Page 25 - Wells Fargo Bank (C) Case Study
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FRAUD: CROSS-SELLING
“Eight means Great”
WFB Annual Accounts 2010
Where other banks thought their employees should aim for
cross-selling up to three of their products e.g. financial
products such as checking and savings accounts, credit
cards, mortgages and wealth management to a customer.
Stumpf thought “eight was great” as it had the right ring to
it. (7)
According to Stumpf:
“To succeed at it [cross-selling], you have to do a
thousand things right. It requires long-term
persistence, significant investment in systems and
training, proper team member incentives and
recognition, [and] taking the time to understand
your customers’ financial objectives.”
Wells Fargo, 2010 Annual Report.
The more products that a customer has with a bank, the
more information the bank has on that customer, allowing it
to make more informed decisions about credit, products,
and pricing.
However, customers with multiple bank products are also
significantly more profitable to the bank (see Exhibit 2).
