Operations Improvement Plan
An overview of the subject organization, including a brief history and description of the current situation
Wells Fargo is one of the largest banking and financial services entities in the United States. It has built a well-respected brand name and image through its excellent products and services. These products and services have helped generate substantial growth and a solid foundation over its 150 plus years of existence for the company and its customers. Wells Fargo offers a wide array of products and services including banking, lending, investments, financing, and real estate. However, it has built a strong foundation by being an industry leader in home mortgage loans. Wells Fargo generates home loans by considering the customers' needs and values. It has limited losses by not taking on undue risk from applications that don't meet certain requirements. This has allowed the organization to thrive in the financial services industry.
Wells Fargo also shows strength in maintaining its customers. Even though it already has over 48 million customers worldwide, it continues to be an industry leader in customer retention. By dedicating its customer service and other resources to having high customer retention, Wells Fargo has also succeeded in becoming an industry leader in cross-selling as well. The revenue generated from cross-selling affects the growth of the company, so it should continue to thrive with these efforts. Wells Fargo's long term goal is simple: To be the largest and most respected financial services firm in every target market. It can achieve this goal by continuing to acquire assets and becoming industry leaders in each one of its product lines. As of now, it still remains one of the industry leaders, along with Bank of America, Citicorp, and JP Morgan Chase.
Wells Fargo was founded on March 18, 1852 by Henry Wells, William G. Fargo, and a few other associates. Its headquarters is in San Francisco, CA, but its presence within the United States stretches from coast to coast. Wells Fargo is also one of America’s largest private employers with over 250,000 team members. Wells Fargo success can be attributed to its team members and excellent, sound management. Current CEO and President John Stumpf has done a great job of increasing company visibility nationally and globally. CFO Howard Atkins has significantly reduced potential losses by recently cutting dividend payments. Executive Vice President Pat Callahan has done an excellent job of handling many issues pertaining to the merger with Wachovia. There are many other managers and leaders who have also been key to Wells Fargo status as an industry leader.
Wells Fargo's products and services are designed to help customers succeed financially. The company encourages customers to buy all of their products through Wells Fargo. In return, the company provides customers with a discount and loyalty in return for their business. Wells Fargo teaches its employees to 'cross-sell' as many products as possible to customers, and there are systems in place that help decide which products are better suited to each customer’s goals.
I work for Wells Fargo Advisors, a brokerage firm that is a significant part of Wells Fargo’s securities and trading operations. I am an operating specialist that currently monitors clients’ activities in their IRA and CAP accounts. As an operations specialist for Wells Fargo Advisors, I am partially responsible for ensuring that transactions processed in error are corrected. Within the organization, there are many processes crucial to the day-to-day operations of Wells Fargo. However, there are a few processes within my area and department that can be improved tremendously over the brief time of this course.
I believe that adjustments to customers’ IRA and CAP accounts can be processed without as many errors or duplications. In order to minimize numerical errors for these...
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