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Wells Fargo

Wells Fargo Ensures That Customers Have A Consistent Experience And Input On All Social Media Platforms

image corrusponding to Wells Fargo services
image corrusponding to Wells Fargo services

CUSTOMER: Wells Fargo

INDUSTRY:

Financial Services

COMPANY SIZE:

249,435 Employees

LOCATION:

San Francisco, CA

Challenge

Wells Fargo is a global leader in financial services and one of the most recognizable names in banking. The bank, which has its main office in San Francisco, California, is committed to improving the economy while delivering the greatest calibre of customer service. As vice president of social media marketing technology and operations at Wells Fargo, David Encizo's objective was to assist the business in better managing the risk and governance related to social media marketing. In order to accomplish this, he sought to reduce the number of tools and gadgets utilized throughout the company and improve collaboration amongst Wells Fargo teams. Encizo claimed that although high-performing teams were working in separate technological silos, there was increased friction and redundant data. He explains, "We wanted to change it. We wanted to use the minimum technologies possible while still providing the enterprise teams concentrating on social with top-notch capacities and performance characteristics. " Encizo sought a comprehensive answer that: Would enable publishing and advertising, social media monitoring, customer support, tracking, and data for Wells Fargo by combining many social media marketing processes and governing bodies into a unified, strategic system. Could carry out crucial intelligence tasks to minimize brand risk and adhered to industry rules and guidelines.

Integrated reporting and industry trends across promoted, organic, and acquired social media operations were made possible by unified data across all online activities. Improved prioritizing and channelling of incoming customer support questions while enabling the team to more fully humanize the bank's online brand. Wells Fargo would innovate leveraging scale and AI as it seeks to address miscommunications for other industry verticals.

Solution

Wells Fargo substituted 4 individual solutions upon adopting a unified customer experience management (Unified-CX) system. By taking this route, the bank is able to offer a standardized, swivelling user experience at mass in a way that is both compatible with the law and secure for the business. The bank's social marketing and social care staff today collaborate on an unified platform where they create and oversee ad campaigns, plan and post content aggregation, listen to internet discussions to gather useful information, and assist the company's 70 million plus clients. By utilizing the Unified-CX platform to implement administrating throughout all of their functional areas, Wells Fargo's social personnel can assure a cohesive brand message within all social platforms while operating from a unique and unified platform. All four of the platform's product suites have been installed by the bank, fully providing socially engaged teams throughout the whole organization. The bank uses Unified-CX in the following four main ways:

  1. Wells Fargo's social media messages are amplified by online networking professionals and associates:

Encizo first had to make sure that all social media promotion was legal and secure for the Wells Fargo name. The platform's Social Engagement and Sales product suite includes Social Posting and Interaction, which gives Encizo's online networking staff the ability to effectively develop, post, and oversee brand content across numerous social mediums from a common network with corporate governance. They then employ analytics models and interaction monitors that can be disseminated amongst groups to effectively assess and communicate with customers. Additionally, Wells Fargo makes use of the Employee Advocacy platform, which gives staff members access to a selection of material from the company that has been authorized for social media posting. The bank has the capacity to amplify its brand and cultural online content and boost constructive conversation taking place around the Wells Fargo brand by inspiring and mobilizing its most outspoken and informed brand ambassadors - its workforce. Encizo claims that "some of our best advocates are our staff. "We can amplify and validate the Wells Fargo brand in a truly authentic way by enabling people to go to the Wells Fargo Advocate Portal select content that they can simply send out on their privateonline profiles."

  1. Social advertising allows for legal and trustworthy brand efforts:

The staff additionally utilize Social Advertising, Advertising product suite, to reduce image hazard while maximizing return on ad expenditure with accurate data and technology integrations. All activities associated with sponsored media campaign effort are computerized and handled in one location using online advertising. All profiles on social media and the whole publication process for advertisements are subject to less business risk due to standardized and uniform practices and explicit authorizations. Whereas the project directors have quite a consolidated view to plan, monitor, and implement projects that contribute to funnel and financial targets, Encizo is able to permit the staff to sustain transparency and responsibility throughout all promotional activities and platforms.

  1. Offering omnichannel, smooth customer experience:

With the support of Social Care, which Wells Fargo installed, employees are now capable of supporting customers promptly and effectively irrespective of the method they choose to communicate with the bank. The AI automates a large variety of choices and activities on the Agent Console, where employees usually spend all of their time working. This aids Wells Fargo in increasing income potential, lowering expenses, and mitigating risks. AI- powered automated labelling distributes situations to available workers, allowing them to respond swiftly with prior authorized, recommended messages. The Smart Responses functionality, which allows customer relations personnel to deal with situations accurately and thoroughly while providing customers with the more individualized services they want, includes these messaging ideas. After that, the Smart Compliance verifies each reply to make sure it is correct and compatible. Lastly, the Intuition Moderation function aids in the categorization and storage of client enquiries for later traceability. Wells Fargo employees can swiftly respond to consumer concerns across eight managed, brand-specific social platforms while maintaining a consistent message.

  1. Utilizing competitive benchmarking to outperform opponents:

The Wells Fargo Social staff may regularly monitor the company's social effectiveness and compare it to that of rivals and certain other best-in-class brands courtesy to Competitive Insights & Benchmarking. According to Encizo, benchmarking provides detailed data that extend beyond interaction analytics and the quantity of postings to pinpoint possibilities and tactics that aid Wells Fargo in staying one step ahead of rivals. The bank is now able to examine ambitious businesses even outside the banking industry and learn about their social media platforms and customer service initiatives thanks to Benchmarking. Benchmarking, in Encizo's opinion, is a subtle victory. Monitoring systems are an efficient method of providing information to management since they are simple utilise. The convenience with which we can add new brands instantly is why adoption has become so huge. We frequently get asked, “How do we compare to this or that?”

Outcome

With the aim of using the fewest tools feasible while yet providing business groups that prioritize social with top-notch advanced features, Wells Fargo streamlined from four single-point solutions down to Unified-CX. Currently, Wells Fargo's support staff and social team work together to engage with customers and prospects on social media while still providing customer service. Currently, Wells Fargo's support staff and social team work together to engage with customers and prospects while still providing customer service. The digital team uses social media analytics to respond to vast numbers of discussions per year and to keep track of dozens of social media profiles for benchmarking. Additionally, hundreds of personnel endorsers who publish content using their own social profiles amplify the bank's own messages to consumers.