You’ll love this … according to their 2nd Quarter 2016 Fact Sheet, “In 2015, Wells Fargo was named ‘Most Admired’ among the world’s largest banks by Fortune magazine, and ‘Best U.S. Bank’ by Banker magazine.”
Doh!!! I wonder if they’ll hold those titles this year.
Wells Fargo is the third largest bank in the U.S. They do business with 70 million customers out of more than 8,600 locations. They are in 39 states so you likely compete against them.
Here are the most important Wells Fargo stats to you: 5,300 Wells Fargo Employees Fired Over 2 Million Phony Accounts.
Wells Fargo is front page news. And after Elizabeth Warren’s smack down of CEO John Stumpf, this week, it’s on everyone’s radar.
“Other big banks average fewer than three accounts per customer, but YOU set the target at eight accounts.” “It’s not because you ran the numbers and found that the average customer NEEDS eight banking accounts, it is because quote, ‘Eight rhymes with great.’”
Let’s say that only 10% of Wells Fargo customers get mad enough to leave them. That’s 7 MILLION new accounts at play – averaging nearly 180,000 in each of the 39 states they are in.
Whatever meetings you have going on today, if Wells Fargo is in your neighborhood, your most important meeting is with the Marketing Department. This is a gift, folks! Get out there and gobble up as many of those 70 million affected customers as you can. Show them a better alternative.
My guess is that this will open some old 2008 wounds about big banks in general. Even if you don’t compete with Wells, my guess is that it is a matter of time before someone finds something about some other big brand bank. As a community bank or credit union, this is your time.
How Do You Handle This Opportunity?
It’s 2016. If you haven’t noticed, we have two individuals taking direct pot-shots at each other about every little misstep. Being direct and aggressive works, but it’s not in everyone’s taste.
Don’t lose yourself like a shark in a chum field. Stay true to your brand. If it’s aggressive, have at it. If it’s subtle and classy, so be it. The key is to differentiate yourself … against the big bad Wells Fargo AND the other institutions, just like you, that are out there casting their own net.
In addition to being a bank and credit union strategic consultant, MarketMatch also has nationally and internationally requested speakers. Contact us to bring our marketing ideas to your institution or next conference.
See our story here. (click)
Email me directly (click)
Follow us on Twitter @MarketMatch