3 min read January 2024 — In an interview with Invest:, Liza Hall, Gold Coast Regional Executive at Wells Fargo, talked about the bank’s involvement with nonprofits in the local community, its AI virtual assistant named Fargo that acts as a “virtual concierge,” and the importance of having on-site mortgage representatives to help customers make hard decisions about home purchasing.
What have been some key successes or milestones for Wells Fargo over the last 12 months?
I recently became the Branch Banking Regional Executive for the Gold Coast, and I oversee all branches in Palm Beach and the surrounding areas. We have 93 branches and 800 team members in the Gold Coast. Of those branches, 53 are in Palm Beach County. Our team is really focused on providing our communities the best service, guidance, and advice to build stronger relationships with new and current clients. Our deposit market share here is strong. One of the biggest successes for me personally was to establish myself as a market leader. That was important because I wanted to ensure there was a seamless transition, and that our customers felt supported. I had to get to know the team and community to fully understand how to support and empower both groups, so that was a big thing for me personally.
Another important piece is our involvement in the community. We always look for ways to be involved, and we want to support a sustainable future for the Palm Beach community by supporting local nonprofits. Palm Beach Food Bank is one organization we support. They distribute food to over 100 hunger relief partners. We also work with the Housing Leadership Council to address the local housing crisis through planning that will create more local, affordable housing units. Another example is our support for Nonprofits First and their Rising and Advancing Leaders programs, which are leadership programs for nonprofit directors and managers, so they can best support the community. The last thing is our sweat equity. We have shown up in a big way. Recently, we had more than 200 volunteers join us for the Habitat for Humanity of Palm Beach County Welcome Home event. It was the second-largest event of its type in the country. We revitalized nine homes here in Palm Beach.
What makes this market different from other markets when it comes to banking?
This area stands out because of the diverse financial needs of the residents, both people who are here all year-long and those who are snowbirds. The latest Latino GDP report stated that Florida is the third-largest Latino economy in the United States, and we see that reflected in Palm Beach. The Hispanic community here has a great deal of economic strength. We were one of the first banks to launch an AI virtual assistant, called Fargo. It’s really cool; it’s like having a Spanish-speaking concierge on your mobile app. Our Spanish-speaking customers can get access and make requests easily.
Also, we are doing a good job of dealing with the influx of customers as a result of population growth. We have a commitment to remodel all of the branches in Palm Beach County, and we are upgrading the digital space as well. Our new remodeled branches look incredible with new signage, flooring, and paint, as well as digital displays. We want to make sure we offer the strongest experience both online and at our branches.
How has technology changed the industry, and how is Wells Fargo leveraging it?
There has been a huge effort to increase our mobile presence. It’s been a priority for us, and Fargo is an example of that. We also have a tool called LifeSync that provides customers with real-time progress on goals and helps them keep track of their goals. Clients can see their credit or credit reward balances, and information from other banks. It’s a one-stop shop. Most of what you can do in a branch, you can do on your phone. We are proud of the work that we’ve done in that space.
What separates Wells Fargo from other banks in the area?
What separates us is our people. I believe that sincerely. We work hard to make sure everyone is prepared and ready to understand what is important to our customers. We want them to have meaningful financial health conversations, and then we can come up with ideas and solutions to reach their goals. We have a deep desire to create relationships and support our customers.
What are the most significant challenges facing the banking industry?
People are traveling and going out all the time, but many are also facing hard times right now. Many people need to take a reactive look at financial situations, such as home affordability. Florida has a hot housing market and high insurance costs. To help in that space, we have been working on our number of mortgage representatives that are located physically in a branch. We want a lot of support in that space, so we can help customers prepare financially and connect them with available homeownership assistance.
What will be your priorities for the next three to five years?
My job is to make sure our team feels prepared, and that they can help our customers in every situation. Preparing our team to help our customers is my primary focus. Our team members are engaged, and we are investing in our people, as well as modernizing our tools, while staying focused on risk.
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