In scrapping fee, BofA hears social media's voice #loudandclear
U-turn on debit card surcharge, Netflix's Qwikster debacle reflect growing consumer power online
November 02, 2011|Phil Rosenthal
In less than half the time it took Kim Kardashian to end her latest marriage, Bank of America, too, had a change of heart.
There was no honeymoon after BofA proposed charging some customers a monthly $5 fee for using its debit cards to spend their own money. The nation's second-largest bank got no farther than the reception, which was ugly and loud, especially online.
This article was very interesting because it shows the amount of power that social media has given the customers. Social media has given customers a new outlet for complaining--- which Bank of America heard clearly concerning their idea of implementing a new $5 fee for debit cards.
1 comment:
Here is an area where I think not only the tools of the game have changed, but also the rules. Customers have much more power than before, which changes how companies can deal with them.
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