Credit unions score better on speed and helpfulness of staff, often times can offer better lending interest rates, because they have less overhead costs.
Wells Fargo needs to do a better job of not only getting customer feedback though surveys or feedback boxes, but then to actually take that feedback and listen to it and take action to handle the negative feedback. The only way Wells Fargo is going to turn around their cold customer image is to truly listen to what the customers are …show more content…
Wells Fargo has an ample supply of its own customer data and does a great job using that data in marketing which in turn leads to sales. Cross-referencing that against external sources such as public records or county recorder data can provide greater detail. Whether it's for a mortgage product, a deposit account or a special service, updating and refining mailing lists by leveraging nontraditional data sources should be a top priority. Stats like mortgage amount, number of liens, interest rate and loan-to-value or combined LTV are all available, and a matter of public record in most states, and can all be valuable in …show more content…
Wells Fargo is ranked number one in many financial categories and has recovered nicely form the economic crises from several years ago and doesn’t show signs of slowing down anytime soon. In the customer performance sector, I would rate them seven out of ten. Wells Fargo has a very strong customer base and uses great marketing tools to get new customers, however once they get the customers and the initial sales; they can improve on how they treat those customers to retain them for long term banking relationships. In the employee performance sector of my scorecard I would rate Wells Fargo a three out of ten. They must do a better job of boosting employee morale, which in turn will boost production levels. Wells Fargo needs to also take a closer look at their employee turnover problem and need to implement a better hiring strategy to bring in higher grades of talent into the company. This can be done by reducing the usage of temporary contract workers. Lastly, I would rate the internal business processes sector of the scorecard for Wells Fargo a eight out of ten. Wells Fargo does a great job of data mining and landing new customers. They also do a great job in quality control of their products. The area they need to work on is the lack of engagement and motivation to create and service new innovative products. So as an overall rating of Wells Fargo, I would rate them a