SAN FRANCISCO - April 12, 2013
Wells Fargo & Company (NYSE: WFC) announced today it has launched a new banking store concept, the neighborhood bank format, that has been created to deliver the kind of on-site banking experience that Wells Fargo customers have come to expect, but in a smaller format that allows the company to offer store locations with personalized service, in settings not suitable for its larger stores.
The new store format is approximately 1,000 square feet and offers a paperless, secure workflow as well as wireless technology that helps the team provide faster service; it will also feature new large-screen ATMs. The first store using the new design will open in the NoMa neighborhood of Washington, D.C. on April 15th. The design for a new Wells Fargo traditional store is typically between 3,000 and 4,000 square feet.
“With this new store concept, we’ll be able to offer person to person sales and service along with leading banking technology in settings that previously would have discouraged us from building a store,” said Jonathan Velline, head of Wells Fargo ATM Banking and Store Strategy. “Stores are central to our strategy of providing excellent service and meeting our customers’ financial needs. This new neighborhood bank concept complements our traditional stores to help us bring the Wells Fargo store experience to more customers.”
Velline said in designing the new store format Wells Fargo paid special attention to creating areas within the smaller layout where team members and customers can conduct business and have important financial conversations, including in private. Advanced technology allowed for the elimination of paper-driven back-office processes, increasing space efficiency and creating new store location opportunities.
This new store design also offers technology found in traditional Wells Fargo stores, such as ATM software that anticipates a customer’s preferred transactions, image deposits, instant issue debit cards, and eReceipts. It also will have wireless tablets and phones that team members will use to serve customers. A free wireless hotspot will also be available for customers to use. After hours, the store transitions into a smaller lobby format, providing customer’s access 24/7 to several ATMs that dispense $1, $5 and $100 bills in addition to the $20 bills a typical ATM offers.
“We expect to evolve the concept as we receive feedback from the new NoMa store,” Velline said. “At Wells Fargo, we believe in using customer feedback to ‘test and learn’ new products, technologies and services as we seek to continuously provide leading banking experience that meets all our customers’ financial needs.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.