Why Wells Fargo bank is different

CNN Money writes:

According to Dick Kovacevich, CEO of Wells Fargo there’s no such thing as an unprofitable customer – just one you haven’t figured out how to make money on yet. And, he argues, if a customer is truly unprofitable, that’s the company’s problem, not the customer’s.

Perhaps we have to work harder at the lower income levels. But it’s our fault if a customer is unprofitable. It’s because we haven’t done a good enough job of convincing them to give us all their financial business instead of just a piece. And when you believe that, then you get more internally focused. You’re the problem, not the customer.

Every transaction is an opportunity to engage a customer – both to satisfy a transactional need and also to sell him something. And the transaction actually gives you an understanding of customer needs or another new opportunity.

Lovely article.

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1 Comment

  1. I visited your branch in Las Vegas today, at Rainbow and Flamingo. Not only were you unprepared for the crowd after a three day weekend, but the teller was a total ditz. I turned in some rolled coins for cash, and as a supervisor watched her, she overpaid me. I gave her back the excess because I’m an honest guy. She told her supervisor she “keeps counting the rolls of pennies as one dollar.” How can I have confidence in your handling my financial affairs? I do some minimal banking with you, but because of your constant long lines and associates unsure of so many aspects of their job, I do my big stuff with Bank of America. She also forgot to hand back my driver’s license until I reminded her about it. This particular branch is in very bad shape, and I only go there when absolutely necessary. It is rarely a pleasant experience.

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