How does a 163-year-old financial institution continue to maintain it's leadership and continuously engage its customers? Faced with growing competition and uncertain circumstances, Wells Fargo, the fourth largest bank in the US has adopted a data-driven, evidence-based approach to forecast the future and engage its staff.
In conjunction with Stanford University's Management Science & Engineering department, we developed forecasting and simulation models to predict weekly, monthly and quarterly retail account sales.
Developing models to evaluate and predict external economic variables such as the stock market, foreign exchange rate and unemployment rate, we built models with the data of 12,000 bankers in 9,000+ branches to better understand the factors influencing sales. This insight was then translated to an intrinsic audit of incentive structuring and compensation strategy.
The future is here for Wells Fargo, in its mission to be the central financial institution for clients.