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Case Study: Wells Fargo

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Wells Fargo offers a variety of services to their many customers. For the individual the company not only offer the traditional banking services, such as checking and savings accounts, but also offers online bill pay, credit cards, loans, insurance, investment opportunities, retirement planning, and wealth management services. (14) For the small business customer Wells Fargo offers “credit card processing options”, and payroll services” (16). For commercial customers, the company offers the above services plus risk management services, “Corporate Trust Services”, and a variety of industry reports (17). By offering a large assortment of services the company helps ensure they have something for everyone and increases their potential clientele base. Many of the new services the company are launching are designed with the business customer in mind. They know that in the business world money matters and what matters even more is how fast one gets their money. That is why Wells Fargo is offering is the “FastFlex Small Business Loan” (18). This loan will allow businesses to not only apply for a loan online, but the program will speed …show more content…

Even though they have been in business for over 100 years they are still creating new products and services to offer their customers (1). In today’s market there are thousands of banks that Wells Fargo must compete with. To stay ahead of the game the must make themselves stand out from the rest. To do this, they are always looking for ways to help their customer succeed and to make their lives easier. One way they have done this is creating an electronic wallet so that customers do not have to take time to dig out their credit card from their purchase or wallet to make a payment (L Lorenzetti, 2016). All they have to do is link their phone to the terminal via an app and they are

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It provides financial services to California. The Name of initial board of directors of the Company were Wells, Fargo, Johnston Livingston, Elijah P, Edwin B. Morgan, James McKay, Alpheus Reynolds, Alexander M.C. Smith and Henry D. Rice. The Company faced the first

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As a diversified, community-based financial services company, Wells Fargo provides a series of services, including banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations. Its total assets at the end of 2009 were only $1243 billion while in 2015 this data have risen to more than $1787 billion which is a significant growth. When it comes to the equity, the percentage is basically smooth and steady with only a slightly increase less than 2% in 2013 from 9.2% to 11.2%. And the Tier 1 ratio also goes up smoothly during these years and reaches 12.56% in 2015 from 9.25% in 2009. As to the impaired loans over equity ratio, it experiences a lasting decrease during 2009 to 2015 where is only 12.89% with

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911 Words | 4 Pages

Today, Wells Fargo is widely recognized for its commitment to the Hispanic and Latino community. This commitment however, is not a recent phenomenon and dates back to before the turn of the century. Since its founding in 1852, Wells Fargo had encouraged team members to treat all customers with courtesy and respect. The once informal policy became company standard in 1888 when agents and managers were required to show “proper respect to all. Let them be men, women, children, rich or poor, white or black…”

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The last point in this article explains how Wells Fargo has added questions to its annual employee survey. They have done this to try to “understand whether employees refer the bank’s products to friends and family, and decipher the confidence in the

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This will have an impact on the card company’s revenues, as their revenues will start decreasing. In addition, PSD2 will allow third parties to aggregate views of client accounts, meaning faster, additional clear services, access to cash and digital apps, which provides consolidated views of finances and facilitate to manage funds. This means having accounts in multiple banks will be accessible through one digital app rather than through each bank platform. Consequently, PSD2 will not enable banks to discriminate differently to payments initiated exploitation of third party suppliers than the one initiated through their own system. Such access of accounts and payment initiation drives innovation by permitting technology start-ups (fintech’s) to work into a locality that was not on the market earlier.

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754 Words | 4 Pages

Wells Fargo has been in business for over 160 years and was founded on March 18, 1852, by Henry Wells and William Fargo. The company opened its first office, in San Francisco, on July 1852. Wells Fargo served the West with banking needs, which included gold and paper bank drafts, and offered quick delivery of gold or other valuables. In1855, the first of many financial dilemmas took place when a drought made it impossible to mine for gold, and this caused almost 200 businesses in San Francisco to fail, but Wells Fargo didn’t fail, they prospered. In the early1860s, Wells Fargo acquired almost all the stage lines from the Missouri River to California, giving them a monopoly on transcontinental delivery services.

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772 Words | 4 Pages

Lending, which has been a core product for credit unions, is becoming more competitive as additional lenders are entering the market. As new competitors enter the market, they continue to improve in their processes and threaten to take over some of the credit union market space (Strozniak, 2015). Consumers, particularly Millennials and Generation Z, are looking for more convenient was to do their banking (Strozniak, 2015). They are looking for alternate ways to check balances, make deposits, and make payments. Today is the day of the Smartphone, but new technologies continue to emerge and will continue to do so over the decades to come.

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Not only am I drawn to Wells Fargo’s rich history and comprehensive reach in the financial services industry, its highly collaborative and caring culture offers me the opportunity to make a real impact. When I first became interested into wealth and investment management, I reached out to many professionals but Wells Fargo advisors were one of the few to response. Not only were they willing to offer valuable, they also connected me with their colleagues and invited me to tour their offices. Through the phone calls and tours, I got to experience the Wells Fargo difference: a team-oriented culture of caring and helping others. Being a part of Wells Fargo and the WIM program gives me the unparalleled opportunity to gain hands-on experience and

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989 Words | 4 Pages

Wells Fargo might be thought of as a bank today, but in the 1850’s, it’s primary service was mail delivery (Maxfield). The company Wells, Fargo & Co. is known for its banking and mail delivery services in the Old West, and today, is an extremely successful bank. Wells, Fargo, & Co. had paths on which they would go on to deliver mail from one place to another across America. In 1858, Wells Fargo’s stagecoaches delivered mail from texas to california (Wells Fargo 5). Wells Fargo was a bank who buys gold dust, sells paper bank drafts, and provides loans (History).

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In the case of Wells Fargo, John Stumpf emphasized

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In the commercial banking segment, Wells Fargo has over 2,000 stand-alone mortgage branches throughout the country and also has many mini branches that are located inside grocery stores that offer basic teller services and ATMs. Wells Fargo services in over 1.8 trillion in home mortgages which is the second servicing portfolio in the U.S. Wells Fargo also offers student loans to college students. In their wholesale banking, they have products that are sold to large and small commercial companies. This includes lending, treasury management, mutual funds, asset-based lending, commercial real estate, corporate and institutional trust services, and capital market and investment banking through Wells Fargo Securities.

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621 Words | 3 Pages

By reviewing their Vision and Values brochure, (https://www08.wellsfargomedia.com/assets/pdf/about/corporate/vision-and-values.pdf) it says “…putting our customers first and helping them succeed financially”, which isn’t in-line with the strategies they have employed. Their top strategy on their brochure says they have unwavering focus on the customer “Deepen relationships and attract new customers”, unfortunately their policies focused on attracting new customers. One of the policies mandated by the company was “cross-selling’ convincing customers to by multiple bank products” (EconMatters, 2016). This cross-selling lifted profits and kept customers more apt to feel they have to stay with the bank. This policy by itself is applauded by many in the industry.

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850 Words | 4 Pages

Through the use of innovative technology, Wells Fargo aims at creating new kinds of lasting value for businesses and customers and also increase efficiency for the internal

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Wells Fargo’s “Gutless Leadership” Wells Fargo is one of the largest banks in the United States, with “…more than 8,600 locations [and] 13,000 ATMs” (Wells Fargo Today). Millions of Americans trust them with their finances. However, after a federal investigation, Wells Fargo has admitted to opening up to two million accounts without customers’ permission. While this had financial implications for many customers, this scandal most heavily affected Wells Fargo’s low-level employees.

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Bank of America: Mobile Banking This essay is based on the case “Bank of America: Mobile Banking” which is dated on May 2012. We will first present benefits mobile banking provide to consumers and highlight reasons why many consumers haven’t adopted mobile banking yet. Furthermore, we will look into Bank of America motivation to offer mobile banking to its customers and review associated costs and risks of mobile banking implementation. Then understand what lessons can the bank learn from its online banking operations and analyze costs and benefits of having customers migrate to online banking.

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