is irresponsible and unethical selling of financial (investment and insurance) products. In Bank Zachodni WBK, we have implemented a rigorously obeyed practice of zero tolerance for which encompasses a set of regulations, a control system and an appropriate incentive policy which prevents unethical sales from having impact on the employee’s compensation.
Zero tolerance for
The culture of responsibility
All employees of the bank are obliged to know and obey the ethical standards laid down in the General Code of Conduct and the Anti-Corruption Programme. The Code is also binding on the bank’s staff members who are not employed directly by the bank (employees of partner outlets). The culture is supported by an extensive programme of, courses which explain the most important concepts related to the business ethics, compliance, transparency, anti-corruption and identification of conflicts of interest.
The following documents regulating the subject of responsible selling have been drafted and implemented in the bank:
- Regulation of the Chairman of the Deposit Working Group regarding quality control of the process of selling investment products which defines the practice of and the Regulation of the Management Board Member regarding the quality control of the sale of insurance products.
- Implementing regulation to the Bonus Rules – the terms of awarding bonus to employees of the bank’s branch network which defines the possibilities and the terms of depriving employees of the bonus for instances of
The bank oversees compliance with the abovementioned regulations on an ongoing basis through:
- Three levels of investment products control:
- After-sales checks in the form of telephone calls initiated by the bank
- Monitoring deviations from the standards and trends.
Seven levels of insurance products control, including:
- Review of the sales staff authorisation profiles
- After-sales checks in the form of telephone calls to customers.
- Monitoring deviations from the standards and trends.
Moreover, our customers can file complaints regarding misselling via all available contact channels: in branches, on the mobile banking platform, on the bank’s website any by telephone (e.g. during telephone checks initiated by the bank).
Good practices followed by Bank Zachodni WBK
At each stage of the offer presentation, we make sure it is clear and accurate. Each of our customers will always receive transparent, comprehensive and specific knowledge about the banks services.
We have simplified the language of our communication – we always inform the customers clearly about the terms of the offer, the fees, commissions, interest rates and the benefits related to the products.
We pay special attention to making people aware of the risk associated with financial products, particularly with investment products and long-term loans.
We do not sell insurance linked investment products to senior customers.
Template agreements we sign with our customers are subject to reviews by external institutions and the results of such reviews are taken into consideration by the bank.
Our values in practice
We treat our corporate values epitomised in the words Simple, Personal, Fair as a commitment in our daily work. We take many actions aimed at promoting appropriate attitudes and behaviours characterised by willingness to cooperate, empathy, commitment, responsibility, respect and honesty. The originators and active participants of such actions are employees of departments and units responsible for the standards of our customer service, including direct contacts with customers.
The Golden Idea
The Golden Idea is a competition the purpose of which is to implement solutions to improve the efficiency of the bank’s processes, to eliminate errors and to simplify procedures. The ideas are proposed by the bank employees, in particular by the frontline staff who have direct contact with customers. In 2016, numerous changes were implemented in customer service processes, including the standards of telephone services, circulation of documents and automation and digitisation of selected tools.
As part of the internal training system, the departments responsible for selling retail products organise training programmes for employees of other units of the bank, including the branches. Their goal is to facilitate the sharing of knowledge and better understanding of the processes and develop the terms of cooperation in order to upgrade our customer service standards.
In 2016, no fines were imposed on Bank Zachodni WBK for non-compliance with laws and regulations concerning the provision of banking services.
Advertising messages are an important and effective channel of communication with our existing and prospective customers. They should build a positive image of the bank in the eyes of customers and, most importantly, provide complete, reliable and accurate information and conform with the law and ethical standards.
The following external documents regulate the bank’s advertising and communication activities:
- Rules of advertising banking services (appended to resolution of August 2, 2008)
- Good practices concerning the advertising of consumer loans (adopted by the Polish Bank Association on December 22, 2015).
Our marketing activities are also consistent with the provisions of the Manual of Compliance in Advertising and Marketing Communication Activities of Bank Zachodni WBK which is a collection of guidelines pertaining to all types of advertisements, including the increasingly popular advertisements in electronic media.
Good practices of Bank Zachodni WBK
Review of all marketing messages published by the bank
All marketing materials require a prior approval of the Compliance Area and the Legal Area. The Compliance Area already at the stage of new product commercialisation checks whether the product is consistent with the Simple, Personal, Fair philosophy.
The persons responsible for broadly understood marketing activities are involved in projects aimed at simplifying the regulations for customers, including workshops with language experts.
In 2016, no instances of non-compliance were identified in respect of marketing communication addressed to customers and product related information (no proceedings were instituted by the Competition and Consumer Protection Office against the bank).