Effects of Quality Management on Domestic and Global Competition

Effects of Quality Management on Domestic and Global Competition

Corrine Oliver

MGT/449 Quality Management and Productivity

June 11, 2012

Rebecca McHatten

Wells Fargo versus Wachovia

The Wells, Fargo & Co. was established in 1852 and quickly became known as a banking and express delivery company that could be trusted as the place to go when buying gold, banking, and sell bank drafts (which at that time was as good as gold) (Wells Fargo, 1999). As Wells Fargo grew in stature it began to move throughout the United States and eventually went global. Another bank coming along as well was Wachovia which was based in South Carolina, it was established in 1929 although the founders history can be traced back to the late 1790s. It became incorporated as South Carolina National Bank and became known as a trustworthy bank when it came to handling all forms of banking needs including checking, mortgage loans, securities, insurance (The Gale Group, Inc. 2006). In the 1990s Wachovia began to reach outside of the South, and began to format is banking procedures to London and Japanese customers, even with this the bank remained mostly a domestic bank. Wells Fargo's lending and financial practices are global even though they are a domestic bank. This paper will explore the differences between the two companies strategies and customer service. We will focus on globalization and domestication and how the companies are affected by quality management.

Community Banking vs Global Banking

There are two forms of banks in the banking industry community and global. While these banks may vary in many ways they are similar in many ways as well. When analyzing Wells Fargo and Wachovia we will find many different aspects of banking that will change one's view of the banking industry.

The Difference

The differences in these two companies will evident as we continue. Wachovia being a community based bank valued the customer experience and put them first always, Wells Fargo on the other hand a larger and internationally known institution looked for loyal customers while providing the most innovated services and products. Each of these two banks have their own understanding of what is important to customers, one believes in a friendly, personal banking experience (Wachovia) and the other has a uniformed secure banking experience where even daily customers are asked to show identification (Wells Fargo)Wells Fargo Being a leading financial institution prides themselves on their high level of security and safe baking for both international and domestic customers. Wachovia also follows a strict

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