Estimated reading time: 2 minutes
Especially in banking.
And that’s exactly what got Wells Fargo into hot water.
You probably remember 2013 and the chaos surrounding Wells Fargo.
“8 is great” surfaced as their internal slogan.
Employees were told to push all customers to have 8 products.
That eventually led to fraudulent accounts and a big mess…
But it all started with losing sight of the fact that Sales is Service.
It’s not about lining your own pockets.
It’s not about closing that next deal.
It’s about HELPING.
Helping educate your customers on how to allocate the hard-earned money that they entrust to you in the best way possible.
“8 is great” did the opposite.
Things got so bad that my own mother refused to walk into a branch because she was tired of being pushed to add new accounts and buy new products every time.
And I worked there!
Thankfully, everything came to light and ‘8 is great’ is in the rearview. The people doing the wrong things were let go.
The people remaining have been cleaning things up for years and putting controls in place so it never happens again.
But Wells Fargo won’t have the same level of trust they had in the 90s for a long time.
It’s a lot easier to break trust than it is to build it.
But keep the focus on serving your customers and you won’t have to worry about it.
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