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Case Study

Wells Fargo: Personalizing Real-Time Conversations With 70 Million Customers

  • Analyzed 4 billion digital interactions to identify the “next best conversation” for each individual
  • Successfully personalized messages and experiences for 70 million customers
  • Drove a massive increase in customer engagement across channels

“Pega helps us deliver personalized conversations at true enterprise scale – spotting patterns from billions of interactions so the customer gets the right message and the best experience.”

The Business Issue

Wells Fargo Bank is the fourth largest bank in the United States and a key player in the retail banking market. Serving one in three households and 10% of all US small businesses, Wells Fargo recognized the need to establish true customer centricity and personalize customer experience at scale. The bank wanted to engage and support customers in a more empathetic, proactive, and one-to-one way, meeting their individual needs and preferences. However, Wells Fargo needed to overcome challenges related to infrastructure, process, and scalability on top of  responding to the growing customer demand for a frictionless experience across touchpoints.

With over 70 million customers, thee bank had struggled to personalize day-to-day engagement, which required it to connect and analyze billions of digital interactions in real time. The bank knew that with the right strategy and tools, it could use the resulting insights to ensure each customer received highly relevant messages, at ‘the moments that matter’, in their preferred channel.

The Solution

Wells Fargo embarked on a journey to leverage the Pega Customer Decision Hub to guide and drive the transformation necessary for personalization. Customer Decision Hub provides real-time modeling and adaptive machine learning that allow the bank to constantly recalculate each individual’s “next best conversation” while those individuals are interacting in-channel. This not only ensures each customer message is relevant, but it also helps the bank introduce new conversations that are designed to help struggling customers build financial resilience.

Recognizing the need to accelerate its ability to develop, build, and deploy conversations across channels quickly, Wells Fargo reinvented its conversation build approach, leveraging Pega's customer engagement engine and Ops Manager. It established a process that allowed a single conversation owner to identify and deploy a new customer conversation within just three days. This approach enabled marketers and line of business partners to design, approve, and deploy conversations using pre-approved components, significantly increasing efficiency and scalability.

The Results

  • Next best conversations are constantly delivered into the mobile app and retail branch.
  • Conversations are deployed across give channels
  • Currently delivering approximately a thousand decisions per second,
  • Customer engagement rates increased from 3-10x, depending on the channel and use-case.
  • Conversion rates increased across channels.
  • Adaptive modeling and AI continue to learn and help the bank get “smarter” with every interaction.
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Related Resources

Learn how Wells Fargo is using the power of Pega to make it the most customer-centric bank in the industry.

See why Commonwealth Bank of Australia is exceeding customer expectations with personalized conversations

489% ROI? It's possible. See Forrester's findings on the Total Economic Impact™ (TEI) of the Pega Customer Decision Hub

Pega Customer Decision Hub

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Tags

Industry: Financial Services Product Area: Customer Decision Hub Solution Area: Customer Engagement
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