Wells Fargo offers a series of packaged products with different features and fees. Wells calls its program anytime, anywhere service. They establish the transaction relationship ahead of time by designing these profitably priced packages, then allowing customers to self-select among these packages, Jean says. They also give away the low-cost channel. Wells Fargo also migrates the customers into the most profitable channel by educating relationship managers about the different channels.
Financial incentives encourage customers to try new channels.
Business Banking Board research shows that Wells Fargo has been successful in keeping all channels profitable. But what really sets Wells apart is that they are not only setting up a workable platform that is profitable, but they are also refining that platform to meet customer expectations and guarantee long-term product sales, Jean says. Wells Fargo translates customer feedback into the product development process, sometimes rolling out enhancements in as little as one week. Our research suggests that it won t be the folks who get their Web site right who will win on the Internet, it will be the folks who get it better and better and more and more to customers liking every time they come back to the site that are the winners in the long run. That s what Wells Fargo does so well.