Recently (okay, maybe more like 8 years ago), Wells Fargo employees created millions of unauthorized bank and credit card accounts without telling their customers about it. The whole reason for scams and fake accounts was to boost branch sales and make more money. Yikes.
But now, Wells Fargo is stepping it up with a new campaign that does exactly what a good PR campaign should do.
In September 2016 Wells Fargo was slapped with a $185 million fine and an additional $5 million to be refunded to customers. From 2016 to today, Wells Fargo has been under careful watch calling it their “worst nightmare.” Accusation after accusation flooded in and top executives and branch managers were fired or chose to quit.
The latest news is that the Federal Reserves will not allow the bank to grow its assets until the accounts are all sorted out. The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency will also be fining Wells Fargo $1 billion for the car insurance and mortgage abuses.
Wells Fargo saw a 44% drop in new consumer checking accounts opened and 50% decline in new credit card applications. Which surprised us, to be honest.
Their stock suffered for a minute but ended up with a 4% gain when all was said and done. Here are some of the comments made by consumers about Wells Fargo on Facebook:
If you’re an avid CW watcher (think The 100, iZombie, SuperGirl, Riverdale, and Supernatural) you have probably seen this Wells Fargo ad a few times.
Here are a few of our favorite quotes from the clip and why we think Wells Fargo deserves an A+ for customer service and retention after a major PR crisis.
“We know the value of trust.”
It sets the stage for the tone of the rest of the ad. Businesses, relationships, and society are all founded on trust. Wells Fargo establishes their credibility with a #TBT to what they did during their founding days.
“We built on that trust. We always found the way. Until, we lost it.”
This is our favorite line from the ad. It’s clear, open, and direct. Wells Fargo is saying “Yeah, we messed up.” without trying to hide behind what happened. In fact, they are putting it out in the open for people to criticize them.
“But that isn’t where the story ends.”
A crisis like this could have turned Wells Fargo upside down, but, as we saw with the stocks, they are climbing out of it. They push the consumer forward with bright lights that “illuminate” their new policy.
“Fixing what went wrong” and “ending product sales goals for branch bankers.”
This is a huge step in the right direction and another great way for Wells Fargo to admit their faults. Like we said before, the whole reason for the fraud in the first place was because of pressuring incentives.
“…to find and fix issues proactively.”
Well ok, so they should have been doing this before but with their new policies and changes, we believe them this time.
“Earning back your trust is our greatest priority.”
Juxtapositioning the word “earning” and “trust” is a key line for Wells Fargo. “Earning” is associated with money and increase, something that key shareholders at Wells Fargo were focused on. But now, that money-associated term is being applied to trust, the new foundation of Wells Fargo.
And how could we forget their final statement:
“Established 1852, reestablished 2018.”
We love how this statement encourages the consumer to trust Wells Fargo and understand that things are changing.
Visiting welcome.wf.com/renew, to read all about their new policies, procedures, and protocols.
We applaud Wells Fargo for handling this crisis so gracefully.