Business Analysis: Wells Fargo

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Customer environment Since Wells Fargo is the fourth largest bank providing financial service in the U.S., it has numerous current customers. Wells Fargo’s goal is to be the first provider when their customers take into consider of investing financial products. Therefore, Wells Fargo adopts the “cross-selling” strategy to achieve its goal (Wells Fargo, 2014). It is the process of providing the products and services to customers whenever customers need. Based on what the customers need, Wells Fargo can present more proper products to fit customer’s financial needs. Another advantage of cross-selling strategy is that it can promote its various financial products through only one channel. This one-to-many model not only helps Wells Fargo expand…show more content…
Wells Fargo believes that they will provide more service to satisfy its customers’ financial needs if they can stay enough long time with them. Wells Fargo has three operating segments: Community Banking; Wholesale Banking; and Wealth, Brokerage and Retirement (Wells Fargo, 2013). Wells Fargo has more than 9,000 locations and more than 12,500 ATMs, online, and mobile devices in the U.S. (Wells Fargo, 2014). It is convenient for its customers to get suggestions to do the personal business. Wells Fargo has several ways to promote its business. First, Wells Fargo offers various promotions to simulate its current or potential customers to open new services. For example, it will give $100 cash bonus when customers apply new credit card. It is hard for customers to resist the attraction of cash back bonus. Second, Wells Fargo has Campus Card Program to facilitate students. A Wells Fargo Campus Card combines official identification card and debit card together. Students, as a result, only need to carry one card to pass the campus facilities, such as library, gym, and lab, and do purchases. In addition, Wells Fargo opens its branches into campus, while other most banks only have ATM machine in campus. For most students, Wells Fargo cards are their first bank card, so they will keep them as long as they can. Since most students are more familiar with Wells Fargo Card, they will be very likely to continue using it even after they graduate. Last but not least, Wells Fargo provides Card Design Studio Service. It provides a chance for customers to design their own cards with any picture that they want to present their personalize(Wells Fargo,
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