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U.S. Businesses to Spend $700M on Fixing Bad Reviews

Welcome to This Week In Reviews, a weekly digest of the most important stories about online reviews, customer feedback, and customer experience. This week: banks are on high alert after the fraud at Wells Fargo, dolphin businesses in the Florida Keys react to the TripAdvisor announcement, and Facebook defines itself as a tech company.

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Big Banks on High Alert

Last month, the Consumer Financial Protection Bureau fined Wells Fargo $100 million due to the illegal practice of opening bank accounts without customer knowledge.

The fraud that occurred at Wells Fargo has created a significant effect on the industry, putting banks on high alert for risk and reputation oversight, according to an American Banker article by Rolland Johannsen, senior consulting associate at Capital Performance Group.

“It is doubtful that many CEOs or boards of directors are taking pleasure in the humiliation, public shaming and outright ridicule of one of the nation’s largest banks,” Johannsen writes. “They understand, from firsthand experience, that the industry’s reputation remains fragile: when a large bank sneezes, the rest of the industry catches a cold.”

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Dolphin Businesses Comment on TripAdvisor Decision

Businesses in the Florida Keys are less than happy about TripAdvisor’s recent announcement to stop selling tickets to attractions that are considered cruel to wild and endangered animals, keysnews.com reports.

“We don’t agree with this decision,” said Mary Stella, director of media and marketing for the Dolphin Research Center, a dolphinarium located on Grassy Key, Florida. “It doesn’t take into account our excellent record of doing quality programs for the public.”

Facebook Is Not a Media Company, Says Its Leaders

As Facebook becomes more deep-rooted in content, such as building creative new filters for live videos, its leaders say Facebook is a tech company – not a media company, the Wall Street Journal reports.

Sheryl Sandberg, Facebook COO, and Chris Cox, Facebook’s chief product officer, said the company is concentrated on building tools as opposed to creating stories.

But Facebook deals with the same issues as news organizations when it comes to ethics.

Megan Wenzl

Megan is the Content Marketing Specialist for ReviewTrackers. She's a writer who is committed to finding useful information to help your business succeed. Megan holds an M.A. in journalism from Columbia College Chicago.

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