Wells Fargo

In an interview with CIOReview, Michael Connolly, senior vice president, business technology, strategy, and transformation, regulatory and policy affairs, Wells Fargo, discusses the importance of customer-centric vision, data organization, and the value of tools like Jira in enhancing product development processes.

Could you provide a brief on your current roles and responsibilities?

I currently hold the position of head of advice and planning at Wells Fargo, where I am responsible for designing platforms and experiences for customers. My role entails understanding the needs, concerns, and goals of institutions, organizations, individuals, and families, and providing tailored product solutions, services, and insights to meet their strategic and tactical needs.

With a focus on technology, research, and a strong human element, my team of subject matter experts in advice contributes valuable insights in areas ranging from tax planning to life cycle dynamics.

Are there any specific tools that you utilize to streamline data collection, consolidation and integration and generate valuable insights from the abundance of data available?

Data organization and quality are often overlooked in favor of focusing on the quantity of data and its potential uses. However, it is crucial to prioritize organizing data in a customer-centric manner, allowing for flexible retrieval and arrange based on how customers perceive themselves.

As a data scientist, it is essential to recognize that more data does not always equate to better insights. The focus should be on identifying data elements that provide the highest quality and most relevant insights for the individuals or institutions being served, be it regarding products, services, or advice. In many cases, customers explicitly express their needs and desires, making predictive analytics unnecessary. Leveraging these direct data points shared by customers allows for effective engagement and insight provision.

“Tools like Jira have significantly contributed to enhancing the discipline and efficiency of product development processes.”

It is critical to discern the data elements that add the most value and explain the majority of variations in models. Adding numerous data elements that contribute minimal improvements can introduce noise rather than meaningful signal to the model. Careful analysis and consideration of the value each data element brings are pivotal to avoid diluting the insights.

The importance of directly accessing customer information cannot be overstated, especially when a brand or organization has effectively designed itself to meet customer expectations. Offering methods for customers to express their wants and needs, such as through our mobile app Lifesync’s feature is crucial. By eliminating the need for predictive models and directly capturing customer input, we can better understand their intentions. It then becomes essential to establish workflows and data capture processes, utilizing tools like CRM, to ensure prompt and appropriate follow-up with customers. This approach shifts the focus from artificial intelligence and predictive modeling to effective data management and workflow design.

By emphasizing the problem-solving aspect and aligning data collection with the specific challenges at hand, we can avoid being solely fixated on the quantity of available data. Ultimately, the success lies in concentrating on the relevance and utility of data in addressing the problem we aim to solve.

Could you provide me insight on how Atlassian’s tool Jira has positively impacted your organization?

Tools like Jira have significantly contributed to enhancing the discipline and efficiency of product development processes. Their impact can be summarized in three key aspects.

Firstly, these tools promote effective communication and accountability among cross-functional teams, including engineers and product owners. This fosters collaboration, ensuring that all stakeholders are aligned and actively involved in the development process.

Secondly, these tools provide a clear sense of progress by tracking and visualizing the work being done. They enable teams to monitor milestones, identify concerns, and address any issues promptly. This transparency facilitates decision-making and allows for timely adjustments to keep the development on track.

Lastly, beyond the specific capabilities of tools like Jira, they also facilitate the establishment of routines such as big room planning. This practice, common in agile development, involves gathering all relevant stakeholders, including myself as the macro business owner of advice and planning, in a collaborative session that spans multiple days. The purpose is to assess the project's status, identify obstacles, and strategize ways to expedite the development cycle while ensuring alignment with customer and client expectations and meeting predetermined target dates.

Do you have any advice for your peers in the industry?

Successful product development relies on having a clear vision and understanding of three key components. Firstly, consider the intended outcome for the customer or client, ensuring that the product provides value and benefits them. Secondly, focus on the business sustainability of the product, continuously investing in its enhancement to remain competitive in the market. Lastly, hold yourself accountable over a three-to-five-year timeframe, measuring both the initial product launch and subsequent development cycles, adapting as needed to deliver customer and business benefits.