That means investing in everything from artificial intelligence to video to virtual reality. We think we have a good story because a lot of our changes have been about making a better employee experience.” During the conference, I interviewed Moldafsky to find out more about how Wells Fargo is tailoring the customer experience and why last year’s scandal has sparked a renewed focus on content. Our job is to make sure that we make the content available that day, for that audience, at the right time. We focus on understanding the customer and where that customer is in their journey. If that much money was deposited, it’s an opportunity to reach out and say, “Is this something you want to invest? You have to take into account every channel over time, all the products and services, and then the third-party data. What role does video play in your content strategy? Learning how to measure the video consumption and the video downstream impact is really challenging but something we’re really focused on. We’re finding having people join a vision of helping customers be successful and giving them a path to do that is more and more important. We think we have a good story because a lot of our changes have been about making a better employee experience.
Near the top of the homepage on Wells Fargo’s website, there’s a box that reads: “Working hard to earn your trust.” That trust has been put to the test over the last year, after news broke that thousands of employees had opened millions of unauthorized account, forcing customers to pay illegitimate fees.
Since then, Wells Fargo has been on the rebound, focusing on using technology to shape its customer service. That means investing in everything from artificial intelligence to video to virtual reality. At the core of all this investment is storytelling. As CMO Jamie Moldafsky said last month at Collision 2017, “We have to rebuild trust with our customers. We think we have a good story because a lot of our changes have been about making a better employee experience.”
During the conference, I interviewed Moldafsky to find out more about how Wells Fargo is tailoring the customer experience and why last year’s scandal has sparked a renewed focus on content.
How would you describe Wells Fargo’s approach to content?
Marketing serves as an air traffic controller to determine what content to focus on. Our job is to make sure that we make the content available that day, for that audience, at the right time. We invest a lot in the infrastructure to enable that. We focus on understanding the customer and where that customer is in their journey.
How have you focused more on delivering content at the right points in the customer journeys?
It’s about tailoring the experience. For example, we’ve always had student lending, student checking accounts, and student credit cards. Now, we’ve created more of a centralized hub for students that actually help them as their needs evolve over time. It’s much more needs-based. It’s much more customer-focused.
Why the focus on students?
When you form relationships early on, they are stickier. It’s all about an experience. If we deliver a great experience, we have a lifetime customer. I think one of the opportunities for full-service financial firms like Wells Fargo is that we have the products and services to help people in their journeys, from college graduation to home buying.
If we have a historical relationship with the customer, we’re better able to serve their needs. We also find that’s the stage in life when people most want this guidance, when they’re starting to break out on their own and actually establish these relationships.
Are you thinking at all about utility content, like calculators and the different tools for financial planning?
Absolutely. We just launched recently something called “My Credit Options Guide.” Part of what we realize is people come in and sometimes say, “I need a car loan.” Let’s step back. First of all, do you need to borrow money? Do you want to use a checking account or savings account? The answer is, “No, I haven’t thought of that.”
Every CMO in 2017 has access to a pile of data. How do you evaluate what’s actually relevant to your business?
I would call our’s a mountain versus a pile. We have 70 million customers and 6 billion transactions. It’s often much more important to look at the behavior associated with the data. What insights do we have about either their expressed or hypothesized behavior?
I’ll…
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