WELLS FARGO'S WEB SITE RATED AS THE NATION'S NUMBER ONE BANKING SITE FOR ATTRACTING AND RETAINING CUSTOMERS ONLINE
SAN FRANCISCO — July 2, 2002
Wells Fargo & Company (NYSE: WFC) today announced its Web site (http://www.wellsfargo.com ) has been named as the top Internet banking site by Jupiter Research, a research firm headquartered in New York City that helps companies develop, extend and integrate business strategies across online and emerging channels. Jupiter selected Wells Fargo for top honors after compiling its Banking Composite Online Rating of Effectiveness (CORE) index.
The index, compiled entirely from 90 days of Web traffic data, ranks the most-trafficked financial institutions in five key areas: unique visitors, usage intensity (average time per month), usage frequency (number of visits per month), loyalty, and transition (the ability to migrate off-line deposit and payment-card customers online). Among the 23 banks listed in Jupiter’s CORE index, Jupiter cites Wells Fargo’s penetration of its existing customer base as one of its key strengths and reasons why Wells was selected for the top post.
“We are delighted to be recognized as the top Internet banking site by Jupiter Research,” said Clyde Ostler, Group EVP, Wells Fargo Internet Services Group. “The first phase of online financial services focused on getting services onto the Internet and building a consumer base. The next stage will focus on seamless integration of online and offline services for an enhanced customer experience across all of our channels.”
Wells Fargo Industry Leadership
In addition to the Jupiter ranking, Wells Fargo has recently received a number of other industry accolades including: being named by Institutional Investor as the number two e-Finance innovator above all other banks, and being selected the number one small business Web site in the Western Hemisphere by Speer and Associates, a leading financial services consulting firm based in Atlanta, GA.
In addition, Wells Fargo is seeing enormous growth among middle market and corporate customers that are banking online.
- More than 15,000 companies – nearly half of all of our middle-market and corporate relationships -- are now using Wells Fargo’s Commercial Electronic Office.
- In addition, Wells currently has 365,000 small business customers banking online, up 105 percent from a year ago.
- Wells Fargo's e-commerce processing was 9.8% of the nation's $10 billion retail e-commerce sales in first quarter 2002, up from 8.2 percent in the first quarter 2001. While the nation's ecommerce sales grew 19.3% from first quarter 2001, Well's Fargo grew 44% during the same period.
ABOUT JUPITER RESEARCH
Jupiter Research helps companies develop, extend and integrate business strategies across online and emerging channels. Backed by proprietary data, Jupiter's industry-specific analysis, competitive insight and strategic advice give businesses the tools they need to exploit new technologies and business processes. The company is headquartered in New York City.
ABOUT WELLS FARGO & COMPANY
Wells Fargo and Company (NYSE: WFC) was the first financial services company in the U.S. to launch Internet banking services for its customers in 1995 (www.wellsfargo.com ). Wells Fargo is a $312 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through 5,400 stores, its Internet site and other distribution channels across North America as well as internationally.