Wells Fargo Case Analysis

I think we need to build better relationships with our customers. With our current customers, it seems as if we are constantly just a one-time kind of business. We do not want to be that, we want the customers to return because they trust us. Not because they consistently have problems even with our help.

The bank always shows gestures of appreciation to customers. Besides the million dollars giveaway customer appreciate event3, the Automated Thanking Machine4 (TM) in some locations, they have lollipops and the TD pens on the counter year round for visiting customers to keep and even dog biscuits for the pups!

Wells Fargo offers many different types of insurance through WFIS, Wells Fargo Insurance Services, as well as other companies that are owned and operated by Wells Fargo. Most of which are not available through other insurance brokerages. To achieve this Wells Fargo has purchased many companies and had many mergers and acquisitions. All this has this has made Wells Fargo very successful at managing and implementing organizational changes. During the 2000’s they continued to both experience growth and setbacks but have continued to endure and, as of last year, are ranked number 61 on the Fortune 500

Upon looking deeper into Wells Fargo’s Vision and Values I found bits and pieces of their mission statement scattered through the pages. On the “Our Values” page I found that one of the five primary values of Wells Fargo is “People as a competitive advantage”. From that page Wells Fargo explains what that

• Have open and honest communication with vendors concerning what is going good and bad with their products

Organization values direct the viewpoint of an organization in relation to its actions. Culture and beliefs of an organization should be spelt out to show the values, morals and standards it espouses to be distinct and unique in what it stands for. A big multinational financial institution like Wells Fargo is not excluded from the provision of a well laid down and structured mission statement, core values, culture and strategical ethics to tell the world about their visions, goals and what they are capable of achieving. Smaller financial institutions are supposed to look up to bigger firms like Wells Fargo as a role model for its mode of operations, business practices and also seek management advice as they have come a long way to be dominant as a leading financial firm in market capitalization.

The 5,300 employees offered up as penance for Wells Fargo misdeeds just barely scratches the surface of the heights of those up the management chain that benefitted. For John Stumpf, the Chairman and CEO of Wells Fargo Bank, to claim that this was not result of the “culture” at Wells Fargo Bank is absurd and I feel ashamed to have the ability to claim that I work for him.

Brief summary of information: Provides suggestions and options for employer on developing and managing equitable flexible work practices.

They have been able to generate different sources of revenues through commercial banking, credit card and retail financial services, which separates them from competing with some investment banking companies. The accounts, products and features the company offers sometimes have fees which it is willing to waive. Since the company wants the “share of wallet” of high balanced customers, it will take such actions. This action of course has the potential to deepen relationships. In the article by author Charles Keenen he states, “According to Bancography, a consulting firm in Birmingham, Ala., a customer who has just one product with a bank will stick with that bank for about 18 months, but add even one product - a savings account, perhaps - and the average jumps to four years. Customers with three products will stay with the bank for about 6.8 years.”

The Competitive Profile Matrix indicates that JPMorgan Chase has the highest weighted score of 2.81 which is an indication that they are leading in the Banking industry over Bank of America with a score of 2.65 and Wells Fargo in third place with a score of 2.51. None of the three banking institutions fell below the average of 2.5 which is considered a weak position. Some of the contributing factors are as follows: On Financial Strength in 2015 JP Morgan Chase had assets of 2.39 trillion dollars, and Bank of America’s assets was at 2.17 trillion dollars, while Wells Fargo trailed with assets of 1.44 trillion dollars. On Technology initiatives, in addition to the large amounts of resources assigned to banking technology, JP Morgan Chase has a technology budget of 500 million dollars for Cyber Security; Bank of America invested 400 million, while Wells Fargo spent 250 million on Cyber Security.

Discover is one of the largest financial institution in the United States. Discover is known for their credit card, student loans and their home loans. Discover has introduced the first cash rewards credit card in 1986 during the super bowl game, they committed to meeting card members needs with the best quality customer service possible. Discover builds it company by listening to consumers and developing products and programs that help them get the most for their money. Beyond credit cards, banking and payments businesses offer rewarding products backed by that same commitment to high quality service that we have had from the start. I am currently new to this company and work was an account manager, for the new credit card Discover IT. I

However, as previously mentioned most of these problems, are already in progress to be solved. Actions have been set up to develop

(see Mylonakis et al. 1998; Driscoll 1999). A customer may find a bank convenient if it

It is very important to retain the customer. But, nowadays, the service provider needs to identify other factors

Current customers-They should have loyal customers all the time, and they should be able to treat customers well