Wells Fargo CEO Believes 2015 Is Ripe for Customer Engagement

Wells Fargo Customer EngagementThis year is ripe for customer engagement because consumer confidence is soaring, according to Wells Fargo CEO John Stumpf.

During the company’s fourth-quarter financial results conference call on Jan. 15, 2015, Stumpf exuded confidence in the American consumer.

“Consumer confidence is at its highest level since the peak of the last economic expansion,” Stumpf said, according to Seeking Alpha. “Home ownership remains an aspiration for most Americans and recent development such as the announced reduction in FHA premiums, GSE clarification on repurchase rules and changes in GSE lending guidelines should provide some benefit to the housing market where affordability remains attractive.”

Stumpf believes customer engagement and brand loyalty−two massive goals for all marketers−will be more accessible in 2015 due to this high level of consumer confidence.Wells Fargo Customer Engagement

“While lower oil prices have created volatility in the financial markets, America as a whole is a net consumer of energy and American households will benefit from the decline in energy prices, which is positive for the U.S. economy,” Stumpf said. “We just completed another outstanding year at Wells Fargo. We generated record earnings, produced strong deposit and loan growth, grew the number of customers we serve, improved credit quality, enhanced our strong risk management practices, strengthened our capital and liquidity levels, and rewarded our shareholders by increasing our dividend and buying back more shares. Our achievements during 2014 demonstrated the benefit of our diversified business model and our continued focus on the real economy.”

While Wells Fargo serves customers around the world, 97% of its revenue is generated in the U.S.

“Last year was the strongest year of job growth in 15 years and December was the 50th consecutive month of job creation, unprecedented in U.S. history,” Stumpf said. “I believe the improvement in the economy, the strength of our balance sheet, the diversity of our businesses, and the continued commitment of our team members to meet our customer’s financial needs will provide Wells Fargo with many opportunities in the year ahead.”

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