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May26
Is Good Customer Service Enough?

In the magazine, Business 2.0, G. Pascal Zachary interviews Dick Wells Fargo.bmpKovacevick, the CEO of Wells Fargo Bank. According to Dick, there is no such thing as an unprofitable customer - just one you haven't figure out how to make money on yet.  He goes on to say that if a customer is truly profitable, that's the company's problem, not the customers. 

The banking giant is supposedly making it easier for customers to do business with them.  You can now go into a Wells Fargo bank and get a CD, mutual fund, annuity, and insurance all in one spot.

Also, according to Dick, the company is going to stick with it's diverse workforce in the West. That's fine and dandy, but then I read some information at this website today. Now I'm going to add some spice to the mix.  All this time I've talked about customer service being the end all and be all of everything.  However, part of being a great company doesn't just end with having great customer service.  Part of great service is also becoming involved in the community where your customers work and play.

When a company has money power like Wells Fargo does, they are judged on what they do with that money.  Some people may judge Dick Kovacevick - I don't know anything about him except that he makes a boat-load of money - But I do have to say that he IS the one that pretty much calls the shots.  Do you trust your money with his company?

So, I've digressed a little bit with this post... However, wouldn't you agree that just because a company provides great service doesn't mean that they won't steal from you? I'm not implying here that Wells Fargo - ahem - steals from their customers...(or am I?)  After all is said and done, wouldn't that be a great disservice?


4 Comments/Trackbacks




In luxury markets, peoplewilling ly go to get 'robbed'..all they ask for in return is good service!

I had to chuckle when I read the quote, "No customer is unprofitable." As a loooooong time customer of Wells Fargo, I would read that to mean they will make a profit on every customer because the less money you have the more they require of you in minimum balances and the more they charge you in outrageous and erroneous service fees. What pittance they offer in interest they make back, and more.

Wow, I guess I needed to get that off my chest. I feel much better now, thank you!

I am especially intrigued by this wonderful expose of customer service maria, and I fully agree with what you say here. However, your post also challenges me to redefine what really is "good customer service..." What do you think? Thanks for the inspiration that permeates your writing!

Thanks, everyone, for your comments :)

On a side note, I worked for Wells Fargo for a year during my college years... My take on the experience was that you definitely don't mess around with people's money!

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