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Impact 360 Success Story: Wells Fargo Bank

Verint® Systems

Presented By: Verint® Systems


  • The Problem:

    Wells Fargo implemented a company-wide system to forecast and produce staffing schedules to meet its customers’ service requirements. Unfortunately, the forecasts were inaccurate and individual branches were slow to adopt the system. The bank calculated that a one percent increase in customer retention equated to $20 million in annual net income. This metric proved to be a powerful incentive to replace its ineffective system with an advanced, easy-to-use technology that could produce accurate forecasts and schedules throughout its branches.

  • Solution:

    To find the optimal solution, Wells Fargo invited five teams to compete in a forecast accuracy contest. Each received the company’s transaction volume data for the previous year. They then were asked to forecast future transaction volumes and predict the optimal

    staffing levels for seven Wells Fargo branches over a two month period. The final results were compared to the actual transaction volumes.

  • Result:
    • Achieved 95-98 percent forecast accuracy on transaction volumes in branch stores
    • Integrated technology across the bank, where it’s used in 95 percent of branch stores
    • Reached optimum staffing levels
    • Reduced operating costs
    • Increased customer satisfaction and retention

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