Wells Fargo provided an update on the progress the company has made and is making as part of its transformation to build a better, stronger company in a new progress report available on its website.
“While we have more work to do, we’ve worked hard over the past two years to address the root causes of our mistakes, make things right for team members and customers, and lay the foundation for a better company,” said Wells Fargo President and CEO Tim Sloan. “We are making strong progress in our efforts to rebuild trust and transform as we work to become the most customer-focused, efficient, and innovative Wells Fargo ever. We care deeply for all our stakeholders and are committed to building a better Wells Fargo for the future.”
The report details the actions the company has taken during the last two years, including, among other things:
- Eliminated product sales goals for retail bankers in bank branches and call centers and created a new compensation and performance management plan with stronger oversight and controls that is focused on the customer experience and team-based performance.
- Introduced a clear set of behavioral expectations for team members and enhanced accountability through a single leadership objective that is part of every team member’s annual performance plan.
- Listened to team members and made changes based on feedback. Wells Fargo welcomes and encourages team member feedback, which is collected through a variety of channels, including pulse checks, focus groups, company-wide assessments and surveys, town hall meetings with leaders, comments/conversation on internal sites, and confidential exit surveys and interviews.
- Created “Change for the Better” to focus on conversations and branch interactions aimed at helping the company better understand customers’ financial needs — with an emphasis on new systems, processes, and tools so team members can better serve customers. Wells Fargo also introduced new product and service innovations such as real-time balance alerts, financial education tools, fee-saving features, a digital offering for those new to investing and an online mortgage application. In December 2018, “Customer Loyalty” and “Overall Satisfaction with Most Recent Visit” branch scores were at their highest levels in the past 24 months. That positive momentum has continued into 2019.
- Strengthened focus on risk management and instituted a more clearly defined risk management organizational approach, adding more than 3,200 risk team members from outside the company between 2016 and 2018 along with a robust “mystery shopper” program in bank branches through an independent third party.
- Enhanced the EthicsLine process and engaged a third party in late 2016 to conduct an end-to-end review of the EthicsLine processes that resulted in significant enhancements, making it easier and safer for team members to report concerns without fear of retaliation.