Posts tagged with Wells Fargo

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Fintech propels Quicken Loans above Wells Fargo in mortgage originations

For years, Wells Fargo has held the distinction of being the largest originator of mortgage loans in the United States.

But facing self-inflicted scandal, a regulatory crackdown and a fintech revolution that extends to the mortgage industry, Wells Fargo was dethroned in the fourth quarter of 2017.

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Big banks are finding success with Zelle, but what does it really mean?

In late September, I asked: can big banks catch up to Venmo with P2P payments app Zelle?

Three months later, it would appear the answer is definitely maybe.

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Can Wells Fargo's new brand platform help it restore consumer trust?

Wells Fargo has paid a hefty price for its fake account scandal.

While the bank has fired more than 5,000 employees implicated in the scandal, clawed back $75m in compensation from executives it blamed for the fraud, and agreed to pay $110m to settle a class action lawsuit over its opening of more than a million unauthorized customer accounts, consumers apparently aren't willing to forgive the company, at least not yet.

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The five things every company can learn from the Wells Fargo scandal

Wells Fargo's ongoing fraud scandal, which involved the creation of 2m fake accounts by bank employees, demonstrates some of the reasons banks are vulnerable to fintech startups.

But there are lessons that all companies can learn from Wells Fargo's woes. Here are five of them.

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Wells Fargo scandal shows why banks are vulnerable to fintech startups

Wells Fargo, one of the largest and most prominent banks in the world, has been embroiled in a scandal in which thousands of its employees apparently engage in fraud.

The company, which was founded in 1852, has already paid $185m in fines over charges that it opened more than 2m deposit and credit accounts without the permission of its customers.

And investors have knocked more than $20bn in value off Wells Fargo's market capitalization.

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Wells Fargo turns to Amazon as a marketing channel

Amazon Prime is more than just a free shipping service.

The program, which was launched in 2005, now offers members access to everything from streaming video and music content to early access to special deals.

It's also becoming a marketing and customer acquisition channel for other businesses.

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All atwit over nothing?

Twitter's all the rage right now. In social media and digital marketing circles, Twitter seems to be taking over the world.

I have a different perspective: it's not. For all of Twitter's growth, I believe it has yet to achieve what it needs to achieve to become a viable marketing platform for businesses.

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