Spotlight On: Liza Hall, Gold Coast Region Executive, Wells Fargo
October 2024 — Invest: sat down with Liza Hall, Gold Coast regional executive with Wells Fargo, to discuss the bank’s contributions to Orlando and Central Florida, touching on its philanthropic efforts, digital innovations, and strategies for addressing challenges in the banking industry.
What have Wells Fargo’s overall contributions and impact in Orlando and the Central Florida area recently been?
I’d first like to highlight our philanthropic efforts in the region. In 2023, our total philanthropic giving in Orlando and the Central Florida area amounted to roughly $1.7 million. These contributions supported a variety of sectors, including housing initiatives, small business development, financial health programs, and sustainability efforts. For example, we know that small businesses are truly the heartbeat of our community. They create the vibrant neighborhoods where we live, work, and raise our families. We deeply understand the role they play in shaping the character and economic strength of our region. Specifically, of that $1.7 million, $500,000 was dedicated to small business growth within Orlando and Central Florida. This includes support of organizations such as the Black Business Development Corporation (BBIF), Prospera, the Early Learning Coalition of Central Florida’s Business Institute for Early Learning Entrepreneurs, the National Entrepreneur Center, and SCORE Orlando.
What makes Central Florida an ideal location for business expansions and relocations?
I believe the banking and finance sector in Orlando, as well as Central Florida more broadly, is currently experiencing significant growth. A combination of factors makes Central Florida an attractive location for businesses considering expansion or relocation. First, the economic growth in the region has been strong, and the area’s strategic location in the state is highly advantageous for businesses. The presence of a robust talent pool is another key factor. We have a well-educated and diverse workforce here, which is crucial for industries that require specialized skills, such as finance. Additionally, Central Florida has excellent infrastructure that supports business operations, and the overall business-friendly environment—both in terms of regulation and community support — makes it a compelling destination for businesses looking to expand.
What trends are emerging in the banking and financial services space that we should take note of?
One of the most prominent trends that we’re seeing is related to housing affordability. This is a topic that comes up frequently in our conversations, especially as the cost of housing continues to rise in Florida. The housing market has remained very competitive, with increased mortgage rates and a surge of cash offers driving prices up. Additionally, higher insurance costs are putting more financial pressure on residents. Many people are finding it challenging to manage their finances under these circumstances, and this has led to a more reactive approach to financial planning. At Wells Fargo, we’re focused on helping our customers navigate these difficult times by offering the advice and guidance they need to make informed decisions. It’s also a priority for our teams to ensure we’re prepared to have these kinds of meaningful conversations with customers.
Which products or services do you expect to drive growth at Wells Fargo, whether it’s in personal banking, small business, or commercial services?
You’ll hear me mention “advice and guidance” a lot because it’s truly at the core of what we do. One area that’s driving growth is our digital banking offerings. We’ve recently introduced a new digital account opening process within our branches, and it’s proving to be a major improvement in terms of efficiency and customer experience. This process allows customers to open accounts digitally without the need for any physical paperwork, making it not only faster but also paperless. Currently, the system supports individual customers, but we’re planning to expand it soon to include joint accounts, Spanish-language applications, and small business accounts.
This streamlined approach frees up time for our bankers, allowing them to focus more on providing personalized advice to customers about their broader financial health. As we continue to roll out these digital innovations, they will play a key role in our growth.
Are there other tech trends or innovations Wells Fargo is using to improve operations or enhance the client experience?
Technology is at the forefront of many of the changes we’re implementing to improve both operations and the customer experience. One of the most significant innovations is our reimagined mobile banking experience. We’ve made the app easier to use, with a more modern look and feel. A major feature we introduced is Fargo, our AI-powered virtual assistant, which allows customers to ask questions and complete transactions directly through the app. What’s particularly exciting is that Fargo is also available in Spanish, which is incredibly important given the size and economic strength of the Hispanic community in Florida.
This digital transformation aligns with our goal of serving the Latino community, and the AI assistant helps make banking more accessible. Another exciting feature we’ve rolled out is LifeSync, which allows customers to track their financial goals in real-time. It’s a comprehensive tool that gives users a snapshot of their financial health, including FICO scores, credit card reward balances, and more. As we continue to expand these offerings, digital innovation will be at the heart of improving our customer experience.
What are the primary challenges for the banking and financial services industry in Orlando and Central Florida, and how is Wells Fargo addressing them?
One of the biggest challenges we’re facing across the industry is an increase in financial fraud. Unfortunately, this is something that tends to spike when economic conditions become more challenging, and we’ve certainly seen that recently. At Wells Fargo, we’re taking proactive steps to address this issue by educating our customers on how to spot fraudulent activity. For example, we encourage them to set up mobile alerts that can help monitor their accounts for suspicious transactions, and we use email communications to provide tips on fraud prevention. Additionally, we’re working with our employees to ensure they are well-prepared to advise customers on how to protect themselves from fraud. Our goal is to provide the best possible service, advice, and protection to our customers in this regard.
On the topic of customer service, have customer expectations shifted in recent years? If so, how has Wells Fargo adapted to meet those changes?
Yes, customer expectations have definitely evolved, particularly with the rise of digital banking. We’ve seen a significant increase in the number of customers who prefer to handle their banking through mobile or online channels. However, we also recognize that digital isn’t the only thing customers want. There’s still a strong desire for human interaction, especially when it comes to more complex financial decisions. Our focus has been on creating a seamless blend between digital convenience and in-person expertise.
At Wells Fargo, we aim to be there for our customers wherever and whenever they need us — whether they’re banking online or visiting a branch. We’ve also made sure that our branches remain places where customers can come in and have meaningful conversations with our bankers about their financial goals. That combination of digital and personal service is a key part of how we’re adapting to the changing landscape.
I’ll add that our market share remains strong. We hold 13.03% of the deposit market in Central Florida, with $13.3 billion in deposits. It’s a privilege for us to serve such a large and stable customer base.
What is the outlook for Wells Fargo in Central Florida over the next two to three years in terms of plans and priorities?
Branches remain a top priority for us in Central Florida. Despite the digital shift, we see branches as vital hubs for customer interaction. This year, we’ve had minimal closures across the Central Florida region, and currently, there are no plans for closures in Orlando or Orange County. Over the next five years, we’re committed to refreshing our entire branch network. We want our branches to be places where customers can come in and have meaningful financial health conversations.
Looking back 10 years, a lot of routine banking tasks that once required a branch visit can now be done via mobile apps. But we still believe there’s a place for branches to help customers with more complex financial needs. So, we’re making investments to redesign our branches to focus more on providing advice and guidance. We’re also adding more advisors and bankers to handle consultations, and we’re incorporating digital messaging displays to demonstrate our latest tech capabilities. Our goal is to enhance the customer experience in every way we can.
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