Wells Fargo Customer ExperienceWells Fargo CEO John Stumpf is passionate about customer engagement, customer experience, and building lifelong relationships that are critical to brand loyalty.

Stumpf spoke about his company’s main themes during Tuesday’s 2015 Goldman Sachs Financial Services Conference.

“Our vision is built around an unwavering focus on customers,” Stumpf said, according to Seeking Alpha. “We want to satisfy their financial needs and help them succeed financially. It’s at the center of our culture. It’s important to our success and, frankly, it’s been probably the most significant contributor to our long-term performance and our consistency. And our vision is built on building lifelong relationships, one customer at a time. Our sustainable long-term advantages, including the strong distribution, diversified sources of revenue, and a very experienced management team enable us to focus on helping customers and succeed in a real economy. Virtually everything we do is in the real economy.”Wells Fargo Customer Experience

Wells Fargo, Stumpf noted, offers customers the most extensive convenient distribution system in the industry, “which enables us to serve our customers in more locations than any other bank. Our customers actively use all of our channels. More than 75% of our deposit customers visit our banking store at least once every six months and mobile banking is our fastest growing channel with active banking customers up 17% from a year ago.”

By offering customers the products and services they need, want, and value, Wells Fargo gains more opportunities to serve customers and earn more of their business.

“We rank No. 1, 2, or 3 across a wide variety of products and services, which indicates how well we are satisfying our customers’ financial needs,” Stumpf said. “The benefit of our diversified business model is reflected in the balance between net interest income and non-interest income. We have over 90 businesses that perform differently across different business cycles. While we can’t control the economy, interest rates or markets or world events, our diverse sources of revenue has helped us drive steady performance across many different cycles.”

What is the biggest opportunity out there for Wells Fargo?

“The biggest opportunity Wells Fargo has is in the wealth and investment management,” Stumpf said. “Many of you know David Carroll, who runs that business and it’s not like the business is not great, it just could be a whole lot bigger. We have about 11% of the operational transaction deposits in the country. We have very few CDs, so we are deeply invested with our customers as their operating bank. So we only have 1% or 2% of the wealth from the country. In fact, we have as many dollars that are away from customers who call us their bank as we do manage. So this is a huge opportunity and the company is already doing quite well. David Carroll’s business, if you annualize the first three quarters of this year or annualize the last quarter, we make $2.5 billion after-tax in that business. The margin is over 25%. So it's a very, very good business, but it could be a number of factors times that. So we have a lot of things going on in that business. The emerging affluent is where we think the biggest opportunity is.”

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