Wells Fargo Case

Wells Fargo to Pay $185 Million Fine Over Account Openings According to our text, a customer’s contact with a business, or its products, initiates the formation of that customer’s evaluation, the level of customer satisfaction, of that business and its products, which is based on that customer’s pre-established expectations (Levens, 2012, p. 71). Definitively, customer satisfaction is the degree to which a product meets or exceeds customer expectations (Levens, 2012, p. 71). A company must manage customer’s expectations of their brand; and the delivery, execution and status of its products and services. Customer satisfaction is the key to attracting new, and maintaining its current, customers, with the ultimate goal to establish and increase

The fall-out of this recently exposed scandal will be devastating to the company’s level of future customer satisfaction ratings, due to the damage to the integrity of the Wells Fargo brand. Wells Fargo, whose image is now facing imminent catastrophe while sinking into a quagmire of doom, was once considered a highly successful, top notch banking institution with a history of prominent customer satisfaction

The highest ranking banks on this list, such as Bank of America, Citibank, Chase and of course, Wells Fargo, are there, for the most part, because of the full range of products each bank offers, as desired by consumers (cite #2). The nationwide status, of these big banks, translates into numerous locations that are easily accessible to their customers cite #2). Wells Fargo, in particular, highlights its accessibility: “It has about 6,200 branch locations and 12,500 ATMs” ( https://www.gobankingrates.com/banking/best-national-banks-2016/)

It is expected that Wells Fargo’s high rated customer satisfaction reports will come to a screeching halt, now that news spread of the allegations against them, and the resulting, agreed upon, $185 million dollar fine. The specific allegations, detailed in the WSJ article, that will certainly thrash Wells Fargo image as well as its customer satisfaction ratings, are as follows.:

• Illegal Activity - The company exercised “widespread illegal” sales practices. Wells Fargo employees opened up to two million new credit-card and deposit accounts without their customers’