Ultimately, many would like us to do facial recognition or voice recognition or retina scanning or fingerprint scanning. All of those are viable options. Any two of those in combination provide an incredibly high level of security but also make so much more sense for us to say, “We know you. You don’t have to give us numbers. We actually know you.” It’s better for everybody because it is more secure, faster and easier. Over 40% of our employees, or team members as we call them, are millennials. The way we do business is not only how our customers want us to do business but how our team members want us to do business.
We are working on our own solutions because we do believe that having all of the ecosystem of your financial life — whether it’s deposits or loans and a mortgage – [and bring those] together with your payments actually makes things a lot better and a lot easier. Today, they’re sort of being forced by all these different players to keep all that separate. We do believe there’s a great opportunity to bring that together in a better way in the future.
“Biometrics is becoming an increasingly big part of what we do.”
The CFO population tends to be white and male. Wells hired this wonderful Asian woman for our middle market business who brought to the company all of her relationships within the Asian community. As a result, Wells Fargo now has a significant share in that market that we would never have had if we hadn’t had somebody who actually understood and was connected to that community. I think having some champions internally that can bring that point of view in and then an organization being open to it is the other piece, which is much more of a cultural challenge that has to be overcome.
“Over 40% of our employees, or team members as we call them, are millennials.”
We’re a major sponsor now of major league soccer, which has been a great way for us to connect on things that are passion points for a lot of our customers, for millennials, for Hispanics who really are passionate about soccer now. Wells Fargo gets to be a part of that passion point.
“What’s changed is our ability to be where our customers are when they want us, as opposed to either pulling them in or trying to find them on our terms.”
Another interesting fact is our team members give about 1.8 million hours of their lives volunteering in their communities. That’s important because people want to see the company as people. As much as there’s this tendency to say, “Yeah, I can do whatever I want to do online or through mobile,” at the end of the day you often want to talk to somebody and know that there’s somebody there who’s going to help you through it. It’s amazing to see that multi-channel opportunity.
“It’s not about selling, it’s not about teaching. It’s simply engaging [with them].”