The assignment for this week is -
"Describe the reputation of the company and explain how the business strategy supports the
reputation along with the vision, mission, and goals of the organization."
There is not a better company in my opinion than Wells Fargo..
Wells Fargo's Mission Statement is:
"“We want to satisfy all our customers’ financial needs and help them succeed financially.”
It is just as relevant today as when it was written more than 20 years ago. In fact, we didn’t know then that at only 88 characters, it would be succinct enough to tweet today!
Our vision of financially satisfied, successful customers is based on a simple premise. We believe customers across all business segments can be better served, and save time and money, if they bring all their financial services to one trusted provider that knows them well, provides trusted guidance and advice, and can serve their full range of financial needs through a wide choice of products and services.
Our journey toward this customer-centric vision has required hard work, persistence and determination. We’ve made steady progress toward this goal. But we still have much to learn, teach and share and, as always, more of our customers’ financial needs to satisfy. For example, our own customers still give about half their financial business to our competitors! Our job—central to our vision—is to make it easy for customers to bring more of their business to us so we can satisfy all their financial needs."
(Taken directly from Wells Fargo's website)
This sounds all happy go luck! So lets dive in and take a look at how Wells Fargo achieves their mission.
• "The core of our vision and our strategy is "cross-selling."... The more we
give our customers what they need, the more we know about them. The
more we know about their other financial needs, the easier it is for them to
bring us more of their business. The more business they do with us, the
better value they receive, the more loyal they are." (1)
• "At Wells Fargo, sales and service are inseparable. More sales do not
always lead to better service, but better service almost always leads to
more sales. Money is a commodity. We're in the service business." (1)
"THE ART OF THE CROSS-SELL"
"Every financial services company tries to master "cross-selling," offering preexisting customers multiple products. Wells Fargo, which averages 5.9 products per customer in its retail banking business, does it better than anyone. The average household has roughly 16 products—mortgages, checking
accounts, credit cards, 401(k)s, IRAs, various insurance policies and the likeacross various financial institutions. Wells and its rivals compete fiercely to own as much of your wallet as possible." (1)
So this is all about selling right??
Wrong! It is about the customer...
I can speak from 1st hand experience. I have been a customer since the day I was born pretty much, and I have worked for the company for the past 3 years. Essentially the way that Wells Fargo's strategy aligns with business intelligence is through its customer experience. Whenever you meet with a Wells Fargo personal banker, they will spend time getting to know YOU!
Bankers have tools at hand that help them to understand their customer. The vision of Wells Fargo is to satisfy all of our customer's financial needs and to help them succeed financially.
Wells Fargo's strategy is geared around getting to know the customer. This in return produces sales and ultimately results.
(1) Schifrin, M., & Touryalai, H. (2012). THE BANK THAT WOEKS. (Cover story). Forbes, 189(2), 66-73
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