Wells Fargo Scandal Essay

A loss in reputation, due to unethical decisions, can have disastrous and long-term effects on Pickford. In such a competitive field, better products rarely make up for a loss in reputation. A survey by Ernst and Young found that a customer’s experiences are more important, in deciding if they should open or close an account, than fees, rates, or convivence (Global Consumer Banking Survey, 2014). Consumers often choose a company based on how they feel treated rather than the rates they might receive. Unethical decisions destroy the reputation of the company, as well as people feelings about it. Working as an intern at a local bank, it was clear that if a customer felt welcomed and appreciated than they were much more likely to do business even if they could make more or save more money at a different institution. Having a negative image and reputation can easily cause customers to leave even if they are receiving the best deal. With such a heavy emphasis on reputation in …show more content…
The study, that was discussed in subsection 2(A), stated that the number of people that would not join Wells Fargo jumped from 22% to 54% (Egan 2016). This shows just how devastating unethical decisions can be on a company, but it also has a tremendous effect on other aspects of the business. New customers are essential to any business and if more than half of people would not even consider you an option, the future starts to look very bleak. Reputation is one of the biggest marketing tools. It can bring in customers or turn them away without showing them any products or services. A unanimous agreement by all RSG members is vital in making sure that unethical decisions do not happen with the expansion of the payday loan offices. Unethical decisions can hinder the company for years, but a united voice can ensure that our reputation continues to be a magnet for potential