SAN FRANCISCO–Following several years of scandals, Wells Fargo has rolled out new branding, including an updated logo.
The bank is seeking to rebuild its image and over the past year has launched extensive messaging around distancing itself from wrongdoing that has ranged from
opening millions of bogus accounts for customers to forcing insurance on customers who didn’t need it to wrongly foreclosing on some customers.
To date, Wells Fargo has paid nearly $1 billion in fines and it continues to operate under a rare asset cap imposed by the Federal Reserve until it shows it has changed its behavior.
In 2017 it began advertising it was “Building a Better Bank.” Last year Wells Fargo launched a campaign themed, “Established 1852. Reestablished 2018.”
Now it has rolled out a campaign advertising “This is Wells Fargo” in which it said it will be “highlighting changes the company continues to make to its operations and culture as it works to deliver exceptional service and rebuild trust with customers.”
The new advertising is to run through the fourth quarter.
Employees Being Featured
As part of the campaign, Wells Fargo has also introduced a new visual identity, including an “evolved logo, modern stagecoach, and digitally friendly colors and tone.” For the first time in Wells Fargo’s 167-year history, the campaign prominently features Wells Fargo team members helping customers with their everyday financial needs, the bank said.
“Our company’s transformation continues,” said Tim Sloan, Wells Fargo’s CEO and president, in a statement. “Our goal of delivering exceptional service to customers and helping them succeed financially remains central to everything we do. As customer expectations continue to evolve, this campaign highlights that Wells Fargo is transforming to provide easier, more personal and helpful solutions.”
Scandals Haven’t Had Much Effect
The campaign will be featured across print, broadcast, online and mobile channels. Future campaign commercials will air in Spanish and Mandarin.
Wells Fargo is also now rolling out new visual identity changes across the company, taking a phased approach beginning with mobile and digital properties, and later extending to its physical locations. Wells Fargo said it is communicating directly with customers via email and at branches about the changes taking place to ensure they are well informed about the new look.
Examples of the advertisements can be found on Wells Fargo’s YouTube channel.
The “This is Wells Fargo” campaign was developed with BBDO-San Francisco.
Sloan, Wells Fargo’s CEO, recently told CNBC the scandals have not really led to much in the way of lost business, but he did acknowledge its growth rate has slowed.