Banks and Consumers

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BANKS AND CONSUMERS world of business and finance are presented to consumers in an easy-to-understand and informative way. Last but not least, the Association of German Banks reaches consumers through press work directed at popular magazines, newspapers and journals. Phone-ins As early as 1979, the Association of German Banks began cooperating with editorial departments at newspapers and magazines to offer expert advice by telephone. Employees of the Association of German Banks and experts from private commercial banks answer readers’ questions over the phone. Along with the Ombudsman Scheme, this is one of the “direct lines” to the consumer. This service, which has proved highly successful over the years, shows again and again that the demand for information about money matters knows no bounds. Topical subjects such as private provision for retirement or the safety of investments are often what interest readers most, particularly in times of financial crisis. Those who call in with questions appreciate above all the chance to obtain expert and impartial advice. Neither individual banks nor products are advertised – a principle that has convinced not only large national newspapers but also numerous regional dailies and masscirculation magazines to offer this service on a regular basis. Radio service of the Association of German Banks The Association of German Banks also uses the radio to inform consumers and familiarise them with the broad range of highly specialised financial services in an easy-to-understand way – through interviews, reports, bulletins and analysis. A subscription-based online podcast service was launched in April 2006. Internet A comprehensive communication and information platform is available online at www.bankenverband.de. Consumer information about money and financial matters can be found by clicking on “Geldinfos + Finanzen” (money info and finances). This platform gives consumers direct access to news and radio services and to publications that can be ordered online or downloaded. The Association of German Banks on the internet: www.bankenverband.de bankenverband@bdb.de 44
BANKENVERBAND But information provided over the internet is not a one-way street – the Association of German Banks receives hundreds of inquiries every month via its email address, bankenverband@bdb.de. A large proportion of these enquiries are from consumers, who make full use of the opportunity to contact the association’s experts quickly and directly. This enables the association not only to respond personally to consumers’ questions, but also to find out what consumers expect of it and the private commercial banks. Since 2006 customers have also been able to access consumer information by going to the private commercial banks’ online consumer portal at www.infos-finanzen.de. By clicking on headings entitled “Customer & Bank”, “Account & Card”, “Saving & Investing”, “Credit & Finance” and “Pensions & Retirement Provision”, consumers can obtain information of interest to them quickly, easily and at a glance. All of the Association of German Banks’ consumer-related activities are interconnected. News and radio services refer to publications and key topics on the consumer portal. During phone-ins, for instance, newspaper and magazine readers are informed directly about services provided by the private commercial banks such as the Ombudsman Scheme or deposit protection scheme. 2.3 Guidelines, product information sheets and customer information in the field of securities and investments Guidelines The “Guidelines for Enhancing Retail Investor Confidence”, issued in May 2009, set out guiding principles for providing investment advice to consumers. The private commercial banks put the client centre stage. It is not sufficient to give clients appropriate and readily understandable information: mechanisms are also required to protect their interests. The private commercial banks consider it a top priority to maintain long-term partnerships with their clients based on trust. This means that a number of organisational measures need to be in place to ensure the quality of banking services at all times. The Association of German Banks’ guidelines for its members cover the internal procedures normally followed by banks in their dealings with retail clients. Many banks already have extensive rules in place to govern such procedures. These have been incorporated into the guidelines and refined into a single standard for all private commercial banks. 45
Page 1: BANKS AND CONSUMERS The comprehensi
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