Is it How to define your relationship with the Bank

Is it How to define your relationship with the Bank
Timothy Sloan replaces John Stumpf, as the new CEO of Wells Fargo, because of the bank's inadequate and, perhaps illegal, selling practices. In The Wall Street Journal 13, Sloan is quoted as saying,

"I do not believe that the strategy was fundamentally flawed. We do not abandon our online marketing strategy. Cross selling is open to growing relationships with our customers."

This shows a misunderstanding of what "relationship" means to Sloan and to the Wells Fargo organization. Only a bank can say that their relationship with their customers is based on how many products a bank can sell, whether they need it or not.

Friendship with many people involves some form of human connection. Good friendships are those that people consider and live with each other with respect, understanding, and truth. Powerful products are built on personal connection, not financial transactions, but many large banks seem to get this wrong. Maybe this is why most banks are usually so low on product satisfaction surveys - they target the wrong kind of "relationships."

Wells Fargo and its new CEO need to think deeply about what it takes for the bank to fulfill its customers' needs. They should change their focus on creating bank revenue and instead focus on how customers can define meaningful relationships. This is how we recommend Wells Fargo to make its future effort to value, benefit, and promote a sustainable brand.

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