Wells Fargo has become one of the leading companies in the banking industry because it has employed the use of the internet to provide virtual services to its customers while taking advantage of the fact that they can use it to share information quickly to improve their business. Wells Fargo uses CRM to speed up the online transfer of funds and to better predict customer behavior. Keeping the relationship between customers and companies that provide the services they need healthy is a key element in making sure both parties are happy and satisfied in the market. For this reason, Wells Fargo makes a deliberate effort to find out their customer’s preferences using their simple CRM procedure.
Marketing evolution
In previous years up until the 1990s businesses realized the importance of maintaining good relationships with their customers. Consequently, they pushed more of their resources into providing great customer care services where they would be able to understand their customers’ needs and in turn, try to build their products and service in that light. Wells Fargo has been no exception to this rule. Since it started operations in the 1930s, the company has experienced a wide range of changes in marketing strategies.
Today, many companies including Wells Fargo have converted their business strategy from seller focused to customer-focused methods. They have done this mainly using the customer relationship management (CRM) system to determine exactly what their customer’s essentials are and how to make the financial services they provide effective and efficient for the customers.
Customer relationship management
As mentioned above this system is used by businesses to determine customers’ needs and build their services towards fulfilling those said needs. They carry out this type of customer research by converting the information they get from advertising, social media feedback, emails, and phone results, into useful tactics to improve their provision of services. The functions used by large firms like Wells Fargo in the CRM system include;
Salesforce Automation, Customer Service,Marketing management and Analytics to predict customer behavior from the data.
Wells Fargo uses all the functions provided by the CRM because it is a large financial firm with millions of customers all over the world so it would make sense to have all its systems working. Additionally, the company operates in the financial sector where one mistake or misinterpretation of data can have dire consequences for all parties involved.
Wells Fargo evolution into CRM
The company has admittedly not always used the CRM system largely because the business environment between 1930 and 1990 was largely dependent on people and their capacity to work. However, as technology advanced so did the business world and Wells Fargo took advantage of it fast as it made the provision of financial services much easier. Here is why –
They were able to remove delays in the execution of transfers because using technology reduced the number of hands they crossedTechnology availed customer’ information on internal systems almost immediately which made it easier for customers to be served quicklyEncoding errors were reduced almost to zero because the number of people who were participating in the transfer process was reduced significantly
Today, Wells Fargo customers can enjoy improved services from the bank because of the implementation of the CRM system. For example, if you are using the Wells Fargo ATM services you can make cash or check deposits into the bank without having to leave your car to speak to a Wells Fargo employee or attendant as previously done.
Conclusion
By implementing and taking advantage of the availability of the CRM system, Wells Fargo is one of the large firms in America to reach new heights of customer service effectiveness. They employ all the functions of CRM, especially the sales force automation that helps the company offer the appropriate services based on their customer behaviors after assessing the purchased products, past transactions, ATM usage data, the investment made, the customer profiles they have created, and available assets in the bank. Further, Wells Fargo has gained a competitive advantage over other large firms because it is intent on being customer efficient which leads to better customer relationships.
Frequently asked questions
How does Wells Fargo use CRM?
The company has combined communication with technology by using the CRM system to provide its services to customers and keep them in synchrony.
What is the Wells Fargo customer service number?
Their customer service can be reached using different numbers for your different needs. However, for general banking inquiries, you can use 1-800-869-3557 available 24 hours/7 days a week.
Which other companies use CRM like Wells Fargo?
Other large firms that use CRM with all of its functions are Averitt Express and Shop at Home Inc.
