Building customer relationships is a top priority for Wells Fargo, and one that continues to lead to the ultimate goal: Brand loyalty.
“We continue to believe that we can focus on building relationships as we partner with businesses, not only within wholesale, but across the Wells Fargo franchise as we bring new products and services to our customers and deepen those relationships,” Tim Sloan, Senior EVP, Wholesale Banking, said during the Wells Fargo June 10 presentation at the Morgan Stanley Financials Conference, according to Seeking Alpha. “We also believe that we will continue to grow through acquisitions, both in terms of buying portfolios as well as selectively buying some businesses. And finally, we are going to continue to do the right thing for our customers to build those long-term relationships as we focus on managing our risk and pricing our products appropriately.”
Sloan stressed the company’s vision, which has existed for decades.
“We want to satisfy our customers’ financial needs and help them succeed financially,” he explained. “This vision is built around our unwavering focus around our customers. It’s the heart of our culture. It’s the most important part of our success and it’s a significant contributor to our long-term performance and our stability.”
Sloan pointed to the company’s fastest growing channel: Mobile.
Mobile banking sessions increased 38% from a year ago.
“We talk a lot about cross-sell at Wells Fargo,” Sloan said. “Another way to think about that is product penetration. We have been able to grow the number of products that our wholesale customers used to 7.2 products per relationship. However we still have a lot of opportunity to better meet the financial needs of our customers through better product penetration. For example, three quarters of our wholesale customers have a credit relationship with us, but 25% do not. And likewise, 85% of our treasury management customers have a relationship with us, but again 15% do not. So in those two product families which are the most penetrated, we still have a lot of opportunity to bring those products to new customers as well as to penetrate those relationships.”