Banking 2.0 V-News: Focus on Wells Fargo

From my opinion, Wells Fargo is “The” perfect example of how a bank should leverage the web 2.0. Tim Collins, SVP Experiential Marketing, andEd Terpening, VP Social Media, surely have two of the most exciting jobs in the banking industry!

Back in 2005, Wells Fargo became one of the most innovative banks online when they became the first major bank to have a presence on Second Life.vSafe: online storage facility
Vsafe_4Last week, Wells Fargo announced the launch of v-Safe, another innovative service available online.

The service will allow customers to securely store documents such as financial statements, loan and tax documents, wills, passports and birth, marriage and death certificates in an electronically secure centralised location.

Bt_digital_vaultIn the UK, BT successfully launched its BT Digital Vaultservice. And O2 is currently extensively promoting its O2 Bluebook service.
WF’s goal is surely to increase stickiness, customer retention. Will they also manage to somehow increase the share of wallet of their users?

According to you, is it the role of telcos or banks to help us store our valuable documents?

I welcome another innovative initiative from Wells Fargo, but shouldn’t banks focus first on increasing the level of security of online banking? Many customers are still not comfortable with banking online… Are they ready to trust their bank and store non-financial documents online? Won’t they see that as another way for banks to profile them?

Related articles on Visible Banking

Wells Fargo 2.0
Wells Fargo co-Founds “the Blog Council”
Interview Erik Hauser, Creative Director @ Swivel Media
CenterStage: Wells Fargo First Consumer-Generated Marketing Program

News on finextra: Wells Fargo’s online initiatives
Please note that the list is not exhaustive.

Wells Fargo unveils online storage service – 20/03/08
The Blog Council is born with Wells Fargo as co-founder – 10/12/07
Wells Fargo introduces online workstation for commercial customers – 18/10/07
Why Wells Fargo left Second Life – 13/06/07
Wells’ Web makeover woos punters and analysts– 25/05/07
Wells Fargo introduces Webcast series for small businesses – 26/04/07
Wells Fargo: Adventures in the blogosphere – 30/03/07

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Written by Christophe Langlois

Based in London, Christophe is an entertaining social media keynote speaker and a trusted advisor to the global financial services industry on the topics of social media, social business and digital innovation.

Christophe has contributed to over 140 events in 18 countries.

Currently, Christophe is 'Social Media Senior Managing Consultant' at IBM Interactive Experience. He's also a Digital Advisor at the Financial Services Forum and the Moller Centre (part of the Churchill College in Cambridge).

Christophe's views on are his own, not necessarily his employer's.

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