Wells Fargo streamlines estate settlement process with empathy

The Business Issue

Wells Fargo, with approximately 4,000 branches and $1.9 trillion in assets, is the fourth largest bank in the United States. However, they identified a critical gap in one of their most sensitive offerings: the estate settlement process for clients who had passed away.

With nearly half a million client deaths each year, Wells Fargo faced a monumental challenge. Their existing process was outdated, highly paper-driven, and fragmented across products and jurisdictions. Beneficiaries often struggled to navigate the process, which varied significantly based on state laws, account types, and even international regulations. For grieving families, the experience was slow, repetitive, and frustrating.

The underlying issue was a lack of centralization. Beneficiaries had to contact different teams for each product, from checking accounts to loans and investment portfolios. Without a unified platform, documents like death certificates and beneficiary authorizations were collected and managed separately, often requiring multiple submissions.

For Wells Fargo, this wasn’t just about operational inefficiency – it was about trust and empathy. They recognized that a cumbersome estate settlement process risked damaging relationships with beneficiaries at a time when compassion and efficiency were needed most. Wells Fargo set out to redefine their approach – aiming to create a streamlined, empathetic, and technology-driven experience that could meet the needs of their clients while retaining assets and fostering long-term loyalty.

The Solution

To tackle the challenges of its fragmented and cumbersome estate settlement process, Wells Fargo launched the Estate Care Center (ECC), powered by Pega. The ECC is more than a service improvement – it’s a strategic enterprise-wide solution that unites divisions across Wells Fargo, delivering operational efficiency, enhanced customer care, and significant cost savings.

Key features and capabilities:

• Centralized case management for all products: At the heart of the ECC is Pega's centralized case management system, which consolidates all accounts and products into a single parent case structure. This design includes product-level and account-level sub-cases, enabling seamless management of complex estates that span multiple Wells Fargo offerings, such as checking accounts, mortgages, and credit cards. Beneficiaries only need to supply documentation once, dramatically simplifying the process and ensuring efficiency across all divisions.
• Automated workflows and intelligent integrations: Pega automates key workflows, beginning with the receipt of a death notification. The system integrates with Wells Fargo’s internal platforms and external sources, such as federal treasury files, to verify death certificates and trigger immediate actions like suspending accounts. This automation eliminates manual bottlenecks, ensures data accuracy, and prevents costly errors, such as delayed account closures, which previously led to millions in credit card charge-offs.
• Omni-channel document submission: Recognizing the importance of accessibility, Pega supports multiple intake channels, allowing beneficiaries to submit necessary documents via online portals, mail, fax, phone, or in person. Additionally, automated systems receive and process death certificates directly from government agencies, ensuring a faster and more secure workflow. All documents are attached to their respective cases within the system, reducing redundancy and streamlining compliance with diverse jurisdictional requirements.
• Seamless and empathetic client communication: The ECC leverages Pega’s ability to maintain a unified record of client interactions, including detailed notes and priority flags, ensuring that beneficiaries never have to repeat sensitive information. The system’s seamless handoff capability between agents ensures continuity and builds trust. By focusing on empathy during a difficult time, Wells Fargo positions itself as a supportive partner for its clients’ families.
• Compliance, fraud prevention, and security: Pega also plays a critical role in ensuring adherence to state laws and internal policies, which vary by jurisdiction and product type. Robust fraud detection mechanisms safeguard the estate settlement process, providing beneficiaries with peace of mind while protecting the bank’s assets.
• A platform for future innovation: Wells Fargo sees the ECC as the foundation for ongoing advancements. Plans for future enhancements include further automation of case workflows, the development of a sophisticated document rules engine to accommodate evolving legal requirements, and upgrades to client-facing portals for even greater ease of use. This roadmap underscores Wells Fargo’s commitment to staying ahead in delivering exceptional client experiences.

The Results

By centralizing the estate settlement process and fostering cross-division collaboration, Wells Fargo not only transformed the client experience but also achieved substantial results:

• Enhanced client experience: By centralizing and automating the estate settlement process, Wells Fargo has significantly reduced the complexity and emotional burden on grieving families. Beneficiaries now only need to submit one set of documents, eliminating redundant tasks and enabling faster resolutions. This seamless experience has driven an over 40% improvement in Net Promoter Scores (NPS) for estate handling, reflecting increased client satisfaction and loyalty during a critical life event.
• Unprecedented operational efficiency: The ECC has doubled its case volume over four years without requiring additional staff – a testament to the power of strategically implemented workflow automation. By shifting the focus from administrative tasks to empathetic client support, the ECC has optimized resource allocation while ensuring superior service delivery.
• Stronger asset retention and growth: Wells Fargo’s ability to deliver a compassionate and efficient service has directly translated into increased asset retention and deeper client relationships. Families, reassured by the smooth process, are more inclined to retain or even expand their banking relationships with Wells Fargo, a crucial achievement in today’s changing financial services landscape.
• Robust compliance and fraud prevention: With Pega’s built-in compliance features, the ECC ensures adherence to diverse state laws and internal policies. Enhanced fraud detection and prevention capabilities provide an additional layer of security, safeguarding both clients and the institution from potential risks.
• A foundation for future innovation: Wells Fargo is committed to continuous improvement, leveraging the ECC as a platform for ongoing enhancements. Plans include expanding automation, introducing a sophisticated document rules engine, and integrating advanced client-facing tools. These innovations ensure that Wells Fargo remains a leader in estate care, adapting to evolving client needs and regulatory landscapes.