Wells Fargo & Co. (NYSE: WFC) clearly has growth aspirations. With it’s competitors weakened since the financial crisis, while they emerged nearly unscathed and with backing from Warren Buffett, the firm has enacted a series of actions that indicate a more broad appeal for the firm.
Firs came the acquisition of Wachovia at the height of the financial crisis in late 2008, much to the chagrin of Citigroup (NYSE: C). Now, Wells has a strong presence east of the Mississippi, just as they have for decades to the west. Now comes the time when the firm must appeal to foreign clients more, and to do so, must speak their language. In response, Wells has added Russian language screens to its network of automated teller machines. The ATMs operated by Wells Fargo and Wachovia banks will now display eight languages, the company said in a press statement.
Jonathan Velline, head of Wells Fargo ATM banking and store strategy, said in the statement that “Adding Russian language screens was based on customer preference and feedback, Helping customers succeed financially includes a commitment to recognizing cultural preferences in diverse communities where the bank does business.” Wells Fargo added Russian language screens to its entire network of more than 12,000 ATMs. Additionally, Wells Fargo has about 8,000 envelope-free ATMs across the country allowing customers to deposit cash and checks directly into ATMs without an envelope.
In the new self service banking model that many firms are adopting, the main source of contact customers have with their bank is through the ATM. So, this new avenue may help the bank attract new customers, or appease their existing base – either being a positive sign for the firm’s future.
