Wells Fargo Creates New Advertising Campaign to Regain Consumer Trust
Wells Fargo has been working on a new advertising campaign to restore consumer trust. The company has experienced a consistent decline in account openings ever since employees were caught creating over two million fake checking and credit card accounts.
The new campaign is set to launch in mid-April, with a focus on the improvements Wells Fargo has made over the last few months. The slogan is “Building Better Every Day,” showcasing the steps the bank has taken to protect customers, improve security measures, and regulate employee actions.
“We want to create a culture that’s better every day,” said Chief Executive Officer Timothy Sloan.
Wells Fargo has not said how much money went into the ads, but ad tracking firm Kantar Media reported a 32% increase in marketing expenses from October 2015 to October 2016 (when news about the scandal was released).
Earlier this week, Wells Fargo reported its February retail banking activity. New credit card applications were down 55% versus a year ago, even more than the 47% drop they showed the previous month. Checking account openings were down 43% from last year, and total branch interactions were down 11% for the same period.