Shinhan Bank's Own Mystery Shopping... Temporary Suspension of Investment Product Sales at 7 Branches

[Asia Economy Reporter Kim Hyo-jin] Shinhan Bank announced on the 3rd that it will suspend the sale of investment products for one month at seven branches that received low scores in its internally conducted mystery shopping (secret inspection).

Shinhan Bank conducted mystery shopping for derivative-linked securities (ELTㆍELF) products in the first half of the year, and as a result, seven out of 659 branches were identified as underperforming. These branches will be prohibited from selling the relevant products throughout August, and employees responsible for selling investment products will receive training via video and in-person sessions to ensure strict compliance with the investment product sales process.

The 'Investment Product Sales Suspension' system, first introduced by Shinhan Bank among domestic commercial banks in January, is designed to further strengthen customer protection for investment products such as installment funds, ELT, and ELF, and to emphasize the importance of compliance with investment product sales procedures to employees.

This system consists of three stages. The first mystery shopping is conducted across all branches, followed by a second mystery shopping for selected branches. Branches that score below 70 points in the second mystery shopping are ultimately designated as 'sales suspension branches.'

Jin Ok-dong, CEO of Shinhan Bank, introduced the new performance evaluation system called 'Value up together' this year, redesigning the branch evaluation system from the customer's perspective. At the management strategy meeting in the second half of the year, he emphasized the 'legitimacy of the process,' stating, "True performance is achieved through the legitimacy of the process, and legitimacy ultimately enhances the quality of performance and creates sustainable growth."

A Shinhan Bank official said, "We are implementing the investment product suspension system to strengthen customer protection related to investment product sales and to ensure the legitimacy of the sales process. Shinhan Bank will continue to make efforts through various methods to protect consumers not only in investment products but also across all financial service areas."

Meanwhile, Shinhan Bank established the 'Consumer Protection Group,' which serves as a 'control tower' for customer protection, during the organizational restructuring at the beginning of the year to strengthen customer support. The bank is focusing on customer protection by introducing various systems aimed at strictly following procedures and providing customers with sufficient and accurate information rather than focusing solely on product sales.

This content was produced with the assistance of AI translation services.