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WELLS FARGO ONLINE FINANCIAL SERVICES. Management of Electronic Commerce MIS 6453 9 th June 2005. Cherith Minnis Gerri McCann Amer Dalain Saif-ul Chowdhury. ARKANSAS | STATE | UNIVERSITY INSTRUCTOR: DR. KELLY FISH. WELLS FARGO ONLINE FINANCIAL SERVICES BUSINESS MODEL.

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Presentation Transcript
slide1

WELLS FARGO

ONLINE FINANCIAL SERVICES

Management of Electronic Commerce

MIS 6453

9th June 2005

Cherith Minnis

Gerri McCann

Amer Dalain

Saif-ul Chowdhury

ARKANSAS | STATE | UNIVERSITY

INSTRUCTOR: DR. KELLY FISH

slide2

WELLS FARGO ONLINE FINANCIAL SERVICES BUSINESS MODEL

Value Cluster

Market Space Offering

Resource System

FinancialModel

slide3

WELLS FARGO OFS BUSINESS MODEL Value Proposition / Cluster

Target

Segments

Key Benefits

Offered

Unique

Capabilities

Value

Proposition

38 Years Old

Household Income 75k-100k

Heavy Borrower

Carry High Balance

Online Account Access and Bill Pay, Transfer Funds

Conduct Stock and Bond Trades

24/7 Service Hours

Tech-Support, Phone-Support, and Email-Agent

First e-Banking Products

Internet and Branch Banking

Nontraditional Delivery Channels

Excellent Customer Service

Wells Fargo OFS Provides Innovative Banking, Focusing on Creating a Customer Driven Convenient Service

slide4

WELLS FARGO OFS Egg Diagram

  • Banking
  • Loans & Credit
  • Investment
  • Insurance
  • Financial Planning
  • Business Solutions & Services

Ideas and Information

  • Budgeting
  • Important of Savings
  • Maintain Good Credit
  • Investment
  • Start Small Business

Wells Fargo

Online Banking

Process

  • A/C Review
  • Bill Pay & Funds Transfer
  • Stocks and Bonds
  • Credit & Borrowing
  • Insurance

NEED RECOGNITION

PRODUCTS PLANS & OFFERINGS

EDUCATION ON BANKING

Online / Market Space Offering

Offerings

  • Education
  • Using Quick Books
  • Employee benefits
  • Tools & Calculators
  • New Business

POST-SALE SUPPORT

EVALUATION OF ALTERNATIVES

  • Online and Paper Monthly Statement
  • Email/Phone Service
  • Product fees
  • Product description
  • Services availability and timeliness

PURCHASE DECISIONS

  • Transaction Sites
  • Online Security
  • 24 / 7 Hours Service
slide5

WELLS FARGO OFS Resource System

Life

Insurance Partner

Auto & Home

Email Agent, Tech Support

Security

Technology

Business

Education

Innovative Customer Service

Loan Products

New Product Lines

Banking Products

Online Knowledge

Safety

Investment Products

Lower Cost & Service

Online & Branch Access

Pioneer in Online Banking

Acquisition

Telephone

Cost Management

Multiple Contact Points

Online

Customer Service

Call Centers

Stores

Branches

24 / 7 Hours

= Core Benefits

= Capabilities

= Activities & Assets

slide6

WELLS FARGO OFS

Financial / Revenue Model

  • Transaction Fees
  • Third-Party Alliances
  • Rate of Returns on Loan
slide7

BALANCED SCORECARD

Why the OFS needed a Balanced Scorecard ?

Traditional Financial Measures Mislead Strategy

Balance Between Finance, Operations, Human Resources, and Growth

slide8

BALANCED SCORECARD

How the Balanced Scorecard Changed the Culture in Wells Fargo ?

Measurable and Manageable Strategy

Focus on Maintaining Skilled Human Resources

slide9

BALANCED SCORECARD

How the Balanced Scorecard Helped to Communicate Strategy ?

Aligning All Actions to Goals and Placing Limitation on Measures

Measurement Utilized to Achieve Goals

slide10

BALANCED SCORECARDIncrease Revenue per Customer

Learning & Growth

Internal

Customer

Financial

EnhancedOFS

Focus Profitable Modules

Value Proposition

MAXIMIZE PROFIT

  • More Services Thru One Delivery
  • Cost of Delivery Remain Fixed
  • Facilitate Purchase
  • Promote Up sell

Squeeze/Shutdown Burden Modules

Increase Functionality

Continue Dev.

Reduce Transaction Errors

Deploy Scorecard

Increase Security

slide12

BALANCED SCORECARDReduce Cost per Customer

Learning & Growth

Internal

Customer

Financial

EnhancedOFS

Expand E-Options

Value Proposition

REDUCE COST

  • Online Enrollment
  • Making Banking Convenient
  • Offer Better Services

Customer Acquisition

Via Mergers

Increase Functionality

Continue Dev.

Automated Call Centers

Increase Agent’s Productivity

Deploy Scorecard

slide14

WELLS FARGO ONLINE FINANCIAL SERVICES

…. Thank You ….

ANY QUESTIONS ?