Can A New Ad Campaign Save Wells Fargo?

Wells Fargo, the national financial services company, is gearing up to roll out a new advertising campaign that will cover multiple channels.

According to a report in Reuters, the new ad campaign is aimed at winning back the trust of its customers after it was embroiled in a fake account scandal last year. The campaign is slated to debut in the middle of April and will run across different media channels. Reuters reported the focus of the campaign will be on the changes Wells Fargo has made since the account scandal was made public.

“For our team members and customers, we want to create a culture that’s better every day,” Chief Executive Officer Timothy Sloan said when explaining the new campaign to employees at a town hall meeting in Orlando, Florida, on Tuesday (March 21), reported Reuters.

The slogan of the campaign is “Building Better Every Day,” with the bank running broadcast and print ads, advertisements online and on the bank’s mobile app. It will also appear on internal channels, Sloan said, according to Reuters. A spokesperson would not say how much Wells Fargo is spending on the ad push. In 2016, Wells Fargo said it would increase the money it spent on marketing, and in October, it launched a nation-wide campaign to address the fake account scandal.

The new ad campaign comes at a time when Wells Fargo is still struggling with the massive hit to its reputation. Earlier this week, Wells Fargo released its retail banking customer activity data for February 2017, and it shows the biggest drop in credit card applications since the bank’s scandal over sham accounts erupted six months ago, according to The Financial Times.

A company press release announced the details of the retail banking data, revealing that consumer checking account openings fell 3 percent from January and 43 percent from a year ago, while new consumer credit card applications fell 4 percent from January and 55 percent from last year. Since 2016 was a leap year, there was one fewer day in February this year.