One-Stop Mutual Fund Center is Among the Seamlessly Integrated Online Offerings Bolstering 21st Century Financial Services Leadership
- First, an improved online brokerage site tightly linked with other financial products and services from Wells Fargo, making it quicker, easier and less expensive for customers to make and manage investment decisions.
- Second, a state-of-the-art internal portal for online customer service. The portal will help Wells Fargo bankers gain a simple, cohesive and transparent view of service data, which will allow them to deliver the right information when, where and how customers want it.
- Third, a state-of-the-art internal portal to enable multiple specialists and bankers (i.e. banking, brokerage and trust) to collaborate more seamlessly to service customers with complex money management and investment concerns.
- New Online Mutual Fund Center – With Morningstar® ratings to help customers research funds; improved screening and comparison tools; and comprehensive fund profiles.
- Seamless Integration – Easy online access to banking (checking, savings, mortgage and credit) and brokerage accounts using a single sign-on and one username and password; easy navigation, which allows for convenient funds transfer between brokerage and banking accounts.
- Improved Customization – Lets customers configure their online overview page to display the market data and account information that is most important to them.
- Lower WellsTrade® Commissions – Starting last week, online equity commissions were reduced to $19.95. In addition, customers with significantly higher combined balances with Wells Fargo Investments or qualified bank accounts such as checking, savings, CDs, FDIC IRA and Portfolio Management Accounts can get rates as low as $14.95.
“Whether customers invest with the help of a Wells Fargo Investments financial consultant or manage their investment decisions independently with a WellsTrade account, they will now have access to an easy-to-use and seamlessly integrated site that links both banking and brokerage services,” says Rachel Perkel of Wells Fargo Investments.
2. The Desktop That Delivers Improved Customer Service
A leader in online customer service, Wells Fargo is leveraging the latest portal technology to deliver a simplified and fully integrated customer service desktop that provides bankers with a customer-centric view for improved service.
Part of an internal pilot program, the online customer service portal:
- Presents a consolidated view of the customer, delivering the right information at the right time. The online customer service desktop is organized to mirror a customer’s typical call with a banker; that way, bankers aren’t jumping from screen to screen to pull information they need when servicing customers. The result: more effective interactions with customers and better customer experiences.
- Creates a single desktop that streamlines banker processes, complexity and training while accelerating access to applications and information.
- Boosts efficiencies by standardizing and leveraging business services and portlets across the enterprise.
“We’ve integrated the various product-serving applications into one seamless organized banker desktop,” says Modjtabai. “The objective is to provide all the information a banker needs at the relevant time while providing a world-class customer experience.”
3. Simplifying and Enriching Client Interactions
Wells Fargo’s new portal for financial consultants and private client advisors allows each client to benefit from the breadth of the company’s services and from the way that those services are integrated into one plan, headed by the relationship manager, who can be a central point of contact for customer interactions and resolving issues. The ultimate objective is to leverage technology to enable a team encompassing banking, brokerage and trust to service clients with complex needs.
To improve service, Wells Fargo’s technology team implemented a service-oriented architecture (SOA) on BEA WebLogic Platform 8.1. The SOA links all existing data sources and applications that are related to sales and customer support and exposes them to bank staff via a unified portal. Financial consultants and private client advisors will now be able to access a record of client contact with other specialists, allowing them to provide more customized and integrated service and advice to clients with multiple account relationships.
Built and launched within a year, the SOA will actually enable Wells Fargo to extend the usable life of its older information technology investments by allowing systems that had been buried in the back office to present data on demand via the Web to bankers who can use it to make fast, smart decisions.
An Efficient, Effective Technology Partnership
BEA’s partnership with Wells Fargo began when the company was seeking outside help to build its internal portal for commercial customers. In 2000, Wells Fargo used BEA technology to help launch the CEO® portal (Commercial Electronic Office® portal), providing business customers with consolidated self-service access to more than 30 banking services – including treasury management, credit and loans, foreign exchange, institutional investing and insurance. Four years later, the CEO portal has been embraced by more than 60 percent of all Wells Fargo commercial customers.
In addition to playing a role in the re-engineering of CEO portal, BEA also was instrumental in helping to build iCEO, an internal portal at Wells Fargo that is centered on the customer’s needs and connects all of the bank’s disparate sales, service and delivery tools through a single sign-on. Both the CEO portal and iCEO access the same back-office systems and databases.
"When we first engaged with Wells Fargo, we made a commitment to support one of the most agile and customer-focused financial services companies in the industry," said Mark Carges, chief technology officer, BEA Systems. "Over time, BEA's technology has enabled the seamless integration of Wells Fargo's online channel to better support banker, broker and customer needs, building an effective and competitive bridge between the bank's business objectives and IT."
About Wells Fargo & Company Wells Fargo & Company is a diversified financial services company with $428 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,000 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only “Aaa”- rated bank in the United States.