Page 29 - HISPANIC MARKET OVERVIEW - 2018-complete

2018 HISPANIC MARKET OVERVIEW, presented by López Negrete Communications
A RECOMMITMENT TO EXCELLENCE
The last several months haven’t been the best in the lengthy history of one of America’s oldest financial institutions. A new campaign, which includes an extensive Hispanic media buy, seeks to reestablish this bank as one that can be trusted – based on its overall achievements, and not its most recent foibles.
For more than 150 years, Wells Fargo Bank earned its place in folklore for its fabled stagecoaches seen across the Old West. The financial institution grew, and today enjoys locations from coast to coast.
Growth to the East Coast came as a result of Wells Fargo’s takeover of Wachovia Bank. This came at the height of the greatest economic downturn since the Great Depression, fueled by a housing market bubble that popped – and created havoc for many Latinos as well as non- Hispanics.
Wells Fargo emerged from the late 2000s strong, and stable. But, the bank’s most recent history has been cloudy, and bumpy. Without going into the well-reported details, the bank was found to have opened accounts for its customers without their authorization. Further, some customers found themselves being charged for products they did not seek from the bank.
These challenges fueled a level of distrust among a wide swath of current and potential customers, with some calling for Wells Fargo to do more than simply apologize.
The San Francisco-based financial institution has responded. In May, it debuted a new advertising campaign that includes a Spanish-language transcreation of a total market spot that makes Wells Fargo’s message clear and simple: It screwed up, and it is now looking to its storied past to path a new path to the future. For U.S. Latinos, this journey starts with reconfianza.
Hispanic Market Overview discussed the Hispanic side of the total market effort with Larissa Acosta, the head of consumer segments and integrated marketing at Wells Fargo.
HERITAGE AT ITS HEART
With a big summertime push already afoot, Wells Fargo had one singular goal — to reestablish consumer confidence.