Recomendation

In 1852, Wells Fargo was formed as a joint-stock company in California, to provide banking services. The company has come extremely far since then. Although this is an extremely well-established firm, there are some processes and tactics that are having negative effects on the company. Wells Fargo spends significant time and effort training new employees who will represent the company and provide exceptional customer service quality. 

While doing our observations and interviews at the bank, we noticed there was a new employee in "new hire teller training". This consisted of the employee sitting at a desk in the back, away from customers and other team members, from 8am-5pm in a virtual training class. When we questioned what exactly this virtual training class consisted of, we found that this could be one of the biggest issues around ethical issues, deteriorating customer service, and even a huge loss prevention risk. New hires are no longer expected to participate in classroom training. Instead, they attend a virtual class. The virtual class consists of a live program, where headsets allow the new employee to communicate with other new hires and the virtual teacher. They are given a curriculum which they go through in about one to two weeks, depending on the position they were hired for. Everyone from tellers to store managers are participating in virtual training. While this could be a huge cut to training expenses, it could end up costing more in the long run. Wells Fargo has a rising customer satisfaction rate and many believe this virtual training class is to blame. Training should consist of learning in the classroom, with a teacher, and other new hires.

This allows the new employee to openly ask questions, and the teacher to observe the new hires and be available to assist and assess the new hire after modules are completed. There also should be on the job observing, rather than the new hire being thrown into their position after their one week virtual training period ends. Observing senior team members, or even having a senior employee observe the new hire during their first few weeks can help prevent mistakes and increase the quality of customer service.

Another issue mentioned previously, was the inventory management

of the ATM cash flow. Each individual branch should be able to control how much ATM cash is being ordered for the week, rather than a separate department based off of prior year forecasts. This will allow for the Service Manager  to order more cash when there is an event or holiday, and less when it is unnecessary. Also, since the demand changes each week there is no benefit ordering cash based off of totals from the previous year. Instead, the Service Manager or whoever is designated to handle the cash ordering can assess what events are coming up, how much is currently on hand, and how much the branch is likely to go through in the following week. 

Wells Fargo should create a bigger awareness of these environmental programs to all customers, a way to promote such services can be through shots ads in the Wells Fargo mobile application. Wells Fargo should inform their customers of the great benefits of these programs. In 2016 Wells Fargo supported 300 projects nationwide; in addition they awarded $2 million dollars to 40 different organizations because they were part of Wells Fargo Clean Technology and Innovation program, the organizations awarded worked on discovering alternatives solutions on “renewable energy, energy-efficiency, “greener” buildings, alternative transportation, sustainability, agriculture, and water. If Wells Fargo promotes environmental sustainable support to small and big business, this can be an incentive for people to change their business from regular business to environmental sustainable businesses.

 

Finally, as mentioned during our analysis, Wells Fargo conducts customer surveys via e-mail that play a huge part in their everyday activities. While surveying customers is a great way to truly learn about their experience and expectations, the process Wells Fargo uses to conduct these surveys is only reaching a small portion of customers. An e-mail is sent to the Wells Fargo Inbox of randomly chosen customers within a day of their visit in the branch. These surveys expire after 2 or 3 days. In the branch we visited, Seaside Park, a large percentage of their customer base are elderly individuals. These individuals will not use a debit card or enroll in online banking, and most definitely do not have an e-mail address on file nor are they responding to surveys via email. Our recommendation to Wells Fargo relating to their surveys are to send a courtesy phone call, or mailing, reminding the customer that they’ve been chosen to respond to a survey based off of their most recent experience in the Seaside Park branch. This will give opportunity to the elderly customers who do not utilize online channels to speak their mind and gives Wells Fargo an opportunity to conduct more surveys. During the winter months, Seaside Park is generally populated with retirees, most of which would be interested and willing to respond to the survey if they were aware it was being offered.