Wells Fargo

1. What were the driving forces that lead Wells Fargo OFS to redesign their strategy and processes?

Wells Fargo launched its online financial services much ahead of their competitors and with the astonishing response of the growing customer base, they enhanced the online services with all major banking services like reviewing their accounts and balances, bill payments etc. The OFS primarily focused on the maintaining the high attrition rate of online customers and provide all their customer with a low cost service medium. The OFS group recovered their cost by charging other department within the bank depending on the activity of the customer after logging into the portal. However due to this main the purpose of providing a low cost media to the customer was being lost in the need of generating OFS group revenue. Because of this the OFS had reached a point where the profits and costs were equal.

Wells Fargo’s traditional approach to measure performance and strategies using the financial metrics led to poor decision making while the online banking needed a well-planned long term goal as it was one of the driving factor of the business in the coming years. Also, because of the rapidly changing technological trends on a daily basis in the internet media, the OFS had to be upstream in their approach to keep with the latest technologies. This involved new competitive threats and meeting the customer demands became a challenge due to the varied customer base in the online banking business. This also involved keeping a track of the performance of bank itself and monitor the efforts of each department within the bank along with improving the user friendliness of the website.

2. Based on the case, create a summary of the major steps that can be used for mapping strategy

(Objectives), measures, and processes?

The objectives and measures were based on three strategic themes of OFS:

* Add and retain high value and high potential value

* Increase revenue...