Wells Fargo Continues Post-Merger Transformation
- Faced years of complex systems integration project work, following 2011 merger with Wachovia.
- Update and consolidate groups, processes and workflows through a series of consulting, systems integration, core banking, mobility, mortgage-loss mitigation and other strategic projects.
- More than 38 million accounts converted since the merger.
- 30 forms for loan managers reduced to one single form
- Booking cycle times down 30 percent
At CSC, an ongoing transformation is driving the company (now based in Tysons, Va.) toward an emphasis on delivering client-focused next-generation technology, stored in the cloud, powered by big data and viewed in secure applications on mobile devices.
For Wells Fargo, a $15 billion purchase of Wachovia Corp. catapulted the 162-year-old bank into a new weight class, gaining a national retail banking network, more than doubling its total deposits and asset value, and expanding its capability of serving foreign clients.
But as a larger and stronger Wells Fargo surfaced from the merger in 2011, a series of complex system integration projects challenged it on all fronts over the next few years. For the new Wells Fargo to thrive, groups, processes and workflows needed to be consolidated, integrated and updated.