Yes you heard it right, cold calling is officially out for banks. Central Bank has passed a law prohibiting banks from contacting potential customers by phone to solicit business for various products such as credit options and loan facilities. What is a relief for many of us may not be the same sentiment the banks share with us.
One of their most lucrative and developed channels of business development has been put to a halt. The databases that have been created with prospect contact details are of little value. In addition to the new law, all the banks operating in the Middle East must to adhere to standardized rates. As a result, banks will be required to come up with another way of setting themselves apart from their competitors which means a new approach to their marketing investments and strategies. So, what’s next for banks in the region?