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Saturday, June 15, 2024
“THE CEO PUBLICATION owns both and websites"


One of the largest financial services company in US undergone severe technical problem which really affected it huge customers in their transactions. The consumers usually expect perfection for the companies, though it may be product based or service based. The technical error or human error happens from the reputed organizations is really disturbing the consumers. Same thing happened with Wells Fargo too.

On February 1st the company confirms that there is error happening in the mobile app and the banking transactions and all consumers refrained from their banking transactions. The same issues repeated on February 7th and the company confirmed the errors through its tweets and informed consumers to have patience.

This was indeed disturbing because one of the major services company with sophisticated technology and employees in hand is struggling to restore its normal operations. Second time in a row the problem happened in this firm, which lead to lot of confusions and havoc amongst the consumers.

The crisis avoidance steps the Well Fargo must have considered are:

  1. As a customer, especially when we talk about money and its safety, the consumers do panic. The company could have avoided the panic situation using social media sites, bombarding with the messages saying your money is safe”. The bank missed the opportunity as they announced it quite late.

2. Wells Fargo was even too late in announcing the hassles in banking transactions. This propagated more strain amongst the consumers.

3. Bank should have been innovative in propagating the messages in different media sites differently than the same message. As the consumers in the panic state look for more news in various sites.

Hence it is very necessary for the companies to be proactive than reactive which would definitely able to gain consumer confidence.

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