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Wells Fargo

Essay by   •  December 24, 2011  •  Essay  •  452 Words (2 Pages)  •  1,617 Views

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"We want to satisfy our all our customers' financial needs and help them succeed financially." This is the vision for Wells Fargo that has been a time tested premise for over 160 years. Wells Fargo's vision has nothing to do with transactions, pushing products, or getting bigger for the sake of bigness. It's about building lifelong relationships one customer at a time. Wells Fargo does not believe their first priority is to make a ton of money. Their first job is to understand customer's financial objectives, then offer them products and solutions to help satisfy those needs so they can be financially successful. When this is done right, great things can happen for the stakeholders including shareholders. Wells Fargo understands that their mission / vision is the first step, but without a well-planned strategy and analysis of the industry, their vision cannot be carried out.

The core of Wells Fargo's strategy is "cross-selling" - the process of offering customers the products and services they need, when they need them, to help them succeed financially. The more Wells Fargo gives customers what they need, the more they know about them. The more they know about their customers' financial needs, the easier it is for customers to bring additional business. On average, Wells Fargo's customers have 6 products (industry leader) ranging from loans, checking and saving accounts, online access, bill pay, direct deposit, etc. The more products and services customers have with Wells Fargo, the more loyal they are. The strategy of cross selling allows Wells Fargo to carry out its vision among competitors.

With competition/rivalry among banks extremely high, the threat of substitutes (retailer, car, broker financing) high, government regulations at its peak, and bargaining power among consumers moderate the banking business is not attractive. Although entry into banking remains low, plenty of competition remains among competitors. Wells Fargo utilizes its PEOPLE as a competitive advantage. Each year, Wells Fargo invests millions of dollars in team member training for education, mentoring and coaching, developing management and leadership skills, and helping team members find challenging new assignments. Wells Fargo believes that team members are the important constituents because they're the single-most important influence on customers. Considering this influence, the company believes that team member retention is important. In addition to investing in people, Wells Fargo encourages the right behaviors through recognition. Recognition occurs consistently at Wells Fargo where team members can build a career that lasts a lifetime. To conclude, Wells Fargo uses the term "team members" not "employees" because their people are a precious resource to be invested in, not expenses to be managed. This also aligns with their vision as teamwork is essential to helping

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