3 ms·
11 years ago, my first job out of college was as a "personal banker" for Wells Fargo. If I remember correctly, our goals were 8 "solutions" a day. Every few ho
by olegious 10y ago
11 years ago, my first job out of college was as a "personal banker" for Wells Fargo. If I remember correctly, our goals were 8 "solutions" a day. Every few hours either a shift leader, assistant manager or the branch manager would come over and ask you "how many solutions do you have?" If you said a low number, you'd be told that was "unacceptable" and coached on how to generate more solutions (everything from forcing a customer to close and reopen accounts if they lost a debit card, rather than just use the built in lost debit card feature, to splitting large CDs into smaller CDs, to forcing old people without internet access to sign up for online access). If a retired customer came in and you didn't pitch them a reverse mortgage or a home equity line of credit, you would once again get a talking to. Sometimes managers would come over with signed printed account applications that they had sourced and they had you enter those accounts into the system. One of our "best"(read, high performing) bankers had opened accounts for a dead person (after the dead person's daughter came in to close their accounts), I reported her, nothing ever happened.
It was an incredibly high pressure environment that led to unethical behavior and a situation in which customer service or doing what's right for the customer was not valued, I quit after a year.
- dredmorbius 10y agoWhat rationale was offerred for forcing Internet access? What was Wells's interest in doing this?
- olegious 10y agoWe sold it as a "security precaution, if you create an online access account in our branch, hackers won't be able to create one for you." As far as WF's interest goes- this is one of those situations where the bank's strategy relied on having customers use as many products as possible, the thought was that if you use many banking products, you're less likely to switch banks. So all sales goals were set around the number of products (we called them "solutions") you sold. This is a rational strategy, but since things like debit cards or online accounts counted as solutions and the sales pressure was immense, the system could be gamed by selling solutions that really didn't help the company's overall goals. It was a broken incentive system.