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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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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
WELLS FARGO ONLINE FINANCIAL SERVICES BUSINESS MODEL Value Cluster Market Space Offering Resource System FinancialModel
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
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
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
WELLS FARGO OFS Financial / Revenue Model • Transaction Fees • Third-Party Alliances • Rate of Returns on Loan
BALANCED SCORECARD Why the OFS needed a Balanced Scorecard ? Traditional Financial Measures Mislead Strategy Balance Between Finance, Operations, Human Resources, and Growth
BALANCED SCORECARD How the Balanced Scorecard Changed the Culture in Wells Fargo ? Measurable and Manageable Strategy Focus on Maintaining Skilled Human Resources
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
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
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
WELLS FARGO ONLINE FINANCIAL SERVICES …. Thank You …. ANY QUESTIONS ?