Having a vision is not enough. You need a strategy to achieve that vision, along with a business model that can succeed in any economic cycle. You also need extraordinary execution. In fact, it’s all about execution. A good strategy perfectly executed will beat a great strategy poorly executed every time.
Our unwavering focus on customers is the foundation of our strategy. While industry trends and the competitive landscape will continue to evolve, our strategy will guide us in successfully navigating these challenges and doing what is right for customers.
Our strategy drives our choices, enables us to prioritize our efforts, differentiates us from our peers, and ultimately builds lasting value for team members, customers, communities, and shareholders. Our diversified business model provides strength and stability as we assure customers and communities that we will be here to serve them and future generations.
With our vision and values as anchors, the core pillars of our strategy reflect our focus on deepening customer relationships while serving them anywhere, at any time, and earning their trust through every interaction.
Deepen relationships and attract new customers
We strive to create deep and enduring relationships with our customers by discovering their needs and delivering the most relevant products, services, and guidance. This approach, combined with our broad expertise across businesses, enables us to anticipate and profitably serve our customers’ financial needs.
The relationships we have developed over the years are valuable and continue to inspire us to provide even greater value to existing customers while attracting new ones. We do not view any product in isolation but as part of a full and long-lasting relationship with a customer. We start with what the customer needs — not with what we want to sell them.
Every moment that our team members share with a customer is an opportunity to genuinely and proactively help our customers with their individual needs. Whether the customer is a college student applying for his first credit card, a business owner setting up her company’s payroll, a large enterprise executing an acquisition, or a young family saving for the future, each moment is a chance to provide a rewarding experience that reminds our customers that, above all, we are here to support their financial successes through our guidance and services.
An outcome of offering customers the products and services they need, want, and value is that we earn more opportunities to serve customers, or what we call cross-sell. Cross-sell is the result of serving our customers extraordinarily well, understanding their financial needs and goals over their lifetimes, and ensuring we innovate our products, services, and channels so that we earn more of their business and help them succeed financially. We succeed when our customers succeed.
Seamlessly serve our customers – anywhere, any time
Technological innovations have fundamentally changed the way individuals and businesses communicate and transact. As the pace of innovation accelerates, customer experiences are being redefined. We want to engage with our customers in ways that are most convenient to them. This means all of our distribution channels — locations, phone banks, ATMs, online, and mobile banking — work together, integrated with our products, to benefit customers.
Driven by our focus on convenience and ease of use across products and services, we are expanding our capabilities and exploring new distribution formats to create seamless, integrated, and consistently exceptional customer experiences – which ultimately lead to greater customer loyalty and retention.
When we focus our technology resources on serving customers, we can achieve a true competitive advantage for Wells Fargo. But technology alone does not guarantee such an advantage. What’s important is the creativity and speed with which we deploy that technology to benefit our customers.
Consistently earn customer trust through sound risk management
At the core of any meaningful relationship is trust. Establishing a deeper customer relationship is not solely about offering the most relevant products and services; it also means we must ensure and proactively protect our customers’ financial security through a risk-focused culture.
Being a leader in risk management has been fundamental to the sustainability and longevity of our business. We remain as committed as ever to caring for our customers, earning their trust, and ensuring their peace of mind by protecting their assets, personal information and data, and privacy through robust controls, discipline, and proven risk management capabilities. Effective management of our capital structure will further ensure the safety and soundness of our business.
As expressed throughout this booklet, our sound risk culture is built into our vision of doing what is right for the customer, and we will continue to uphold the same rigorous management philosophy that has won the trust of our customers for generations. By understanding our customers and their financial needs, we are better able to identify and address risk at its source. This conservative approach has helped sustain our long-term profitability and growth through all economic cycles.