Could Wells Fargo Have Saved Millions of Dollars by Looking at Their Online Reviews?

According to an analysis completed by customer feedback company ReviewTrackers, customers of Wells Fargo were writing negative reviews about the opening of fake accounts prior to the breaking news in September 2016.

Reviews hinting at these illegal practices were posted as far back as August of 2015 - more than a year before the news broke in the media. This analysis only extends back until August of 2015, however; with further research, it is possible that the reviews might reveal that the fraud was happening for even longer.

The research shows reviews containing negative sentiment from separate dates in August 2015 to December 2016. The following were negative phrases found in the reviews:

- 08/17/15: "wrong fees"

- 08/31/15: "unethical sales tactics"

- 04/09/16: "illogical fees"

- 08/17/16: "hidden fees"

- 09/08/16: "phony customer accounts"

- 09/30/16: "bogus fees"

Reviews from Citibank, Bank of America and Chase were included as well. However; these same negative phrases listed above were not found in any of the competitor reviews.

In addition to negative sentiment, the average star rating of Wells Fargo decreased month after month, with a 19.9 percent decrease from August to September 2016.

By looking at their online reviews they could have seen the negative feedback about the fees and used that as an opportunity to immediately correct the situation and save $185 million in fines.

We live during a time that Forrester dubs as "The Age of the Customer." Customers are more informed, connected and empowered than ever. For the first time, they are taking the power seat and utilizing their voice through online reviews to talk about their experiences. It is a time when brands must acknowledge this shift and use online reviews as an opportunity to connect with their customers and in the case of Wells Fargo, to mitigate a large-scale business disaster.

About ReviewTrackers

ReviewTrackers is the award-winning customer feedback software that helps businesses measure and transform the customer experience. The platform collects review data from 85+ review sites to surface customer insights that enable brands to listen, comprehend and make data-driven decisions about what their customers truly need or want.

Trusted by 30,000+ businesses, ReviewTrackers helps busy professionals save time, money and resources so they can focus on what matters most: their customers.

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Source: ReviewTrackers


Categories: Business News, Marketing, Financial News, Customer Relationship Management, Business Finance, Consumer Banking, Banking, Finance, Insurance

Tags: banking, compliance, finance, online reviews, risk management, social media management, Wells Fargo

About ReviewTrackers

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ReviewTrackers is a product based business for gathering critical consumer-generated data and intelligence to help companies understand and improve their business.

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