Wells Fargo’s Wealth Management Plans for 2022; Wells Fargo & Company (WFC) is a diversified financial services company providing banking, insurance, investments, mortgage, and consumer finance services through over 12,000 stores and 12,000 ATMs in 39 states and the District of Columbia.
Its vision is to satisfy all customer needs and be recognized as a premier financial services company worldwide.
It strives to maintain its leadership position in the communities it serves through programs in support of education, environmental sustainability, and career development and with philanthropic efforts that reflect the diverse values of its employees and customers.
Why Digital Banking Is the Future
In the next few years, we’re going to see a huge shift in the banking industry. More and more people are going to be doing their banking online or through mobile apps. This is because it’s more convenient and often cheaper than traditional brick-and-mortar banks.
Additionally, digital banks are often more transparent with their fees and policies, which builds trust with customers.
As the world becomes more digital, it’s only natural that our banking habits will follow suit. Many of us already use smartphones to do everything from the shop for groceries to ordering takeout, so why not make this convenience available when it comes to managing our money?
It’s clear that digital banking is growing. As such, it would be prudent to investigate what Wells Fargo plans to do in order to stay relevant. Let’s take a look at their recent moves and their future plans!
In order to better understand their customers and meet their needs, Wells Fargo has announced that they will be conducting extensive research on customer experience (CX). This research will help them to identify areas where they can improve the customer experience, as well as understand what their customers want and need from their wealth management services.
Additionally, this research will allow Wells Fargo to better compete against other wealth management firms.
It is also important because it signals a shift in how companies are viewing CX research. Companies are now using CX research to stay competitive by identifying new opportunities and ways to improve service quality. For example, Apple has been using CX research since 2006.
They first used it to analyze the customer experience during product launches, then expanded into analyzing retail locations and facilities. Today, Apple is still researching its customers’ experiences with various products such as iTunes Radio or Apple Music.
Major Accomplishments in 2017
In 2017, Wells Fargo & Company (NYSE: WFC) announced it would become the first major U.S. bank to offer a comprehensive wealth management solution for clients with $50 million or more in investable assets. The move was a significant expansion of the company’s Private Client Group, which had been serving high-net-worth individuals and families since 1876.
On September 25, 2017, the Federal Reserve Board approved our application to acquire a majority interest in Oak Valley Bancorp Inc., which is headquartered in Monterey Park, California. The acquisition is expected to close by December 31, 2017.
In conclusion, Wells Fargo is looking to maintain their wealth management division and plans to do so with a heavy focus on digital. They will continue to grow and innovate in the areas of robo-advisors, digital banking and asset management as well as expanding the breadth of their offerings.