The American Customer Satisfaction Survey (ACSI) is one of the most widely followed studies of customer opinions across dozens of industries. Its most recent industry research covers banks and financial companies. In its “Finance Study 2021-2022” report, it revealed that Wells Fargo has the worst customer satisfaction among America’s largest banks.
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Some 13,546 respondents were surveyed between October 2021 and September 2022. The results covered banks, credit unions, financial advisors and online investment service providers.
Wells Fargo ranked behind Citibank, Bank of America and Chase. In fact, it ranked at the bottom of this universe.
The results should be no surprise. Wells Fargo has a long history of customer problems and government punishment. The Consumer Financial Protection Bureau is pressing Wells Fargo to pay over $1 billion in penalties. The transgressions cover its auto lending business, deposit accounts and mortgage loans.
Wells Fargo’s customer problems reached back to scandals in 2016. These have cost two CEOs their jobs, according to Think Advisor.
It is fair to assume that these practices have driven some customers away and will keep Wells Fargo from adding new ones. The ACSI results already show how badly it is wounded, and these are self-inflicted.
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