Shinhan Bank Prohibits Investment Product Sales at Branches with Incomplete Sales Practices

Introduction of 'Investment Product Sales Suspension' System... 'Mystery Shopping' Conducted in February-March

[Asia Economy Reporter Kwon Haeyoung] Shinhan Bank announced on the 21st that it will introduce an 'Investment Product Sales Suspension' system that restricts the sale of investment products at branches with low scores in its own branch mystery shopping inspections.

The Investment Product Sales Suspension system is implemented to further strengthen customer protection for those using investment products such as funds and Equity-Linked Trusts (ELT), and to emphasize to employees the importance of complying with investment product sales procedures. It is part of the newly introduced performance evaluation system from the customer's perspective, called the 'Grow Together Evaluation System,' which includes customer returns.

This system consists of three stages. First, a primary mystery shopping inspection is conducted across all branches, followed by a secondary mystery shopping inspection targeting branches with poor results. Branches that perform poorly in the secondary mystery shopping are finally designated as 'Sales Suspension Branches' and are prohibited from selling investment products such as funds and ELT for one month. Employees responsible for investment product sales at these branches must retake training on sales procedures and product information. Previously, improvements were encouraged for poorly performing branches through internal mystery shopping, but this time the related system has been strengthened.

Shinhan Bank plans to conduct the first mystery shopping in February and the second in March.

Additionally, Shinhan Bank has prepared support measures for sales sites along with the system introduction. Next month, it will conduct a mystery shopping video lecture for all employees and provide teaching materials. Within the first half of this year, it plans to establish a customer-centric sales system by introducing a sales process inspection system using artificial intelligence (AI).

A Shinhan Bank official said, "This system was implemented to strengthen customer protection related to investment product sales," and added, "We will continuously strive through various methods to become a bank that leads customer-centric financial services."