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WELLS FARGO ONLINE FINANCIAL SERVICES

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

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  1. 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

  2. WELLS FARGO ONLINE FINANCIAL SERVICES BUSINESS MODEL Value Cluster Market Space Offering Resource System FinancialModel

  3. 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

  4. 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

  5. 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

  6. WELLS FARGO OFS Financial / Revenue Model • Transaction Fees • Third-Party Alliances • Rate of Returns on Loan

  7. BALANCED SCORECARD Why the OFS needed a Balanced Scorecard ? Traditional Financial Measures Mislead Strategy Balance Between Finance, Operations, Human Resources, and Growth

  8. BALANCED SCORECARD How the Balanced Scorecard Changed the Culture in Wells Fargo ? Measurable and Manageable Strategy Focus on Maintaining Skilled Human Resources

  9. 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

  10. 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

  11. Objectives and MeasuresIncrease Revenue per Customer

  12. 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

  13. Objectives and MeasuresReduce Cost per Customer

  14. WELLS FARGO ONLINE FINANCIAL SERVICES …. Thank You …. ANY QUESTIONS ?

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