Wells Fargo - The Diigo Meta page

• 18 Jan 08
  

  Bill H

  soa

  • Wells Fargo wanted to transform its Private Client Services (PCS) business from

     

    product-centric to relationship-centric to help the bank deepen its relationships with

     

    its most valuable customers
  • new sales and improved customer satisfaction, and resulting in higher margins and

     

    increased profitability for the Wells Fargo PCS business.
  • Specific examples of opportunities that could be created by this relationship-centric

     

    approach include:

       

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    Increasing cross-sell and up-sell rates (“sell to the client’s full balance sheet”) by

     

    exposing clients to the bank’s entire range of solutions in a context-appropriate manner

       

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    Enhancing customer profiling by bankers to facilitate needs-based selling rather than

     

    product-based selling

       

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    Collecting customer information once, thereby improving the customer experience by

     

    eliminating frustrating duplicate processes

       

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    Improving efficiency, which could enable the bank to grow sales without having to

     

    increase headcount at the same pace

       

    •

       

    Building customer confidence by demonstrating a real understanding of their

     

    situations, and by making each meeting or Web visit more relevant and meaningful.
  • “Our banking systems were extremely complex and

     

    disjointed,” said Baines. “Each system was built with a different technology (e.g.,

     

    COBOL, .NET, J2EE). Applications were isolated, and there was no interface to

     

    connect most of them. In many cases, data was replicated to suit various formats or

     

    applications. This resulted in significant inefficiencies, an inability to provide our staff

     

    with the most productive user experience, and the lack of a comprehensive view into a

     

    customer’s entire portfolio.”
  • “Before marching down the SOA path, we analyzed the requirements that were

     

    compiled by the business team,” said Baines. “We then created a high level straw-man

     

    strategy in coordination with the business. This defined the major pieces necessary to

     

    achieve the desired end. The next step was to perform a gap analysis against our

     

    current capabilities and applications. At that point, we understood what was needed,

     

    and we developed an infrastructure roadmap to get us there.”
  • “Equally important is the fact that we can connect users to more data,

     

    faster than ever before. This makes us more agile, and we can bring new capabilities to

     

    market rapidly.”
  • “Rather than having the value of legacy systems minimized by isolation and a lack of

     

    accessibility, the systems are becoming more valuable because they can be utilized by

     

    more users for more purposes than was previously possible,”
  • PCS personnel now have consolidated access to a customer’s entire portfolio of

     

    accounts at the bank, including loans and current investment positions. The SOA

     

    facilitates a number of automated business processes that assist relationship managers

     

    in identifying cross-sell and up-sell opportunities, streamline many tasks, and enable

     

    bank employees across lines of business to enter and share important customer

     

    information.
  • The entire infrastructure was built and launched in less than a year, and currently

     

    supports more than 1.5 million customers. Because it leverages existing assets, the

     

    SOA is allowing the bank to extend the usable life of its older investments by enabling

     

    systems that had been buried in the back office to present data on demand via the

     

    Web to personnel who can use it to make fast, smart decisions.
  • n addition to the immediate results, Wells Fargo will be able to leverage its SOA-based

     

    infrastructure to accelerate the introduction of new services by reusing proven software

       

    Customer Case Study Wells Fargo

       

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