Wells Fargo Scandal

Wells Fargo was the most popular bank some years back. It was considered as the second largest Bank by Market Capitalization and the third largest bank in the US by assets. They had a great hype in that time of 2013-15. But suddenly it got collapsed in September 2016. The baseline of trustworthiness they created for a long time by satisfactory financial service got a devil attention somehow.

On September 8, 2016, Wells Fargo reported that it was paying $185 million in fines to Los Angeles city and government controllers to settle claims that its representatives made a large number of phony ledgers for clients and they had to fire 5300 employees for that scandal whereas they had 0.25 million of employs.

People started to know that, they started to create fake account from 2011 and they created 1.5 million savings account and 500k credit card accounts whereas they had 14 million of total account in that time of 2011-2015. That means they created, 14% of fake accounts in lieu of total accounts.

The bank needed the issue behind them. In any case, rather, the settlement started a firestorm.

Within few days’ investigators found the reasons behind doing this type of insane work. California AG Kamala Harris propelled a criminal examination concerning whether Wells Fargo representatives carried out false pantomime and data fraud as a major aspect of the records embarrassment.

They found that it will benefit Wells Fargo internal procedures in relation to bonus rewards and it will affect in Sales incentives structure. In light of the business motivating force culture of Wells Fargo, representatives opened phony records to gain outlandish charges. Which ultimately helped Well Fargo to gain more money. But after that incident, the sustainability and adequacy of sales incentives structure becomes debatable. And that times they lose the faith of their regular customer.

Be that as it may, there's something abnormal about this specific embarrassment. It's prominent why an anxious, degenerate agent would pitch an awful monetary thing to a clueless borrower In any case, why a bank would need to make fake client accounts is less clear. All things considered, a phony record with no cash in it doesn't complete a bank much good. Indeed, the bank's senior administrators didn't need their representatives to begin these phony records. As The New York Times announced, Wells Fargo even held a two-day morals workshop in 2014 expressly advising their representatives not to do that.

John Gapper, a Financial Times columnist said that, Wells Fargo was known as the "King of Cross-Selling in the banking industry." Cross-moving is a sufficiently direct system: If one has a customer who makes the most of his item A. Why not additionally move him his item B? That bodes well. Strategically pitching is especially rewarding in retail saving money, on the grounds that the costliest piece of the client relationship is getting a client as a customer. So, moving the greatest number of items as you can to your current clients is especially worthwhile. What's more, once more, there's nothing amiss with this on a fundamental level. It bodes well for the organization, and the client can generally decide not to purchase.

The extortion seems to have originated from CEO John Stumpf's mantra to workers: "Eight is great" which means, getting eight Wells Fargo items under the control of every client. Be that as it may, this order demonstrated troublesome for bank representatives as they attempted to meet requesting amounts and fulfill significantly more demanding managers.

At Wells Fargo, employees apparently had a target of selling eight items to each customer. This eight is mysterious. Stumpf wrote in an annual report. "Perhaps our new cheer should be: 'Let's go again, for ten!'"

This system made what The Wall Street Journal called a "high weight deals culture" at Wells Fargo. Workers were given incomprehensible deals quantities to reach, and censured or even terminated for not meeting them. Thus, they cut corners.

"Great work" can never be lessened to any one measurement, or set of measurements. It generally includes a progression of decisions and tradeoffs. In the event that you give individuals unimaginable, or opposing objectives, something will give. Business people will turn to misrepresentation, or forceful deals strategies that will hurt your image ("Managers recommended to representatives that they chase for deals prospects at transport stops and retirement homes," reports The Wall Street Journal), or something unique. In the event that, suppose, a news site gives representatives online visit targets, they will produce misleading content waste. Be that as it may, if the site couldn't care less at all about site hits, it will go bankrupt. There is a model like this in each industry. What's more, if the strategy gets excessively extraordinary, truly, individuals will either wear out or resort to extortion.

Budgetary control can't keep this sort of embarrassment — fashioning marks is now unlawful. At the base of this issue is human instinct: Mutually selective, high-weight requests will make individuals break.

"Man is neither holy messenger nor mammoth," the French scholar Blaise Pascal stated, "yet he who might transform him into heavenly attendant will transform him into a monster." Humans have high yearnings, and in the mean time they are eager and frail and unscrupulous.

After that time, they need to immediately refund their money. They refunded around 5 million US Dollar to their customers CEO John Stumpf resigned.

I think that, In the event that representatives raise their hands to talk up, they should be considered important. Cause, there were some employees who really wanted to disclose the matter but somehow the higher authority didn’t care about it as they themselves were involved in that. The management needed to be more interconnected and dependent on each other.

In 2016 they again started to campaign over visual media to recover their trust.

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Importance of E-commerce Enterprenuership and how it helps to improve the lifestyle of the Unemployed People

Entrepreneurship is somehow a popular term to the most of the youths of modern era. And E-commerce is an another emerging term that is happening around the whole world right now.

There are lot of people around the world who don't know they have the potentiality to do something. Like creating small puffed doll at home or cultivating fresh food or these types of work and most of the time, people having a small dream to prove themselves to other people. And making impact on others and providing service to others is the best way to prove oneself to other people. When a people cultivate something unique or cook something different he or she can sell it to others and there are a high chance to be admired for his/her unique one. And entrepreneurship creates this opportunity for these people.

But the thing is most of the people feel introvert about entrepreneurship. They think like, it's not easy to make something new or doing business after lots of formality is not easy. Formality means a physical place, shop, market or chamber and creating documents of business and all other stuffs.

And it's true it's not easy for everyone to establish a business from beginning. But it's easy now. There is no need to follow these formalities.Moreover one can easily sell their product online, give their service at door on customer demand. People get more access to variety of products through online as they are getting everything there.

As most of the consumer feel the lack of time and people's life are getting  more complex and busy day by day. Businessman are just trying to make their products and service more available to their consumers. And this is creating the way of employment.

We can give an example here, think about the courier business we have been seeing for a long time in past. On those days there were just a process of delivering parcel from definite office. But right now courier service are more advance.They are taking parcel from your home and delivering to your friends place. This is a big process and here there are a lot of people involved in here. Regarding App Developer, Web Designer, Call Center Agent , Delivery Man, Car Driver etc.

This is how e-commerce business is creating place for unemployed people.And they are getting touch of the diverse types of people easily. So they can develop their functionality through this.It will dramatically change their lifestyle after some period.

Think in an another way, E-commerce are creating the way for most of the people live in a business process and earn from there. Like people giving ride to ridesharing apps. Here a normal unemployed people is buying bike and by following a smart life they are giving service to the consumer.

So it can be said that, E-commerce Entrepreneurship can help to improve lifestyle.

Future of Bangladeshi E-commerce? Is it bright !!!

It's not easy to understand the future of e-commerce business in Bangladesh. But the fact as most of the angle investigator from foreign country are investing in  us, that means there is some gold is remaining in our small e-commerce sites. But we couldn't dig that mine cause we are not that much knowledgeable or strategist about it. Moreover most of the e-commerce sites are trying to make huge profit avoiding the main concept of business, that is, giving quality product or service.

Though, coming big giants in this sector are giving the peep of hope. That level ground of playing was plain before. But now it's more competitive. So it can be said if these companies try to give better service by doing or mainlining some extra strategy it could bring a better output.

We told about that review system in our previous blog. This is mandatory. They need to be more functioning and active about it. By this consumer will be well known about what they are planning to buy and most importantly seller can play a transparent role to the customer.

We have been seeing for a long time that, most of the product of various e-commerce platform come with different price tag. Which is kind of irritating and most of the times the price difference is quite different from the actual market price.

Another thing is that, though Daraaz opened a lots of vendor shop above the whole country but most of the e-commerce sites are somehow Dhaka centered. If Dhaka need to be decentralized in near future this e-commerce sites will face the biggest disaster of their entire timeline.

Though there are some E-commerce sites are trying to give door-step delivery system but they are not counseling and educating their delivery mans properly.

By improving these sector we think that, we can get a proper well organized e-commerce sites. Those can be dedicated  to the customers as well.

Analyzation of E-Commerce in Bangladesh

If we analyze the market of E-commerce of Bangladesh we can say that it is booming right now. And those old giant e-commerce sites who were previously sustained their position in our country are some how get dumped for low quality services by people. People are not usually interested to grant them as their best choice for various reason. So we can say that without being more productive by idea and delivering right product in  very effective way no one can be a leader in this industry.

In our country in Bangladesh we have a hell lots of people. So this market is huge that we can't imagine and those international giant market is trying to capture the market as they are seeing their future business from here.

We can say the power of Alibaba. They recently bought our e-commerce market leading company Daraaz. It was a serious big step.

Wall Mart is also coming in Bangladesh within 2022. Facebook announced their next headquarter and South Asia's first headquarter  will be in Bangladesh. Sohoz got 15 million US dollar as their primary investment from Indonesia's ride sharing app Go-Jeek. Pathao got another 100 million US Dollar. So it can be said that this market is booming so strongly that we can expect a better result or output from here within some years.

But the problem is if we can't improve our quality of product and service it will be a disaster for all of our national e-commerce company. As they have a lots of negative review in their bucket. Their past is quite dark.

Though Pickaboo is trying to be strong through their retailer network and trying to make sure that they are sending quality products but it's not enough for people.

And one last thing, we need to talk about that, none of our e-commerce company does have any online review system and it made them more worse. People are giving their opinion, more specifically negative opinion on social media which go viral in within a minimum time period, which ultimately make a bad impression to the most of the stakeholders.

Quality product, proper service and great communication can improve an e-commerce site more bodily.And in Bangladesh, it's high-time to check these things