Bank of America vs. Wells Fargo Bank Winning the retail customers
Bank of America and Wells Fargo banks are leading consumer banks in United States. Bank of America has been recovering its image from mortgage mess create due to foreclosures.
Wells Fargo bank has been steadily growing in personal, small business and commercial markets.
Market Capital – 169.09B
No. Of Employees: 242,000
Wells Fargo Bank
Market Capital: 253.15B
No. Of Employees: 264,900
Social Media presence and Activities:
Bank of America helps to grow an Asian specialty grocer
Wells Fargo “Six String Dream” Behind The Scenes Video
BOA has good presence on all the social media channels and it seems to be more active than Wells Fargo on the social channels.
Wells Fargo has been growing due to their sound business practices and great customer service both in brick and mortar as well as online.
Wells Fargo messaging on social media is more fun filled and customer centric. This is probably to attract more young generation and keep them engaged with such content. On the other hand BOA has more educational and corporate announcements on the social media channel. BOA has lots of hate topic/handles on twitter, which points back to unfair business practices adopted by BOA, during the mortgages crisis and foreclosures. BOA messaging is focused on improving the corporate image and educating the customers on different financial topics such as – saving, mortgage, investment, etc. It is hard to determine who entered the social channels first, but BOA is surely leading on number of followers, fan base etc.
Overall Wells Fargo is keeping light content on the social media, whereas BOA is using the social media channels for brand building. We all know the historical reasons behind it, BOA need to rebrand itself and win the customers’ confidence back. I would propose to both of these organizations to tap back into loans for higher education which is in line with current government agenda and hence may get a backing from it.