What is the Wells Fargo brand as it expands through Wachovia territory?
This week when I presented to a local university’s MBA class on branding, I showed some of the work RadiantBrands did for Wells Fargo. A student asked me “why does Wells Fargo use the stagecoach – isn’t it out of date and slow? What’s this brand got to do with modern banking?”
He made an excellent observation, one that has enormous meaning to and impact on Wells Fargo’s acquisition of Wachovia in October of 2008. That merger gives Wells an opportunity to become the largest national bank with over 12,000 stores in almost every state. But what really is the Wells Fargo brand? What makes it unique besides the almost universal use of the stagecoach icon, the logo, the Western landscapes? How does this connect to an experience of the brand? I think most of their customer base has no clue about the meaning or value of the stagecoach as part of their banking experience.
I’ve worked with Wells on several projects in the past. Their approach on how to use, manage and apply the branded elements is more about symbolism to customers, not relevancy. Do they get it? I don’t think so. Wells has not focused on how the symbols of the brand relate to customer experience. We developed an amazing book for Wells a few years back. The book, Since 1852, depicts the authentic brand story of Wells Fargo and its evolution from California Gold Rush freight company to modern bank of the twenty-first century.
Wells Fargo was founded in San Francisco in 1852 when they established the first secure system for transporting mail and gold via stagecoach. They created a sophisticated network of offices throughout California, employing everyone from Chinese immigrants and Mexican Americans to African Americans and Europeans just off the boat— and women—which was unheard of at the time.
Most of the other banks in the U.S. do not have such a coherent and amazing story as part of their brand. If anything, many of the “trusted banks” now are known for failure, greed and speculation resulting in massive losses for their depositors. Wells Fargo stands out as a brand perceived as safe, well managed, and trusted.
The acquisition of Wachovia is a perfect opportunity to build a national brand that can leverage the value of their history— but only if they explain this history in modern terms. Adding over 3,000-plus Wachovia branches in 16 states is a real brand image opportunity. Why not build on the roots of the West, the adventure and energy of the people who helped create that original brand? Maybe it’s time Wells Fargo really crafted a meaningful brand connection for its stagecoach, it’s true heritage and its trustworthiness – a powerful connection to the past for contemporary banking.