Wells Fargo OFS

2307 WordsNov 25, 201310 Pages
The company The competitors: Bank of America Citibank Chase Industry size: Fourth largest bank in US by asset Largest bank by market capitalization Second largest in deposits, home mortgage servicing, and debit cards In year 2012 Asset 1,442,000,000.00 Total Revenue 86,086.00 Operating Income 28.471.00 Net Income 18,897.00 Employee 269,200 Branch 6,289 Online Banking Financial Services First electronic banking product in 1989 First major U.S. bank to offer Internet access Wells Fargo Online Financial Services (A) Harvard Case Solution & Analysis Wells Fargo, the leader in electronic banking transactions Balanced Scorecard in its online financial services group (OFS) to track and measure performance. OFS…show more content…
The OFS group believed that the Balanced Scorecard would allow them to develop a set of integrated, multidimensional measures to assess performance against its goals and to communicate and update its strategy in a rapidly changing environment. Wells Fargo Online Financial Services Since its inception, Wells Fargo Bank (Wells Fargo) has been focused on using financial measures to assess performance and make strategic decisions. Headquartered in San Francisco, California, Well Fargo was the second largest bank in California and was one of the largest banks in the United States with approximately $100 billion in assets in 1997. As of December 1997, Wells Fargo served 10 million households in ten western states, while operating over 1,900 staffed retail outlets and 4,400 automated teller machines. As the banking industry has continued to grow, shifts in consumer needs and demands have caused banks to be much more aggressive and competitive in the services they provide. Wells Fargo has tasked its organization with being at the forefront of this competition in the banking industry. It has used outside- the-box thinking to produce such ideas as extended and weekend hours, ATMs, in grocery stores, and one-stop-shopping banking centers. By being the first to implement many of these ideas, Wells Fargo has been able to enhance its brand image and attract many new consumers. This was

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