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.

The customer value of cross-selling

The core of our vision-based strategy is “cross-selling”— the process of offering customers the products and services they need, when they need them, to help them succeed financially. The more we give our customers what they need, the more we know about them. The more we know about their financial needs, the easier it is for us to work together for them to bring us more of their business. The more business they do with us, the better value they receive and the more loyal they become. The longer they stay with us, the more opportunities we have to satisfy even more of their financial needs. That’s the mutual benefit of cross-sell.

As a diversified financial services company, we have a clear cross-sell advantage over companies that offer just a few financial products or that do so through only one channel. But for a large company to work seamlessly across business lines to understand and fulfill all of its customers’ financial needs isn’t easy. It takes years of hard work and dedication. When accomplished, as in our case, it results in a true competitive advantage.

For example, in Wholesale Banking (which serves medium and large business customers), we measure customer relationships using a system that pulls together all components of the customer relationship. Team members responsible for managing those relationships are rewarded for understanding the entire relationship and doing what’s right for the customer whether the product or service provided is in their group or not.

By serving our customers well, we want to be the premier provider of financial services and be known as the best in every product in every market in which we do business—in retail banking, business banking, credit, investments, retirement, mortgage and wholesale banking. We want to be the first provider our customers think of when they need their next financial product.

We may have strong deposit share in any given state, but our market share of total household financial assets in that state may be far less. So, we have a lot of room to grow through cross-sell.

At Wells Fargo, sales and service are inseparable. More sales do not always lead to better service, but better service almost always leads to more sales. Put simply, our product is service. Our value added is our financial advice.

The quality of our service keeps customers coming back for more and is our single biggest driver of revenue growth. We want our customers to find a friendly face in our stores, hear a warm voice on the phone and find it easy to do business with us online or on the go. We want them to feel like they are having a conversation with someone interested in understanding them and helping them succeed financially. When they do come to us with a problem, we want to fix it as quickly as we can.

Technology: The personal touch

We use technology to personalize service, not to depersonalize it. Technology allows us to connect with our customers in new ways every day. It enables our customers to control when, where and how they want to do business with us, and it gives our customer-contact team members the ability to quickly access the information they need to earn 100 percent of every customer’s business.

Thanks to technology, we know how many products— and which specific products—each customer has with us. We can also predict the next products they’ll most likely need based on account balances, life events, transaction history, and how they access Wells Fargo. Technology is also essential for cross-selling, targeted marketing, and protecting confidential information about our customers. We use it every day for analyzing customer profitability as well as creating and pricing new products and services based on the depth of existing customer relationships.

When we focus our technology resources on service to 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 put that technology to use to benefit our customers.

Customer-centric, not product-centric

We do not view any product in isolation, but as part of a full and long-lasting relationship with a customer and with that customer’s total financial needs. We start with what the customer needs—not with what we want to sell them. We also want to offer our products to customers in ways that are most convenient to them. That means all of our distribution channels— stores, phone banks, ATMs, the internet and mobile banking channels—work together, integrated with our products, to benefit customers.

We know customers have a variety of financial needs. So we don’t want to offer our customers—especially new customers—just one product at a time. We offer them packages of products that save them time and money.

When it comes to serving our customers well, we’re all salespeople and we’re proud of it. Superb salespeople know the importance of service. Our products are service and advice. There’s no sale without superb service from our entire team—from our customer-contact people to our operations centers and everyone in between.

Our brand

Our brand is what people say about Wells Fargo to their friends and family. It’s how they feel about doing business with us and how they describe those feelings. Our brand has economic value. One published study estimates it’s worth almost $40 billion, making Wells Fargo the most-valued U.S. banking brand and the second most-valued banking brand in the world.

We have a strategy to protect our brand’s value. At the center of that strategy is our brand promise. It says what we stand for, how we differ from our competitors and why customers should care. Our promise to our customers is this: “We’ll take the time to understand your complete financial picture. Together, we work with you, now and over time, to provide the best information and guidance about the products and services you’ll need to help you reach your financial goals. We sum up our promise in two words: Working together.

This promise is backed by two fundamental supporting characteristics, or brand pillars, that help differentiate Wells Fargo from our competitors:

  • Relationship. We want to develop meaningful, long-term relationships with our customers that demonstrate our appreciation for their business and our commitment to their financial success.
  • Guidance. We want customers to view us as knowledgeable experts who are ready and available to help them choose the right products and services for their financial needs, now and in the future.
Our customers depend on team members to help them succeed on their financial journey. Our team members are the Wells Fargo brand and the foundation of our brand’s success. This is made possible through our steadfast commitment to:

  • Do the right thing for the customer.
  • Provide safety and security.
  • Care deeply about service.
  • Support local communities.
  • Improve the customer experience through innovation.
Our stagecoach symbolizes our strength and stability, and it’s recognized worldwide. It says to our customers, “We’ve been here for more than 160 years, and we’ll be here for you in the future, too.” We’re one of only about a dozen U.S. public companies of that vintage that’s still in its founding business under its founding name.

Our opportunities

We’ve identified several key opportunities for us to serve our customers more fully.

  1. Investments, brokerage, trust and insurance. We want to be the nation’s most respected provider of wealth, brokerage and retirement services. Only seven of every 100 of our retail banking customers have purchased an IRA through Wells Fargo or have a brokerage relationship with us. Only eight of every 100 buy insurance through Wells Fargo. We want all our wealth management, brokerage and retirement customers to bank with Wells Fargo. We want all our banking customers to think of us first for all their wealth management needs.
  2. “Going for gr-eight.” Our average retail banking household has about six products with us. We want to get to eight . . . and beyond. One of every four already has eight or more. Four of every 10 have six or more. The average banking household, for example, has about 16 products. Our average wholesale bank relationship has six products with us and our average commercial bank relationship, eight. Our wealth management, brokerage and retirement customers lead the pack with an average of 10 products per customer.
  3. Commercial bank of choice. We want to satisfy every financial need of commercial customers, large and small (including working capital, insurance, real estate financing, equipment leasing, trade finance, investment banking and international banking), and have more lead relationships than any competitor in every market we serve.
  4. Banking with a mortgage. We want all our mortgage customers to bank with us and all our banking customers who need a mortgage to buy it from us. We have some real opportunities here. Only about one of five of our banking households that has a mortgage has it with us, and only about a third of our mortgage households have a banking relationship with us.
  5. Wells Fargo cards in every Wells Fargo wallet. Every one of our creditworthy customers should have a Wells Fargo credit card and debit card. Only one of every three of our banking customers has a credit card with Wells Fargo. Nine of every 10 have a Wells Fargo debit card.
  6. Be our customers’ payment processor. We must be our customers’ first choice for payment processing.
Read Our Goals
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