A recent planning session on the West Coast, we reviewed Wells Fargo's
strategy as received in the annual report of a major bank. They
provided a detailed description of their focus in service.
We believe this summary excerpted below, shows the importance major
corporations place in building good service. Traditionally outstanding
service is one of the areas where credit unions have had a significant
advantage versus banks
still adding 100,000 new customers a month, more than two per
minute. . . Weve made outstanding progress . . . it cannot
take us to the next stage of our company . . . Whats left?
We believe its this. The quality of our customer service.
. . Were at least as good as our competitors. We consider
that quite an accomplishment-but can a company that wants to be
great, get there with average customer service?
It costs us
five times as much to add new customers as it does to keep those
we already have. Every two percent of customers we keep are equal
to cutting costs ten percent.
who leave a financial services company, leave because they feel
no one cares.
Time to put
a stake in the ground. Were in the service business. Service
is not a commodity. Its the value added. We want to be advocates
for our customers.
. . We want every one of our consumer households to buy an average
of eight products from us, about double what they have with us
creating a consistent process for elevating service quality to
the same level of importance as sales. We do this by putting the
customer at the center of everything we do:
I know this can be upsetting
charge: Ill take care of that for you.·
and delivering: Ill call you back in 10 minutes
We have only
25-30 percent share of our customers banking deposits. .
. and only three percent of all of our customers financial
revenue. . . Our customers buy three times more products from
our competitors than they do from us.
We must evolve
www.wellsfargo.com - our fastest growing delivery channel-from
a transaction center to a relationship center. Our goal is to
virtualize the bank. To achieve this weve gone beyond basic
Internet banking to allow our customers to:
- See their
latest balances from other financial institutions;
in stocks, mutual funds. . . with access to real time quotes;
regular investments in stocks in small batches;
- Pay for
items they buy on the Internet;
www.Wells Fargo.com personalized;.
End of excerpts.
Much of this could have been written by or for a credit union.
The Lesson: Service matters