Bank different (interview with Wells Fargo CEO Dick Kovacevich)

Citation

Zachary, G.P. (2006), "Bank different (interview with Wells Fargo CEO Dick Kovacevich)", Strategic Direction, Vol. 22 No. 10. https://doi.org/10.1108/sd.2006.05622jad.002

Bank different (interview with Wells Fargo CEO Dick Kovacevich)

Bank different (interview with Wells Fargo CEO Dick Kovacevich)

Zachary G.P.Business 2.0, June 2006, Vol. 7 No. 5, Start Page: 101, No. of pages: 3

Purpose – To interview Dick Kovacevich about the success of Wells Fargo since he became the bank’s chief executive in 1998. Design/methodology/approach – Dismisses the idea that customers can be separated into the desirable and the undesirable. States that in Kovacevich’s view, it is up top the bank to work out ways of profiting from its relationship with each customer. Notes that the San Francisco-based banking and mortgage organization has outperformed the rest of the banking industry significantly in recent years. Attributes this to its willingness to adopt ideas from the retailing sector and its ability to meet a wide range of the customer’s financial needs in its branches. Explains that Wells Fargo treats each transaction as an opportunity to engage the customer and draws on its bank tellers as a source of recruits as personal bankers, who in turn act as a source of private bankers. Notes the value of having an employee base that reflects the diversity of the customer base and the way that positive word of mouth has helped Wells Fargo to become an employer of choice and to sell mortgages to first-time homeowners, more than half of whom come from minority groups. Originality/value – An insight into the business strategy of a successful American bank.ISSN: 1538-1730Reference: 35AP214

Keywords: Banking, Corporate strategy, Equal opportunities