Bloomberg Businessweek - USA (2020-08-31)

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© 2020 Wells Fargo Bank, N.A. All rights reserved.

MacKenzieCollins

CommercialBankingRelationshipManager

WellsFargo

In2001,JeffstartedHongLanMoneyTransfer

to serveimmigrantslike himin OrangeCounty,

California’s LittleSaigonneighborhood.Now, it

transfers$675millionannuallyin dozensof states.

ConnectingCountries

ConnectingJeffwithhis

customersonline has

openedupawhole new

revenue stream.

“

WellsFargoprovidedthetechnology to

enableHongLan’s customersto move

moneyusingthecompany’s website.

Going Digital

WhenJeffHoaTruong and his sister immigrated

to theUnitedStates in 1979, in the first month,

theysent$100backto theirparentsin Vietnam.

“Wewere so happy to helpthem,” saysJeff.

Butit was dependent on customers

physically handing over the cash or

check.When the pandemic hit, “our

business went from 100% to zero

overnight,” says Jeff.

Full Stop

“Now,our customers can pay for

school,food and healthcare for

folksback home without

interruption,” Jeff says.

Opportunity

Across the Ocean