Wells Fargo has launched a new consumer-focused advisory group, the Office of Consumer Practices (OCP), to improve its sales practices and customer experience.
The OCP will be spearheaded by Wells Fargo chief regulatory and policy affairs executive Michael Lipsitz. It will be a part of the chief operating office.
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The activities of the new unit include advising on consumer products, services, and business practices.
It will engage in the entire customer-product lifecycle, which includes advising on terms, conditions, and pricing, as part of the product development processes.
The OCP will also advise on policies, procedures, and training on how the bank interacts with consumers, including with the old and disabled people.
The consumer-focussed unit will also be responsible for reviewing the complaints metrics and other data to identify and advise on potential trends and outcomes.
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By GlobalDataWells Fargo CEO Charlie Scharf said: “Keeping customers front and centre is at the heart of Wells Fargo’s continued evolution.
“The Office of Consumer Practices will play an important role in ensuring our products, services, and business practices are fair and transparent.”
Wells Fargo COO Scott Powell added: “By launching the Office of Consumer Practices, we are taking another step to embed the customer perspective directly into our decision-making processes, which is an important part of strengthening our risk and control infrastructure.”
The move is part of the bank’s efforts to regain market share after fake-account creation scandals.
The scandals revealed that branch employees opened millions of potentially fake accounts to hit sales goals.
This resulted in hundreds of thousands of dollars in overdraft fees charged by the bank to the customers.
Last year, Wells Fargo agreed to pay a penalty of $3bn to DOJ and SEC to settle a probe into its fake-account creation scandal.
