Liza Hall, Gold Coast Region Executive, Wells Fargo

Liza Hall, Gold Coast region director of Wells Fargo, sat down with Invest: to discuss how AI and digital transformation is shaping the way banking is done and current trends in the banking landscape. “It is important for our team to know how to ask the right questions to really understand what the needs of our customers are,” Hall said.

What trends are shaping the banking landscape in South Florida?
There are many customers that are living through difficult financial times and much of the community is having to take a reactive look at their financial situation. Home affordability continues to be an issue across all of Florida. An increase in mortgage rates, cash offers from buyers, insurance costs are on a lot of Floridians minds. It is important for our team to know how to ask the right questions to really understand what the needs of our customers are. One of the biggest responsibilities that I have as a leader is making sure that our branch employees are prepared for those conversations.

What are the key factors influencing the performance of Wells Fargo in the South Florida region?
From a regional perspective, our deposit market remains very strong. We have the privilege of serving a very large and stable consumer and small-business space. We are second overall with market share, holding $19.7 billion in deposits, which to put that in perspective is 11.4% in market share. Regionally, we continue to see an influx of new residents in the market. That is one of the biggest external factors that we have working in our favor. Internally, the quality and talent of our team is very important. We offer competitive rates, and our products and services continue to set us apart. Our people are our strongest asset, and they excel when it comes to customer service in the market. We believe that customer experience is directly tied to offering necessary guidance and advice, which is where we thrive. We focus on customer satisfaction, as well as employee engagement. Investing in training and development, modernizing our tools, and managing risk are all key aspects that we are prioritizing.

How is Wells Fargo leveraging technology, digital platforms, and the integration of AI to streamline operations and provide better customer service?
Digital transformation is huge. We have put a lot of time and energy into having solid digital platforms in response to our customers’ evolving needs. Our mobile and online channels are highly important. We have introduced a new digital account opening process across our branches. This electronic process allows customers to work in conjunction with the bankers at the branches and has sped up the amount of time that it takes to open up accounts. It is convenient, has helped to eliminate paperwork, and assists our clients in immediately being able to utilize the digital platforms that we offer. Speeding up this process has allowed our bankers to spend more time while they are in front of our customers getting a grasp on their financial concerns. Having time to dig in and add value to the interaction has been huge.

What role is Wells Fargo playing when it comes to fostering financial inclusion and serving underbanked communities?
We continue to support the local community philanthropically through contributions and partnerships here in Palm Beach. We recently partnered with Habitat for Humanity and had nearly 150 Wells Fargo employees come together on a Saturday to help repair and revitalize local sites. The goal of that project was to create more accessible and affordable homes for those in need.
We also work with the Business Leadership Institute for early learning. BLI offers technical assistance to owners and directors of childcare centers and serves low- to moderate-income families in Palm Beach, as well as other counties in Florida. The program was funded roughly 10 years ago through seed investment from Wells Fargo, and we continue to work very closely with them to help empower local childcare and early learning entrepreneurs.
Additionally, United Way of Palm Beach has a prosperity campaign for financial stability, which is an asset and economic development program that addresses critical needs and long-term financial stability in Palm Beach households. They do this through efforts like tax assistance programs and prosperity centers where they offer financial coaching, credit counseling, financial education workshops and more. This is a really unique program that has helped a lot of people in the area.

How does Wells Fargo promote financial literacy and education programs?
The partnership that we have with BLI has been impactful. We put a lot of effort into making sure that our teams are educated on asking questions to help understand and serve customers where they are. We also like to work with local organizations to make a difference in that space. Our partnership with BLI allows us to not only contribute financially, but to be out in the community and teach some of those classes that they offer. Our partnership with United Way of Palm Beach is also all about financial education.

How has the definition of financial freedom changed in recent years?
The definition of financial freedom has shifted in recent years largely due to advancements in technology. The events of 2020 impacted the way that people do banking and really allowed people to do things by themselves. Our customers are increasingly looking at mobile and the platforms and the tools and resources that we offer have really enabled our clients at Wells Fargo to take control of their financial lives. We have various AI budgeting tools that allow customers to really take a look at their banking needs, as well as establish financial goals to ensure that they are on track.

What workforce development and talent retention or recruitment strategies do you have in place?
We invest heavily in digital, branch banking, and our people. Investing in our people has been key. Understanding what their aspirations are and taking the time to make sure that they are educated and know how to serve our customers. Doing so is paramount to Wells Fargo success, as well as our employees’ success.

Cyber fraud continues to be one of the main challenges for the banking and financial services industry. What cybersecurity measures does Wells Fargo have in place?
We have seen an increase across the industry in financial fraud. That usually happens as the economic climate becomes a bit more difficult to navigate. We make it a priority to educate our customers ahead of time on how they can spot fraud attempts. They have the ability to set up mobile alerts, allowing them to leverage mobile banking for protection. Wells Fargo also sends out email communications to educate our customers. Having the right tools in place to help customers stay connected with their bank is highly important.

What opportunities for growth and expansion are you seeing in South Florida?
We are focused on balancing the needs that our customers are bringing to us, which right now is digital. Our customers are telling us more and more that they want to bank where they want and when they want. We are also taking the time to enhance and balance where our customers want to bank from a brick-and-mortar perspective. Refreshing and modernizing the facilities that our customers are coming into in Palm Beach County has been a priority. The company is committed to refreshing all of its branches throughout the next few years, and Palm Beach County is ahead of that, with over half of our branches having already undergone refreshes.