The focus of this customer persona is to represent the everyday individuals who bank with Wells Fargo. The characteristics and key attributes of typical Wells Fargo customers are outlined below, followed by a photo and a customer persona designed to reflect the behaviors, needs, and preferences of an average Wells Fargo customer.
Customer Profile
Demographic Information
- Age: Between 18 and 50+
- Gender: Both men and women can have a bank account or use services at Wells Fargo.
- Location: Wells Fargo primarily serves customers in urban and suburban areas, where it supports individuals and small businesses within these communities. In addition, Wells Fargo also provides banking services to customers in select rural areas.
- Education: There is no degree needed to bank with Wells Fargo, but knowledge about banking and budgeting may be helpful.
- Marital Status: Customers can be single, married, or divorced to use Wells Fargo.
Psychographic Information
- Interests & Hobbies: Many customers who bank with Wells Fargo have common interests, just as any other customer. They like hanging out with their families on weekends, many may watch sports, and like to go shopping or out to eat. Many customers at Wells Fargo use the mobile banking app, representing an interest in technology that helps simplify budgeting and money management.
- Values & Beliefs: Customers value security when banking, ensuring their information is safe. Many customers value the simplicity of online banking, but also value in-person customer service when needed. They also value trustworthiness and reliability within the financial institution.
- Lifestyle: Most customers have a busy lifestyle, such as working, running errands, bringing kids to practices, and spending time with family on the weekend. So they use the online tools instead of going to the branches for everyday transactions.
- Motivations: What motivates Wells Fargo customers the most is future planning and saving, such as an emergency fund, tuition costs, or even saving for a vacation.
- Challenges & Pain Points: Some customers may feel the weight of Financial Stress and Inflation Pressure. As well as overdraft fees may be pain points for some customers.
Behavioral Information
- Buying Behavior: Many customers, when looking at the services and products at Wells Fargo, such as Platinum Savings Accounts, credit cards, and loans, will compare interest rates and prices to other banks.
- Product/Service Usage: Wells Fargo customers use their checking accounts for daily transactions such as deposits, bill payments, direct deposits for paychecks, and ATM withdrawals. Customers also use Wells Fargo credit cards, auto loans, and mortgages. Business customers also use a checking or savings account, merchant services, business credit cards, and lending operations to manage cash flow, pay employees, and grow operations. What the customers find most valuable is the mobile app and online banking, as customers appreciate the 24/7 access, quick transfers, mobile check deposits, and real-time balance views.
- Customer Journey: Customers will first learn of Wells Fargo from advertising, online research, or referrals. Once they choose Wells Fargo, they can use the Wells Fargo secure application process online or head to any branch location by walking in or scheduling to work directly with a banker. Then the onboarding phase takes place, and the customer will receive welcome emails and setup tools to help activate a debit/credit card, set up online access, or set up the mobile app. The key touch points for this process includes Onlie reviews and ratings, customer service support when applying for an account, mobile app setup screens, or branch and over-the-phone support.
Goals and Objectives
- Short-Term Goals: Managing day-to-day expenses and making sure bills are paid on time. Building or maintaining a good credit score, saving for immediate needs, and paying down existing debts.
- Long-Term Goals: Saving for homeownership, education, and retirement. Growing long-term savings and investments, expanding or sustaining a small business, and building wealth and financial independence.
- How Your Product/Service Helps: Wells Fargo provides everyday banking solutions, financial planning and advisory services, credit and lending services, and security and trust, as it has fraud protection and account monitoring.
Objections and Concerns
- Potential Barriers: Fees and costs, such as monthly maintenance fees an example, the Platinum Savings account has a fee of $12 a month. In addition, minimum balance requirements, credit or eligibility requirements, and digital access limitations for customers who are less comfortable with technology can all be seen as potential barriers.
- Common Questions: These can include questions about what types of fees are involved, what the interest rates are, whether there is a minimum balance requirement, and how secure my money and information are.
Influence Factors
- Influencers: Recommendations from family and peers, financial experts and advisors, online reviews and ratings, and brand reputation and advertising.
Quotes & Real-Life Examples
- Customer Quotes: “Wells Fargo has been proving themselves to be a great bank in my opinion. They are upfront about costs and fees, have a wonderful user interface on their ATMs, and online resources. I love that they have 24hr bankers on call, and not just “half bankers” like other banks. I haven’t ever had a bad experience in a branch and felt that their bankers and tellers are knowledgeable and friendly. I feel like I could be a very long-term banker here”.
-Yelp user review, London, UK, (September 16, 2016)
Based on the information gathered, we can develop a clear profile of a typical Wells Fargo customer.
Customer Persona
- Name: Lauren
- Age: 28
- Occupation: She is a full-time marketing Coordinator who helps her team by coordinating campaigns, managing social media schedules, tracking performance metrics, and assisting with emails and digital advertising efforts. She works closely with designers, sales teams, and outside vendors to make sure projects stay on schedule and within their budget.
- Goals: She would like to increase her savings to be able to put a down payment on a bigger house.
- Challenges: Unexpected expenses make it challenging for her to regularly contribute to her savings and emergency fund.
- Personality: She is a friendly and outgoing person who stays very busy but likes to stay organized. She is very tech-savvy and prefers online or mobile solutions to save her time. On the weekends, she loves to hang out with friends.
Sources
- Wells Fargo Official Website: https://www.wellsfargo.com
- Yelp – Customer Reviews: https://www.yelp.ca/biz/wells-fargo-bank-omaha-16?osq=Wells+Fargo+Bank&rr=5
- American Bankers Association: https://www.aba.com/about-us/press-room/press-releases/national-survey-preferred-banking-methods
- Oprah Daily: https://www.oprahdaily.com/life/work-money/a63444093/how-wells-fargo-is-helping-customers-achieve-long-term-financial-success/
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