History Of Wells Fargo

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History & Overview Wells Fargo and Company is an international banking and investment institution that provides financial products and services (History of Wells Fargo , n.d.). Since its inception, Wells Fargo has exhibited its ability to diversify its product base and services from coast to coast using a strategic focus to launch new ventures including insurance, investments, and mortgages (History of Wells Fargo , n.d.). For example, in 1852 the organization offered express delivery service in addition to the purchasing gold and paper bank drafts bank products (History of Wells Fargo , n.d.). In addition, the express delivery service demonstrated Wells Fargo’s ability to develop a comprehensive vision, define a business model, and execute…show more content…
Wells Fargo’s strategic focus is flexible in order to allow the organization to sustain the changes to the market and competitive landscapes while maintaining customer service and loyalty standards (Our Strategy, n.d.). Moreover, the organizational strategy is a driver for how the organization makes decisions, prioritizes its initiatives, and increases its perceived value among financial institutions in the marketplace (Our Strategy, n.d.). One of the objectives of the Wells Fargo strategy is to find and exploit opportunities that develop, strengthen, and preserve customer relationships to create positive and personal customer experiences (Our Strategy, n.d.). In addition, the organization aims to provide customers with convenient and innovative means while establishing trust using risk management strategies to ensure…show more content…
As a result, Wells Fargo is constantly in a position of prioritizing initiatives in a manner that does not diminish its customer satisfaction ratings. Additionally, the focus for innovation is purely dedicated to customers therefore Wells Fargo’s perceived market value may suffer a decline if they fail to recognize and respond to shifts in the industry. For example, failure to implement innovative products and services that have become a standard in the industry and marketplace can place Wells Fargo at a competitive disadvantage. The organization can maintain pace with industry by attending conferences and joining banking organization who focus on improving the quality of services and introducing innovative products to the market. Finally, Wells Fargo can allocate a portion of its product design and development teams to developing solutions for industry related

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