Wells Fargo 2006 Annual Report Download - page 9

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• Are there fees we should eliminate because customers do not
perceive a fair value for them?
• Can we reduce the number of “800” numbers we offer to
customers from our different business lines? When a customer
calls one of them, can we automatically route them to the
right “800” number so we can satisfy their need or solve
their problem faster? The answer is “yes.”We’ve installed
technology the last three years to do just that.
• How can we make sure we don’t ask our customers time and
again for information about them we already have? For example,
when customers use one of our 6,700+ ATMs and they always
select English or Spanish or Chinese as their preferred language,
we shouldn’t ask them every time which language they prefer.
We already know! The old saying is still true—“I wish I knew
what I already know.” All our ATMs remember customers’
preferred withdrawal amount. We’re testing technology to
remember customers’ preferred ATM language.
Our “One Wells Fargo”Goal is Simple
We must help our team members serve our customers faster and
more easily so that every interaction we have with our customers
—about 5,000 every minute of every day—appears to the
customer to be simple, obvious, intuitive, usable, practical and,
where possible, tailored to their special need of the moment. If we
do that, our customers—who want us to know them, understand
them, acknowledge them and reward them—will reward us with
even more of their business, which will generate double-digit
growth in revenue, earnings per share and stock price.
We’re asking questions such as:
• We have hundreds of different products—picture a crowded
menu board at a fast food restaurant. Can we reduce and
simplify the menu, and thereby reduce customer confusion,
our own costs and processing errors? For example, we’re
thoroughly analyzing how our customers use our checking
products so we can make them easier to understand and use.
• When a customer comes to us with a problem—especially
through our Wells Fargo Phone Bank centers—how can we
increase the likelihood that we can fix the customer’s problem
the first time? (Our batting average now is only about .333—
great for baseball, not good enough for our customers.) If we
can’t fix it right away, how can we ensure that we give the
customer periodic updates on the status of our investigation
and specify the date we’ll solve it?
• How can we speak more conversationally in letters to our
customers so they don’t have to scratch their heads and say,
“What are they talking about?” We’ve all had this experience
as customers. In a disclosure statement, for example, why
use banking terms such as “debits” and “credits”? Why
say “rolling consecutive twelve month billing cycle period,”
as one company recently did, when it meant “the next
12 months”?
• How can we make it easier for our customers to access
information about their accounts, safely and securely, and with
less paper? A text-messaging society that gets information
at search engine speed doesn’t understand overnight “batch
processing” of paper checks.
Diversified. Nationwide. Banking, insurance, investments, mortgage
and consumer finance—we span North America with one of the most
extensive networks of stores in all of financial services.
Puerto Rico
Hawaii