Wells Fargo 2005 Annual Report Download - page 24

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22
“Our success starts with attracting, keeping and growing the
best team of professionals in financial services.We’ve built a high-
performing business model based on many partnerships.This allows
us to deliver our products and services through our banking stores,
mortgage stores,Wells Fargo Financial, wellsfargo.com,direct mail,
telesales, Wells Fargo Phone Bank centers,brokers and correspondents.
We listen to and educate customers.We guide them to the
home equity and personal credit solutions that help them succeed
financially with smart management of their home asset and
personal credit. Our innovative products and solutions sustain our
lead in market share and earning more business from loyal
customers helps grow it.”
Doreen Woo Ho, Consumer Credit, Corporate Trust
Years in financial services: 32
Right Solutions
“Our business model has changed profoundly the last few years.So has
our picture of success.We’ve moved from offering small,unsecured
loans to larger,secured loans, auto loans and first mortgage products
—and we’ve expanded credit card offerings to our best customers.
To be more efficient and give our customers faster service,we’ve
freed up our store team members to spend most of their time
serving and selling to customers—we now score all our loans
electronically and collect all payments centrally. Our goal: common
where possible,custom where it counts.
These fundamental changes in our business model have driven
unprecedented growth for Wells Fargo Financial—19 percent annual
compound growth in receivables for the last six years—but they’ve
also reduced our cost per loan which helps us lower interest rates
for customers.”
Tom Shippee, Wells Fargo Financial
Years in financial services: 32
Serving and Selling
Team members: 21,000
Customers: 6.7 million
Stores: 1,307
One of North America’s premier
consumer finance companies
(l to r): Stephanie D’Itri,Wells Fargo
Financial Canada Corporation,
Mississauga, Ontario; Susan Hack,
Auto Finance, Chester,
Pennsylvania; Tom Shippee
Team members: 6,000
Households: 2.4 million
#1 home equity lender, personal
credit provider in U.S.
(l to r): Doreen Woo Ho; Jody Bhagat,
Consumer Credit,San Francisco,
California;Tracy Schaefbauer,
Home and Consumer Finance,
Minneapolis, Minnesota