Mismanagement......Mis- Selling... in Private Banks & Insurance Companies

Mismanagement means

1.  खराब व्यवस्था
2.  अव्यवस्था (f)
3.  कुप्रबंध (m)
4.  कुप्रबन्ध
5.  बिगाड़ (m)
6.  बद इन्तजामी                                                                                                                         

 i think effective and strong management open new door of business. effective and strong management should be at bottom to top level. we can see in tata group. this is the success of tata group. many organisation expanding business but deficiency is no management at bottom level. senior management always think and imagine without effective link to bottom level. we can see mismanagement particularly in financial services like insurance and banking sector. 

data said, India have big potential for financial market in next ten years  because domestic market is big in India. income of Indian people rising due to good economic growth. plan of financial inclusion is big challenge for financial sector particularly banking and insurance sector. public sector banks and insurance companies have strong potential due to higher rate of consumer confidence, good past history, good management etc......

but private banks and insurance companies fail to increase consumer confidence due to mismanagement, mis -selling (high pressure of sales), bad marketing strategy, inadequate of good and strong financial products. if one customer missale by bank & insurer then it will make bad image in another group of people. Decreasing rate of  good employee is another big reason in private banks & insurance companies.

Private Insurance companies particularly life insurer have lost consumer confidence due to  mismanagement, mis -selling (high pressure of sales), bad marketing strategy, inadequate of good and strong financial products. so, it will be difficult to gain again consumer confidence foe private life insurer.

similar pattern adopting by private banks from past few years.

so, i can say this is a alarming situation for private banks & insurance companies.......................

make effective & strong management

stop mis selling

retain good employees

do not make high sale pressure ( high sales pressure = mis selling)

make good and need based product

make effective marketing strategy

next many years waiting for financial market in India. 

written by ajay kumar

E-Mail id - ajay.mrim@gmail.com