Enhancing Service Delivery and Growing Revenue Through Shared Services
BEA WebLogic Portal™ 8.1
Improving service delivery to customers is a strategic focus for Wells Fargo Wholesale Banking. In 2000, the bank deployed its online Commercial Electronic Office® (CEO®) Portal, providing business customers with consolidated, self-service access to over 30 banking services, including credit management, foreign exchange, investments, and treasury services.
Wells Fargo sought a more compelling experience for its customers by improving the convenience and simplicity of doing business with the bank. They also wanted a flexible infrastructure to leverage existing investments, lower costs, and speed time to market of new capabilities and services.
During the past four years, customer adoption of the CEO Portal has grown dramatically. By 2003, nearly 80,000 users at more than 21,000 companies were actively using the portal to con- duct their banking business, including $5.94 trillion in payments processed annually. Revenue generated through the portal grew by 164 per- cent in 2002, and by 54 percent in 2003.
Migrate existing customer portal to new SOA foundation. Build an integrated desktop that provides employees with access to the same data sources, business processes as customers, ensuring consistency between channels.
Wells Fargo & Company is a diversified financial services company with $397 billion in assets, pro- viding banking, insurance, investments, mortgage and consumer finance from more than 5,900 stores and the Internet (wellsfargo.com) across North America and elsewhere internationally.
R E S U LT S
54% growth in revenue through the channel in one year. 75% growth in the average number of Wells Fargo products per com- mercial customer. Significant reduction in operational costs for the bank and its cus- tomers. Halved the time to deliver major new IT projects.
The Wholesale Banking group at Wells Fargo serves middle-market and large corporate busi- nesses with traditional and asset-based lending, treasury management, equipment leasing, institu- tional investment, insurance brokerage, risk man- agement, and real estate services.
CUSTOMER CASE STUDY