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Wells Fargo: Major Ad Campaign to Combat Plunging Credit Card, Checking Account Sales

March 24, 2017

[Photo: Eric Thayer for Bloomberg]


Reputation is Everything! And boy, did Wells Farog 'lay a stinker'.


Numbers don’t lie. The NYPost reports that new customers are saying “NO” to Wells Fargo products and services.


CREDIT CARDS:   Since October, CC applications have averaged 200,000 per month down abpit 45%-50% from one year earlier. And in February, the numbers weare even lower – a full 55% below the prior year. 


CHECKING ACCOUNTS:    The number of apps for new checking accounts is down to 40% - to 300,000 from 500,000 to 600,000 per month  a year earlier.


That said, Wells Fargo CEO Tim Sloan managed to find one positive take away - that, “in general our existing customers continued to actively use their accounts.”


WELLS FARGO ANTIDOTE (‘BUILDING BETTER EVERY DAY’).    When in doubt, launch a major advertising campaign. And that’s precisely what Tim Sloan plans to do. Beginning in mid-April, ads will be rolled out across many channels - including broadcast, print, radio, online, mobile banking and on the bank’s internet channels.


“I get it. Even though this has been a difficult time for the company, [employees] are very proud of Wells Fargo and [they] want us to talk about it more. … [Employees] want more people to hear about how we're making things right, how we're fixing what was broken, and how we're building a better Wells Fargo."  - - CEO Tim Sloan.


Sloan says the new advertisements will highlight innovations including cardless ATMs, cybersecurity and biometric authentication for wholesale customers.


“We're serious about changing Wells Fargo for the better and being very focused on our culture,” Sloan said.