25
Downloads
10
Episodes
The Ungrowth Show is a captivating podcast that explores the real-world challenges and triumphs of businesses. Hosted by TrellisPoint, each episode dives into the complex battles companies face, from overcoming market hurdles to achieving breakthrough successes. With expert commentary and engaging storytelling, we dissect these business stories to reveal valuable lessons and insights that help others avoid making mistakes. Whether you’re navigating your own business journey or simply interested in the dynamics of corporate growth and setbacks, The Ungrowth Show offers a fresh perspective on the unpredictable world of business. Tune in to hear about both the struggles and victories that define the business landscape. Each episode will review mistakes that famous companies have made in one of the following areas: - The Cloud - AI and Data - Integrations - Business Process Engineering - Organizational Change Management - Strategic Growth Planning - Tech Implementations and Migrations - Digital Transformation/Evolution - Innovation
Episodes
Monday Sep 23, 2024
Monday Sep 23, 2024
In this episode, we explore the Wells Fargo scandal where aggressive sales targets and unethical CRM strategies led to a massive loss of customer trust. We delve into how prioritizing revenue over reputation can submarine company culture and result in long-lasting damage.
In 2016, Wells Fargo employees were found to have opened millions of unauthorized accounts to meet aggressive sales quotas.
- The bank's “Eight is Great” mantra pushed employees to open at least eight products per household, leading to unethical practices like account falsification.
- Despite internal reports and warnings, leadership failed to address the issue, leading to a $185 million fine in 2016, which grew to nearly $3 billion by 2018.
Lessons to Learn:
- Customer-Centric CRM: Focus on ethical practices and long-term customer relationships.
- Ethical Incentives: Align incentive structures with ethical behavior, avoiding undue pressure.
- Organizational Oversight: Implement centralized risk management to identify systemic issues.
- Leadership Accountability: Address issues promptly rather than minimizing them.
How Ungrowth Applies:
Demonstrates the dangers of unchecked growth, prioritizing sales over ethics, and the significant consequences of ungrowth.
Technical Details:
- Cross-Selling Strategy: “Eight is Great” mantra led to 3.5 million unauthorized accounts.
- Regulatory Penalties: $185 million fine by CFPB, with penalties totaling nearly $3 billion by 2018.
- Management Response: Initial responses failed to address root causes, leading to a significant scandal.
TrellisPoint: TrellisPoint.com
#StrategicGrowth #BusinessEthics #ReputationOverRevenue #WellsFargo #Ungrowth #CRMFailures #CorporateCulture
Comments (0)
To leave or reply to comments, please download free Podbean or
No Comments
To leave or reply to comments,
please download free Podbean App.