Wells Fargo Attempts To Repair Image, Regulator Highlights Risks Of Cross-Selling
The LA Times reports that Wells Fargo will eliminate all sales goals for credit cards, checking accounts and other retail banking products as the bank tries to repair its image. The U.S. Comptroller of the Currency, Thomas Curry, said on Thursday that other banks should review what risks arise from efforts to cross-sell to existing customers. Curry's office was among the regulators with whom Wells Fargo reached a $190 million settlement last week, following claims that it had created two million accounts that customers did not want.Last week it was revealed that thousands of employees had opened up accounts without customers' authorization. Wells Fargo has fired about 5,300 employees for improper sales practices since 2011. Susan Ochs of the New York Times writes that Wells Fargo may have dismissed employees and managers but the executive who supervised the retail branches where the wrongdoing took place — Carrie Tolstedt, divisional senior vice president for community banking — is retiring, "taking with her millions in stock and options." "Despite knowing about the widespread misconduct on her watch, Wells Fargo gave Ms. Tolstedt a glowing farewell," writes Ochs. "John Stumpf, the chief executive, called her a “role model for responsible leadership” and “a standard-bearer of our culture.” Her compensation — more than $27 million over the last three years — has never been dinged as a result of these problems."
Mobile Depost Experience Key To Customer Satisfaction
What's Missing From Digital Banking? Empathy
Imagine having all of your money moved from one account to another by your bank without permission. Gartner's Stessa Cohen uses this anecdote as an example of the need for empathy in digital banking. In a piece for American Banker, Gartner's Stessa Cohen observes that "increasingly, our conversations about digital banking are only about technology: digitalizing transactions and activities based on data analytics, customer behavior, event triggers and business moments." Rather than just focusing on technology, Cohen advises bankers to have "some understanding about and sensitivity for the feelings and experiences of other people." This means asking for your customer's permission to do something, making it easy to rescind permission and being transparent.
More Than 50 Percent Of Americans Use Mobile To Manage Their Bank Account
According to a new survey conducted by the American Bankers Association, more than half of Americans have used a mobile device to check or manage their bank account at least once a month. Reporting on ABA's findings, Pymnts.com notes that a third of Americans check their bank account via mobile more than three times a month. Satisfaction levels with mobile offerings are relatively high, as three quarters of respondents rated their app as excellent or very good. “Consumers are increasingly turning to their smartphones and tablets to manage their everyday finances, and banks have responded by expanding their mobile capabilities,” said Nessa Feddis, ABA SVP and deputy chief counsel for consumer protection and payments. “Bank innovation has made it more convenient and safer than ever to do things like check your balance, deposit a check or make payments.”