You may have heard about the Wells Fargo debacle which has been headlining the financial industry news for the past month or so – the thousands of fraudulent accounts opened, the CEO who was chastised on Capitol Hill, the $20 billion drop in the bank’s market value, and the $7 billion class action lawsuit by former employees saying they were dismissed for failing to achieve unrealistic quotas.
All in all, not a very pretty picture. Wells Fargo is rushing to stem the hemorrhaging, and some of the steps taken include forfeiting millions of dollars of bonuses at the executive level and ensuring that all users get email notifications within an hour of opening an account. It’s this last particular measure that I would like to talk more about for this blog post.
Customer communications is not only vital to any business today, it’s also one of the best ways to ensure transparency and make your customers really feel like they’re valued. With human interaction being eschewed for more efficient digital interactions, it is hard for customers to feel a connection with your company. Now, I’m not saying that by implementing a Customer Management System, Wells Fargo could have prevented this from happening. However, the solution to their problem strongly suggests that accountability, transparency and communication to a business’s customer base is necessary in today’s world.
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