Why do you think Chase's digital only banking system, Finn, was unsuccessful? Are your customers really prioritizing online banking?
Finn managed to sign up just 47,000 customers, while its closest competitiors have over a million users. According to a recent survey, only 7% of respondents said they would consider a digital bank. What are your thoughts? #Betterbanks bit.ly/2X6fU2b...
It wasn’t advertised enough! Not even some employees knew about it. I’m actually disappointed they are getting rid of it, I had no issues or need to go to the branch at all so I was ok with an all digital acctount and it was completely free!
Reputation, user friendly/easiness, lack of marketing or marketed to the wrong target market. Besides an article here and there about it failing. I hadn't heard of it
Never even heard of it, so I’d say not enough marketing.
I don't think there was very much advertising. So people can't sign up for something they don't know about.
Wells Fargo had a cringe-worthy tone deafness about a family whose lives the bank helped to shatter with the "computer glitch" that caused hundreds of people to lose their homes. Instead of saying "we're sorry" for denying them loan modification, the bank said “they were unable to keep up with their payments and we eventually foreclosed when they were two years behind." $15,000 was offered for the mistake.
What are your thoughts? How much do you think Wells Fargo give to customers who lost their homes? #BetterBanks bit.ly/2Xqd8o0...
I 100% believe the excuse they gave of a computer glitch was a completely fabricated made up response. I have worked for 2 huge major banks in the mortgaging area processing and working in mortgage modifications. It is not a automated process, it is crazy, crazy, manual and labor intensive. And then after all the work of collecting everything you need as far as documents, the underwriting is manually done and then checked a few times by others and superior before issuing a approval or denial. After 2008, banks were flooded with mod requests, some banks handled it better than others. The banks that were overwhelmed prolly just issues denials to get them off the books... Modifications have rules and regulations that banks have to follow in reviewing and processing them. Underwriters and the team reviewing these apps have government auditors and bank auditors that review everything to make sure the bank is following the rules and denials and approvals are appropriate. Its serious because your messing with peoples lives. I had a lawyer once tell me in the end, a bank can do whatever they want... but that's 110% incorrect, they have very tight rules and regs they have to follow when handling mortgage mods, if they are caught not doing it right, they have hell to pay or a lost law suit. I've witnessed all this. I was in mortgage banking in modifications during the time it was at its worst, after 2008- 2014.
As a former bank worker at Wells Fargo, I am not surprised to see Wells Fargo not holding itself accountable for its actions. Wells Fargo former and current CEOs must face criminal investigations. They shouldn’t just walk away with tens of millions of dollars in profit while hundreds of customers ended up on streets. Shame on Wells Fargo!
The full price of the home
I tried to modify for 4 years. I gave up.
The survey showed that it would take 158 years for the typical worker at most big companies to make what their CEO did in 2018, seven years longer than if both were still at 2017 pay levels.
Today Congressman Chuy García introduced the Reward Work Act of 2019, which would ban open-market stock buybacks that overwhelmingly benefit executives and wealthy shareholders, at the expense of workers and communities.
Wells Fargo says it cost the bank $200 million per year to raise the minimum wage to $15/hr, yet the bank spent $40 billion in stock buybacks for shareholders and executives. This act would ban stock buybacks and shift the focus to reinvesting in workers. What are your thoughts? #BetterBanks ...
Maybe instead of spending all the money on pizza parties and crap with the Wells Fargo logo on it to give to us employees as “rewards”, just use that money to pay us better?
Bought a bunch of their stock at $10, invest in evil, lol.
Some companies, often the larger ones, offer employees benefit packages that include stock or options. Buybacks improve the value of stock which benefits workers with incentive packages, as well as wealthy stockholders, sometimes more than short-term wage increases... Perhaps encouraging more equitable incentives for workers, as well as wage increases, would be more beneficial than harnessing the market with ever-more regulations.
I sometimes think if it would be better for Branch Team members to unionize. They get paid hourly anyways.
Benjamin Borne Rajnita Singh Ahsara Conner Who is surprised when we aren’t excited about 2% raises 🤷🏾♂️
From homeowner to homeless. Hundreds of homeowners lost their homes due to a critical mistake by Wells Fargo. Last year, Wells apologized and admitted it wrongly denied or failed to offer about 870 mortgage modifications between 2010 and April 2018. In approximately 545 cases, customers lost their homes.
Do you think a payout of about $9,000 is enough to make these customers whole again? #BetterBanks bit.ly/2Ir62Hv...
Customers state how a Wells Fargo mortgage modification issue ruined their lives. They are taking legal action after they lost their homes when the San Francisco bank computer glitch denied lower loan payments.
That's not nearly enough. That would barely cover the cost of relocating in some states.
A $9,000 payout is actually a joke. A knee slapper. How could they ever think that THAT amount of pocket change could fix an entire family’s life after losing their homes. It’s a tragic scenario to go through and it is financially devastating. $9,000 is not nearly enough for such a large bank for their apology. “Oops, sorry lol” is all that $9,000 says.
How are they still here...all this wrong doing?
Not nearly enough for the pain and suffering
That’s not enough for those people. Wells Fargo needs to do something.
No it is not enough!!! The loss of a home is devastating...And what these families most likely went through, to find housing, and not only the loss of there homes, but Wells Fargo would have reported them as a foreclosure on there credit reports....I know, because I was a Wells Fargo employee, and worked in loss mitigation, and had the task of telling homeowners they were denied for a Modification. I hated my job, because I knew Wells Fargo was wrong!! The chance of these homeowners getting a Mortgage after this, would be very difficult.