Low Customer Satisfaction
Although the customer satisfaction score of Wells Fargo improved over the last three years it is far less than its peers and industry average. According to the 2006, American Customer Satisfaction Index survey customer satisfaction score of Wells Fargo was 72 while the industry average was recorded as 77%. Also the customer satisfaction score of the company is less than Wachovia which recorded score of 80. Around 5.6% of the premier customers leave the company annually. Wells Fargo’s problems regarding customer satisfaction continued in 2008 as well. According to the J.D. Power and Associates 2008 Retail Banking Satisfaction Study, in the Midwest, where Wells Fargo has a high presence, the bank is among those held in the lowest esteem by customers, Of 21 banks in the Midwest Wells Fargo ranked 17th. Wells Fargo’s lower customer satisfaction scores affect its customer retention.