Unsolicited Financing: Aggressive marketing campaigns launched by the banks are targeting the consumers and repeatedly encouraging them to purchase a loan or credit card Misleading phone calls are made to the consumers with false promises The supply driven approach is creating artificial consumerism on one hand, and is limiting the choices for consumers, on the other For example, auto leasing makes a fit case of banking sector’s dominance over customers A car lessee, for instance, is bound to insure the car from an insurance company of the bank’s choice Lack of Consumer Education: Most of the consumers do not have enough understanding of the very basic rules and terms and conditions Documents prepared by banks are usually technical and the information which may affect financial rights of the consumers is never stated clearly and plainly in these
Unsolicited Financing: Aggressive marketing campaigns launched by the banks are targeting the consumers and repeatedly encouraging them to purchase a loan or credit card Misleading phone calls are made to the consumers with false promises The supply driven approach is creating artificial consumerism on one hand, and is limiting the choices for consumers, on the other For example, auto leasing makes a fit case of banking sector’s dominance over customers A car lessee, for instance, is bound to insure the car from an insurance company of the bank’s choice Lack of Consumer Education: Most of the consumers do not have enough understanding of the very basic rules and terms and conditions Documents prepared by banks are usually technical and the information which may affect financial rights of the consumers is never stated clearly and plainly in these