By Mavis Toh

If you are getting more cold calls from bank representatives asking you to sign up for a credit card or loan, you are not alone.

Financial and sales experts said that in a downturn, like the past year, banks are doing just that to boost sales.

Based on anecdotal evidence and personal experience, Mr Leong Sze Hian estimates such calls have doubled in the past year.

'Customers are not walking in and as normal channels of business diminish, they do more cold calling,' said Mr Leong, president of the Society of Financial Service Professionals.

That sentiment is shared by Ms Rowena Row, chairman of the Contact Centre Association of Singapore, some of whose members make cold calls.

'The more you call, the more you increase your hit rate, the greater the chance of getting a sale, and the financial organisations need sales more at this time,' she said.

But such unsolicited calls are not always well received. In the first nine months of this year, the Consumers Association of Singapore (Case) received three complaints. There were also three such grouses last year. Case executive director Seah Seng Choon believes there are many more who are annoyed by such calls, though they may not have approached Case.

One such person is business owner Lorna Yeo, 42, who gets at least one call a week from someone touting credit cards or loans. Two months ago, a telemarketer even filled out application forms for three credit cards on her behalf and mailed them to her house, asking for her signature.

This year, at least three people have written to The Straits Times Forum, complaining about callers peddling bank products.

The Association of Banks in Singapore said banks generally do not make cold calls.

When they do, it is to existing customers and those referred to them, said a spokesman.

'These calls are part of customer service and one of the means of providing updates on new products and services.'

But six of 10 people interviewed said they get calls from banks with which they do not have accounts. They added that they had not given personal information to these banks.

The Sunday Times understands that financial institutions often outsource the cold calling to call centres here, as well as in Malaysia and the Philippines.

Ms Row said these agents often get limited training - just a script and some product information. They are paid a commission and chalk up 110 calls in a seven-hour workday.

Here, a leading player is eFusion which is helping at least nine big companies in the financial sector to sell term loans, overdrafts, credit cards and general insurance.

Its chief executive, Mr Samuel Lim, said it can generate up to 20,000 calls a day here.

'We maintain a professional approach and identify our companies and our partners in the call,' he added, noting that staff are taught product knowledge, banking rules and selling skills.

To be sure, some find these calls useful.

'It's an effective way as clients can directly clarify anything they are unsure of,' said Mr David Gerald, president and chief executive of the Securities Investors Association of Singapore.

'But the financial institutions must exercise discretion and decorum. If the person is not interested, do not persist and call repeatedly.'

For those wary of such calls, here's a tip.

Ms Row said they can ask to be put on a Do Not Call list that financial institutions are legally obliged to maintain.