Wells Fargo Student Loan Site Goes Live

Wells Fargo, who I briefly consulted has gone live with one of the ideas they were working on, a student loan site.  They haven't actually launched it yet and there are only a couple of posts up, but on my first look, I think its very promising and smart.

First off, a young customer is a longterm customer. If you develop a relationship with students, and you can maintain it to that student's satisfaction, you have that chance to be their bank of choice through life.

Second, I can remember back to my student loans and the lack of understanding and choice I had when I took them out.  Students need this information.  So do their parents.

Third, by doing this, Wells Fargo will make itself smarter as to what on the minds and in the hearts of students.

Okay, I say all this, while they are in prelaunch and while there are a paltry two posts up. The bank with the stage coach could always have one of their horses go lame.  I don't think so.  The improvements at Guided by History, their disaster preparedness site have been slow and steady ever since it was launched earlier this year.

Comments

[Larry]

It would have been preferable if they fixed their customer service operation first. Wells Fargo is terrible.

[Trey Reeme]

Shel,

While the improvements to GBH have been steady (and they've kept it alive), there's no discussion taking place there.

Also, I'm worried that Student Loans are a niche that only interests a small segment at one time (or every semester) - right when they're applying for a loan.

If they run promos through the blog, it stands a chance. If they can encourage comments with open-ended, dialogue-provoking posts, it could make it.

And if they can tie it into life after college or financing graduate studies, for example, the readership could grow.

But if History (pun intended) tells us something here, it may never make it past existing as a one-way conversation.

[shel israel]

Trev,
You raise only good points. ButI see the opportunity to have conversations with young people about all sorts of things. Calculating compound interest and APR the ROI on the cost of education; the variable kinds of loans; the things you need to watch out for and so on. More important, I see it as an opoortunity to start a longterm relationship with young adults who will be using banks forthe next 50 years or more.

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Seeems to be up and pretty stable now?

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