Wonga Seeks to Repair Poor Reputation with Major Review of Tactics
Following the appointment of a new Chairman today (14 July), former RSA chief executive Andy Haste, Wonga has confirmed it will be undergoing an overhaul of its advertising and marketing tactics to repair its controversial reputation.
The payday loan provider will be dropping the grandparent puppets which have been used as its advertising ambassadors since 2011. In a video on the Wonga website, Haste commented: "I'm very aware of the criticism of the advertising approach, and the puppets will be going, I'm going to be reviewing all our advertising and marketing to make sure we don't leave any impression that we're trying to influence or target the very young or the vulnerable."
In addition, Wonga will be reviewing whether to continue advertising during children's programmes, although they have no plans at present to rethink their lead advertising agency, Albion.
Mr Haste has set out six key priorities for Wonga - he believes that "significant change" is necessary if the company is to sustain its future. These priorities include a review of Wonga's customer base and products to ensure that it is lending only to customers who can reasonably afford to repay their loans.
Haste concluded in a statement: "Our goal is to deliver the original vision for Wonga - to provide short-term lending to the right customers in a responsible and transparent way."