Celebrating 10th Anniversary as the First Bank to Provide Account Access on the Internet, Wells Fargo to Award $100,000 in Ten $10,000 Prizes in Online Sweepstakes
Wells Fargo & Company (NYSE: WFC) marks its 10th year anniversary as the Internet financial services pioneer by sponsoring a sweepstakes – 10 prizes of $10,000 each – totaling $100,000. Each time a Wells Fargo customer transacts an online payment or funds transfer, or signs up for online statement delivery between June 15 and July 31, he or she will automatically be entered in the sweepstakes drawing.
In 1995, Wells Fargo became the first financial institution to introduce access to banking accounts on the Web, leading a revolution in the way consumers organize and manage their money. That same year, Wells Fargo also pioneered the first secure credit card transaction for an online merchant, Virtual Vineyards (now Wine.com), forever changing the way consumers shop.
Legions of Wells Fargo customers have shifted to the Internet over the past decade. Online banking is now the most heavily-used channel among Wells Fargo customers, contributing to a growing percentage of total sales each year. Over half of the bank’s consumer checking accounts are currently accessed online. And Wells Fargo now processes payments for more than 10% of all purchases transacted on the Web. This helps explain why Watchfire® GómezPro and Global Finance magazine have both recently ranked Wells Fargo as the Number 1 internet bank.
“From the beginning, we recognized the Internet would be a transforming agent in the way consumers and businesses bank,” said Sona Chawla, Executive Vice President, Online Sales and Marketing, Wells Fargo Internet Services Group. “In the early days of Internet banking, customers were most interested in looking at balances and transferring money between accounts. Now, as we celebrate the 10th anniversary of Internet banking at Wells Fargo, they are focusing on the central role the Net can play in organizing and managing their money.”
Celebrating 10 Years of Internet Trailblazing With a Sweepstakes
As part of its 10-year anniversary, Wells Fargo is sponsoring a sweepstakes, offering 10 prizes of $10,000 each exclusively for the bank’s online account holders. Each time account holders sign in to the online bank, make an online payment or funds transfer, or sign up for online statement delivery between June 15 and the end of July, they will automatically be entered in the sweepstakes drawing.
The Next Generation of Online Financial Services
The next generation of online financial services is taking form in many ways. For example, Wells Fargo recently introduced My Spending Report, an online financial management tool that gives customers a daily, consolidated overview of their personal spending – including check card spending, credit card spending, checking and Bill Pay – accessible anytime, anywhere. My Spending Report eliminates the time and cost usually associated with personal finance software. Wells Fargo has also recently completed the installation of online stations in all its stores. These digital kiosks allow customers to access the Internet and enroll in Wells Fargo services such as online banking and bill pay. And Wells Fargo has now Web-enabled ATMs across its entire network of over 6,200 machines.
The Changing Face of Online Financial Services
Wells Fargo’s latest research, conducted among 2,200 online U.S. consumers who are the primary managers of their household’s finances, clearly shows how today’s Internet banking customers differ from their predecessors. Below are some of the key findings. Of those surveyed who conduct online personal banking:
- 82% said online banking allows them to check account balances and transaction details more often than when they first started using the service; recent research also shows that this is a large factor in detecting and preventing fraud - whether online or offline.
- 62% say they pay more bills electronically than previously; reducing paper statements and bills in the mailbox are other fraud-prevention tools, and Wells Fargo is one of the few financial institutions that allows consumers to completely turn off paper with online statements.
The new research also shows that consumers value online financial services:
- 60% said Internet banking saves time.
- 53% said it allows them to manage their finances when, where, and how they want to.
- And 92% of those surveyed said they were “very” or “somewhat likely” to recommend online banking to a family member.
Anywhere, Anytime Banking
The driving force behind Wells Fargo’s pioneering success in Internet financial services is its philosophy of “Anywhere, Anytime Banking.”
“We continue to be a trailblazer in Internet banking because we’ve listened to customers and learned from them,” said Jim Smith, Executive Vice President of Wells Fargo’s Consumer Internet Channel. “They’ve told us over and over: ‘Don’t force us to go one way or the other. Give us a choice and let us decide how we want to bank with you, how we want to integrate the Internet into our financial management.’ Now, as we ponder the next 10 years, we are learning how to help our customers move effortlessly and efficiently between the various channels that comprise total banking solutions. We want to offer the bank of the future – today.”
About Wells Fargo & Company
Wells Fargo & Company is a diversified financial services company with $436 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 bank in the United States to receive the highest possible credit rating, “Aaa,” from Moody’s Investors Service.