Wells Fargo Pay $ 185 Million Fine Over Account Openings Essay

Wells Fargo Pay $ 185 Million Fine Over Account Openings Essay

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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 a company’s profits (Levens, 2012, p. 71).

This Wall Street Journal (WSJ) article, written by Emily Glazer, points to a failure on behalf of Wells Fargo & Company to properly, and ethically, manage its banking business practices and to monitor and direct its employees. 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 ratings.

In 2011, a year that “customer perceptions regarding their bank 's brand reputation and image have improved…for the first time since 2008,” Wells Fargo did better than the national average in seven out of ten regions (cite 2011). According to J.D. Powers and Associates customer service index rankings (base...

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...n the foreseeable future. Wells Fargo will have a very dark road ahead with a big pit of customer distrust and rejection to first try to climb its way out of. The WSJ article stated that the Consumer Financial Protection Bureau disclosed the firing of around 5,300 Wells Fargo employees for unethical actions. How long will it take for the American consumer, especially those of certain age, wealth, and status, to trust Wells Fargo with their hard earned money again? In the meantime, its banking industry competitors will gladly take the business of their disgruntled customers. The smartest banking corporations, with established customer satisfaction ratings and proper plans in place, will find innovative ways to not just step in and service their new customers, but find ways to keep them, highly satisfied, delighted, and, if successful, loyal (Levens, 2012, p. 73).

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