Threats to the organization involve the various competitors in the financial services industry as well as key partners in the supply chain. When discussing competitors, an obvious threat will be loss of market share to other institutions. With the negative media, many customers have switched their banking relationships to another financial services provider. Because the products in the financial services industry are generally the same from firm to firm, it is imperative that the service provided sets the organization apart. The threat of a negative image of Wells Fargo & Co. could tarnish the way the public views its service provided. Because of this, it is necessary to switch from a results driven model to that of simply serving the By doing so, the organization can understand its competitive environment and create a strategic plan to succeed. Within an industry there may be several competitors that provide similar products and services. Within the financial services industry, competitors or Wells Fargo & Co. would be other banking institutions such as JPMorgan Chase and Bank of America. Because Wells Fargo offers a wide variety of products and services, its competitors may also include specialized firms such as Scottrade, e-Trade, Quicken Loans, and Loan Depot which specialize in specific products such as investment banking and mortgage products. Rivalry among these competitors is a positive factor for the consumer because each organization will focus on the activities of its competitors to provide superior service to its Within the organization, focusing on customer satisfaction rather than results will help change the high pressure, sales-driven culture. For its customers, the mission will reinstate the value trust Wells Fargo & Co. places in providing financial services. For shareholders, concerns of market share loss can be addressed because the company will differentiate itself from substitutes with outstanding customer service. The new vision of Wells Fargo & Co. will need to address where it wants to be in regards to the trust of its customers. With the extensive media attention the company has received recently, it is important to focus the vision on changing how the public views it. The company’s vision should be as follows: “To be the number one financial services provider for our customers by focusing only on customer satisfaction and helping our clients succeed financially by deepening our core relationships with
Outstanding Customer Service shall define our business and we shall strive for 100% customer satisfaction.When customer talk we listen therefore we shall strategically align our business based on the customers voice
..., and receive feedback on those complaints. This can be done through online surveys or internet platforms, like a forum. Only if customers have the feeling that Wells Fargo not only cares about its profit, but about the best solution for its customers, trust can be restored.
...t, and corporate values (Baker College, 2016). It is also critical to understand that strategic plans are not “one time” events. Changes in the economy and market require management to re-evaluate the strategic plan of the organization to ensure the plan is effective and will meet the objectives that have been set (Baker College, 2016). Credit unions and their managers must understand that sales revenue depends on the demand for its products and services. It is crucial that credit union continue to evolve and remain competitive in the financial services industry to continue to grow. Jim Marous, Partner at the The Financial Brand and Publisher of the Digital Banking Report states, “Organizations are responding by making significant investments in core systems replacement, digital channels and data analytics to ensure their ongoing competitiveness” (Marous, 2014).
In the case of JPMorgan Chase, their value chain consists of two kinds of activities which assist the firm in being more competitive against their rivals. The first is the Aim activities of the firm, which include investment banking, commercial banking, private banking, treasury and securities services, asset management, human resources management, marketing, and sales. These activities focus on fulfilling needs at an individual level, where investors with high net worth are assisted with high quality global investment management in equities to commercial banking, where JPMorgan Chase is devoted to meet developing investment banking needs. Treasury and securities services are used to help enhance the firm’s efficiency, leading to an increase in the firm’s revenue. The second activity in the value chain is called the Support activities. This activity includes risk management, which is a practice of creating economic value by using various financial tools to manage the firm’s exposure to risk, mainly credit risk and market risk; distribution channels, which are credit cards and mortgages used by customers or treasures and securities services; research, which is used to create a base for everything JPMorgan Chase does for their clients, so they are able to maximize their customer’s
Market opportunities and competitive threats for Allstate can be determined through SWOT analysis. Moreover, the SWOT analysis is utilized to help organizations develop a full awareness of all factors involved in the decision making process (Fallon, 2017). Furthermore, identifying the strengths and weakness of the organization are part of the SWOT analysis (Fallon, 2017).
To start of what makes the company successful let’s begin with Wells Fargo employees, Wells Fargo success as a company has result from care and empathy of the team members who has impacted the culture and vision and values to growth each day. The employees take care of the customers and develop innovative ways to run the operations. The employees openhandedly give their time, and persona finance resources to provide great finance recommendations. In addition, Wells Fargo community and government relations have built long-term partnership with several national-level organizations which has contribute great comprehension on an extensive base. By combining with these partnership resources and expertise Wells Fargo is able to enormously expand their impact. A great example of a Wells Fargo partnership is the long term partnership with United Way Worldwide. Wells Fargo has been committed to United Way’s mission to improve lives and building stronger communities. The focus of this partnership is to help individuals and families across the U.S, from a low and moderate income households to build stronger financially households and communities. This partnership is well recognized as an outstanding strategic partnerships that commends in leaderships and employees involvement. The employees are deeply involved with the United Way organization setting records of thousands of nonprofits and schools across
Wells Fargo has long had a “going for gr-eight” initiative where they encouraged customers to carry at least eight different Wells Fargo products (Whitehouse, 2015). Many speculate that this initiative is the reason Wells Fargo has been under heightened scrutiny and accused of fraudulent practices that resulted in a 2013 Times Investigation (Koren, 2015). At that time, employees and customers began to complain and file legal actions against the company related to the company’s reportedly aggressive sales culture. Regulators are estimating that Wells Fargo opened an estimated 2 million deposit and credit card accounts without customer’s knowledge (Koren, 2016). Former employees are now filing claims against the company because they claim that they were forced to forge customer signatures that were procedurally required to open up the ghost accounts that customers had never applied for, and order credit cards without the customer’s permission; all on the premise of meetings very strict sales quotas. Employees are also
The management of Wells Fargo fail to take action to prohibit the illegal activities done by the bank instead they still continuing it until it is exposed to the public. It is clearly shown that there are some integrity problem and abuse of power from the management. To solve the problem, Wells Fargo should execute their annual examinations of systems and financial
During the past year Wells Fargo, a well-recognized bank of the United States, has been trying to clean its name and the mess it got itself into, when it was brought to the public that the bank was involved in generating fraudulent checking and savings accounts for its clients without their knowledge or their authorization. “The way it worked was that employees moved funds from customers' existing accounts into newly-created ones without their knowledge or consent”
This assignment will further provide alternatives that can be used as a strategy so that Allstate can achieve additional growth that compliments their strategic vision of reinventing protection and retirement for consumers. In addition, provide clarity as to why differentiation is the best generic strategy, customer intimacy is the best value discipline, and market development is the best grand strategy. Keep in mind, the selected strategies are more in alignment with Allstate and best because it presents additional opportunities that Allstate can explore to drive growth and their ratings.
Williams, P. & Naumann, E. 2011, "Customer satisfaction and business performance: a firm-level analysis", The Journal of Services Marketing, vol. 25, no. 1, pp. 20-32.
The mission statement of JPMorgan Chase & Co is “to be the best financial services company in the world” ("JPMorgan," 2013). According to its website it states, “At JPMorgan Chase & Co, we want to be the best financial services company in the world. Because of our great heritage and excellent platform, we believe this is within our reach” is the company’s vision statement ("JPMorgan," 2013).
Promoting healthy competition among banking affiliates and incentivizing all affiliates managers to share information about effectively marketing of bank products or
The system adopted by 7-eleven maximizes the threat for new entrants. That’s means that threat of new entrants of 7-Eleven is low. It is because 7-Eleven has already reached economies of scale through maintaining a strong customer base and brand loyalty. Over the years, 7-Eleven has increases their customer and brand loyalty. The access to latest technology and capital investments in the same ensures that the barrier for entries for new entr...
At one of our quarterly All Hands meetings, the president of our division discussed how growing the market share was critically important in the digital banking space. The key goal is to continue to lead this space in the future, but doing so becomes increasingly more challenging as new market competitors try to steal share. To keep ahead, we need to always bring our “A” game to the market. To create blue ocean strategies would require innovation, customer engagement, and out of the box thinking. We have to consider buyer utility, pricing, cost, and adoption. To do this would require us to be strategic about how we design, build and price our products. Even the way the business manages the different consumer segments is important. There is differentiation of the needs of different types of financial institutions. The customer centered brand management strategy we discussed in class is very useful to this type of organization. How we market to large national banks should be different than how we market to small town banks. Generally, small banks do not have the technology budget to invest in large scale digital channel solutions. Many companies decided to have different brands for their different customer segments. We discussed how this works successfully for car companies. For Digital Channels,