Question

Please describe what happened with the Wells Fargo scandal, and what are they doing to regain trust?

Answer 1

In wells fargo scandal, it was accepted by the organization that they have created millions of accounts with the name of their customers without getting any written permission. In corporate world, it was seen as basic breach of moral contract. The main element was trust . It was hard to regain the customer's trust towards its banking services. Its customers were faced many challenges like inability to access to some of the services, software problems, Wishtleblowers voices , fail to meet the US regulators and other bankruptcy related issues.

To regain the trust which was broken earlier, it has taken the following steps:

1) Corporate restructuring

2) Making system more efficient and easier.

3) A team of legal advisers who are responsible to suggest the way to rehabilitation.

4) Improving the value based services by accepting previous faults.

5) Give full control to the customers so that they can get full satisfaction while choosing a particular service.