Wells Fargo 2014 Annual Report Download - page 10

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Creating exceptional customer
experiences
I am often asked which of our
competitors impresses me the most.
My answer: the companies—regardless
of industry—that put their customers
first and are passionate about
having a personal connection with
them. They are companies that are
redefining customer experiences and
raising expectations for everyone,
including banks. They have inspired
us to accelerate our eorts to ensure
WellsFargo is a financial services
provider of choice. This means
being a company that connects with
customers emotionally, technologically,
conveniently, and through each stage
of their financial lives.
We’re also using
technology to enhance
our store experience
while preserving valued
personal service.
Every minute, we process more than
20,000 customer transactions, such
as account openings or online bill
payments. We believe each of these
moments—and the many moments our
customers will experience in the future
—should be positive memories, the
kind that keep customers coming back
to do business with us, time and again.
Guiding our work in this area is
what our brand stands for: “Together
we’ll go far.” That means working
together with our customers to help
them fulfill their visions of financial
success—through relationships and
guidance that make a dierence in
our customers’ lives, from people
who are willing to go the extra mile
to deliver that success. This requires
a mindset on the part of our team
members that places an emphasis
on teamwork, positive attitude, and
the demonstration of care in all that
wedo—whether we serve customers
directly or support the people who
do. We all work for the customer.
Success here also means accepting
that customer feedback is a gift.
If we accept the gift, we’re certain
to improve. For instance, feedback
from customers led us to make
several enhancements in2014 to
our credit card products, including
launching two new credit cards—
Propel365 and Propel World—onthe
American Express network and
expanding flexibility in our credit
card rewards program. Based on
feedback from business customers,
we added a feature on WellsFargo
CEOMobile® (our mobile service for
business customers) that enables
commercial card customers to easily
photograph their receipts and upload
them for out-of-pocket-expense
reimbursement.
Digitizing the enterprise
The CEO Mobile enhancement
reflects our focus on “digitizing the
enterprise,” our way of calling out
how data and technology are shaping
the customer experiences we deliver.
Digital is playing a larger role in
all of our channels, from our award-
winning website and mobile banking
experience to newer services at
our bank locations, ATMs, and call
centers. For example, we were one of
the first banks to oer Apple Pay™ as
a convenient mobile-payment option.
We anticipate more payment options
to come for our mobile customers,
because these more than 14million
active users represent our fastest-
growing digital market segment.
We’re also using technology to
enhance our store experience while
preserving valued personal service.
We do this because customers still
choose to bank with us at a physical
location; in fact, 75percent of deposit
customers visited a bank location
within the past six months. Many of
our customers use three or more of our
service channels. This gives us a great
opportunity to connect our digital and
physical services, providing customers
a true omni-channel experience.
Customers researching new
products can easily make an
appointment to visit a banker directly
from our website or mobile app. We
are beginning to oer customers the
option to receive and acknowledge new
deposit account terms and conditions
on their mobile phones, instead of
receiving lengthy paper disclosures.
And instead of paper receipts for teller
or ATM transactions, our customers
can opt for email or text.
And we continue to reduce the use
of paper in other ways. For example,
in2014 we made substantial progress
eliminating paper-transaction
processing in our bank locations.
Now, more than 4,500 bank locations
have fully digitized processing of
deposits, withdrawals, payments, and
other teller transactions. For most
transactions, customers make their
selections on a touch screen interface,
without filling out a paper slip. Tellers
use high-speed scanners to process
check deposits, eliminating the need
for downstream paper processing.
Electronic transactions, which we
plan to fully implement in2015, are
faster, provide customers quicker
access to their deposits, and reduce
transportation and processing costs.
A win-win forall.
We are also experimenting by
connecting our full-service teller
and self-service ATM experiences.
Inselect pilot locations, customers
can begin their transaction at an
ATM, but if they need more assistance
or if a transaction requires approval,
a store team member is alerted
on a wireless tablet and provides
in-person assistance to complete
the transaction. This assisted-
service option allows us to deliver
the best digital experience without
compromising on personal service.
Additionally, in2014 we launched
the WellsFargo Startup Accelerator,
which invests in new companies that
are developing banking technologies
in areas such as payments, deposits,
and fraud detection. The accelerator’s
equity investments range from $50,000
to $500,000, identified through a
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