Wells Fargo’s television ad campaign to recast its image isn’t hitting the mark, according to a recent survey on public perspectives of corporate apologies.
Wells Fargo released a TV ad in May that illustrates how it plans to earn back the public’s trust after the fraudulent accounts scandal in 2016 that tarnished its reputation. The commercial features images that highlight its extensive history in the U.S. while also hinting at the scandal. The commercial ends with a glimpse of modifications to its banking side and its new tagline: “Wells Fargo - Established 1852. Re-established 2018.”
Only about a quarter (27 percent) of consumers accepted what is being considered a corporate apology ad, according to the survey by Alpha, a provider of user-insights software to product developers.
Other survey respondents either didn’t know what Wells Fargo did (8 percent); were undecided on whether to forgive (30 percent); chose not to answer (6 percent); or have chosen to not accept the company’s apology (29 percent).
Respondents’ comments ranged from “I will never ever do business with Wells Fargo” to “They should be given another chance.”
Alpha surveyed 1,028 people in June to determine how Wells Fargo, Facebook and Uber’s television apology commercials faired among consumers.
Facebook released an apology commercial in April following the discovery of its data scandal involving the consulting firm Cambridge Analytica. Uber released its TV apology ad in May following a series of sexual harassment charges and accusations that it was mistreating its drivers. The Wells Fargo ad that also ran in May offered a mea culpa for its misdeeds.
Overall, Wells Fargo was deemed an “extremely negative” brand by 16 percent of respondents, followed by Facebook (10 percent) and Uber (9 percent).
The largest group of respondents who don’t forgive Wells Fargo are ages 55 years and older; people between the ages of 18 and 34 were the most forgiving.
Regarding Uber, respondents seemed to assign more blame to Uber’s drivers and the company’s rapid rise to fame than to the company itself. Only 14 percent said they did not accept Uber’s apology while 31 percent said they forgive the company and 32 percent were undecided. As with Wells Fargo, younger respondents are more forgiving of Uber’s problems.