Effects of Quality Management on Domestic and Global Competition Paper
Wells Fargo versus Wachovia
From the beginning in 1852, then titled Wells, Fargo & Co., the new banking and express delivery company became a well-known and trusted place to buy gold, bank, and sell paper drafts (which were as good as gold) (Wells Fargo, 1999). Since then, Wells Fargo has moved East through the United States, and has globalized. In 1929, Wachovia was incorporated as South Carolina National Bank. While the history of the banks founders date back to the late 1790’s Wachovia gained its reputation as a trustworthy Southern bank that handled all forms of banking needs including but not ...view middle of the document...
As a former employee of both institutions I have personally seen the procedures that make the difference too many customers.
Wachovia was more of a community bank of the neighborhood. Wachovia valued the customer experience and made it a policy to put them first always. Wells Fargo, a larger and internationally known institution looked for loyal customers while providing the most innovated services and products delivered in today’s time for technology and banking. The discussion would be between the two different banks understanding of what the customer values more, a friendly, personal banking experience where you know your personal banker by name or a uniformed, consistent and securing banking experience where even daily customers show identification for constant security. Wells Fargo is a leading financial institution that prides their high security level safe banking for all international and domestic customers to prevent any and all loss. Although, Wachovia follows strict policy for security and identification they also make valid exceptions for everyday customers who have been verified thoroughly through their sophisticated software to put aside that inconvenient bank trip and turn it into a daily visit to their financial friends. Many can argue that Wachovia’s lack of request for identification could lead to a loss, others argue that the genuinely helpful staff, and their exceptions for well-known faces makes all the difference from just any other bank. Wells Fargo which seems to be the opposite of that, which Wachovia is said to be like, ensures the most security of their customers’ money, transfers and information to where customers avoid the risk, however are treated less like family and more like procedures. Exceptions are not made which can upset most that are in need of good hearted help.
Quality Management is not something all companies are derived with. This is a quality that must be organized, implemented and carried out consistently. Quality management should be well thought up, if not, than the outcomes could greatly affect the position of the company, whether it is domestic or global market. To maintain good quality management a company must maintain values, good ethics, trust, responsibility and beliefs. These factors are very important in all trading, whether it is global or domestic. Wells Fargo maintains a high respect for all of the good quality management characteristics granting their global business success. Wachovia as well maintains good quality management in the US, as well as their small global transactions. Their behavior in regards to the quality management aspects is why their success is upholding, however throughout years of success Wachovia’s mortgage sector underwent some negative audit outcomes and criticism when thousands of their mortgage holders foreclosed due to faulty approvals and...