1.What were the driving forces that lead Wells Fargo OFS to redesign their strategy and
Processes? Please think about the external vs. internal and business vs. technological aspects
Of the issues and challenges. You can take the SWOT analysis approach.
The Driving forces that lead Wells Fargo OFS to redesign their strategy was financial metrics. OFS management team believed that an over reliance on financial measures could lead to short term decision making which would ultimately result in financial loss. And also growing market with new competitive threads and customers demands were one of the reasons to rethink on strategy.
External vs Internal
* Online banking is cost saving ...view middle of the document...
* Manage attrition by checking the satisfaction ratio of customers based on feedback provided by them. This may vary based on users using online banking system or personal banking method. This measure helps building more effective way of communicating with customers.
* Grow revenue by effectively managing product services such as call centers with better technical support and less waiting period for customer to reach the agent over the phone or email. Another way to increase the revenue is to provide quick access services to online banking users.
* Continue leadership in superior product features development by keeping track of weighted contender record.
* Introduce new technology by continuously upgrading the previous version of software in timely manner and keep adding extra features to it so that it can be more user friendly and more customers are drawn to this technology which in return increases the total revenue.
* Develop superior service capability by improving telephone service to customers. For instance the time required for agent to respond to the call should be less than 40 seconds if isn’t then there is a scope for improvement.
3. What would Wells Fargo OFS need to do to succeed after it had created its mappings?
Following should be done by Wells Fargo OFS team to succeed after it had created its mappings
* One step should be to not change the effective team that was originally assigned to task for better output in future which also means that staff should not be changed.
* Upgrade OFS quality and progression arranging.
* There should not be communication gap between managerial staff and technical staff. So the system to be fully functional increase the competency levels in managerial...