Wells Fargo's Digital Strategy To Transform Customer Experience
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The quest for a superior customer experience is not a one-and-done single idea, but a constant stream of assessing and reassessing the needs and expectations of your customers. This is why so many brands now have dedicated innovation labs in which teams of people are constantly working on the next big thing to help their company stand out from the crowd.
Wells Fargo is one such brand. The bank has been on a journey of customer experience innovation, which includes a new mobile app designed to help customers better manage their finances, as well as a complete overhaul of the company's marketing image.
Control Tower
According to research commissioned by Wells Fargo, 79 percent of Americans use automatically recurring payments for everything from magazine subscriptions to gym memberships. However, many consumers are throwing money away on services they don't use.
It's estimated that nearly a third of Americans have ongoing subscriptions or memberships which they are still paying for, and yet have not accessed the associated services for over a year. What's more, those in this group have, on average, three wasted subscriptions each. Gym memberships are particularly susceptible to this issue. People are reluctant to cancel because it seems like a sign of giving up.
However, with its new Control Tower app, Wells Fargo is setting out to address the problem by making it easier than ever for customers to keep track of recurring payments and maintain better control over them.
Customers can link their Wells Fargo credit and/or debit cards to the app, which will display all the accounts those cards are linked to. This allows customers to see at a glance which companies they have recurring payments with, and even give them the option to shut those payments off from within the app itself. It can also show other places their account information is connected, such as third-party data aggregators and mobile wallets.
"As consumers' lives have become increasingly digital, managing finances has only become more complex and cluttered," said Head of Wells Fargo Virtual Channels, Jim Smith. "If you lose a card or want to update a billing address, you're expected to go on a journey of self-discovery to remember all the different places your financial information is stored, which can be time-consuming and cumbersome. With Control Tower, Wells Fargo is simplifying the process by providing customers a more comprehensive view of their digital footprint and the ability to turn access to their Wells Fargo Debit or Credit Card on and off with the swipe of a button."
A Larger Strategy
The Control Tower app is just one element of what is, in fact, a companywide transformation. Wells Fargo is looking to completely reshape its marketing efforts with a firm focus on customer experience.
The transformation includes a new marketing campaign named, This is Wells Fargo. The campaign materials feature Wells Fargo employees helping customers with their everyday financial needs and challenges. The overarching aim of the campaign is to humanize the brand and promote its commitments to building trust and delivering quality customer experiences.
(Image source: businesswire.com)
The campaign also includes a bold new visual identity, including an evolved logo, a modern reworking of Wells Fargo's iconic stagecoach, and digitally-friendly colors and tone.
"This is Wells Fargo and the changes to our stagecoach and logo will pay homage to our history while signaling our transformation to a contemporary, dynamic and ever more innovative bank," said Wells Fargo Chief Marketing Officer, Jamie Moldafsky. "At the center of this transformation are our team members, who are delivering this new and improved experience for our customers."
Final Thoughts
With Control Tower and the marketing overhaul, Wells Fargo is rebranding itself as a company which puts the customer experience ahead of everything else. It's been a tough few years for the industry, but with initiatives such as these, financial brands can start rebuilding trust with their customers and look forward to a brighter future.
"Our company's transformation continues," said Wells Fargo's CEO and President, Tim Sloan. "Our goal of delivering exceptional service to customers and helping them succeed financially remains central to everything we do. As customer expectations continue to evolve, this campaign highlights that Wells Fargo is transforming to provide easier, more personal and helpful solutions."
You can hear Wells Fargo's Assistant Vice President of Digital Experience Design, Richard Charette speak at CXFS 2019, taking place in July at the Westin Copley Place, Boston MA.
Download the agenda today for more information and insights.