/wp-content\/uploads\/2023\/04\/Rectangle-198-1-304x348.png",304,348,true],"medium":["https:\/\/aligntraining.com\/wp-content\/uploads\/2023\/04\/Rectangle-198-1-204x300.png",204,300,true],"full":["https:\/\/aligntraining.com\/wp-content\/uploads\/2023\/04\/Rectangle-198-1.png",304,446,false]},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - 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