According to Wells Fargo webpage, their company has a vision, values and goals. They are as follows:
We want to satisfy our customers’ financial needs and help them succeed financially.
This unites us around a simple premise: Customers can be better served when they have a relationship with a trusted provider that knows them well, provides reliable guidance, and can serve their full range of financial needs.
Five primary values guide every action we take:
· What’s right for customers. We place customers at the center of everything we do. We want to exceed customer expectations and build relationships that last a lifetime.
· People as a competitive advantage. We strive to attract, develop, motivate, and retain the best team members — and collaborate across businesses and functions to serve customers.
· Ethics. We’re committed to the highest standards of integrity, transparency, and principled performance. We do the right thing, in the right way, and hold ourselves accountable.
· Diversity and inclusion. We value and promote diversity and inclusion in all aspects of business and at all levels. Success comes from inviting and incorporating diverse perspectives.
· Leadership. We’re all called to be leaders. We want everyone to lead themselves, lead the team, and lead the business — in service to customers, communities, team members, and shareholders.
We want to become the financial services leader in these areas:
· Customer service and advice. After listening to and understanding our customers and their financial goals, we want to provide exceptional service and guidance to help them succeed financially.
· Team member engagement. Our team members are our most valuable resource. We want to be the employer of choice — a place where people feel included, valued, and supported; everyone is respected; and we work as a team.
· Innovation. Through innovative thinking, industry-leading technology, and a willingness to test and learn, we create lasting value for customers — and increased efficiency for our operations.
· Risk management. While working to set the global standard in managing all forms of risk, we want to serve customers’ needs and protect their assets, information, and privacy.
· Corporate citizenship. We make a positive contribution to communities through philanthropy, advancing diversity and inclusion, creating economic opportunity, and promoting environmental sustainability.
· Shareholder value. We want to deliver long-term value for shareholders through a balanced business model, strong risk discipline, efficient execution, and a world-class team.
SMART stands for:
· Specific: The objective is clear and unambiguous and explains to the (future) project team exactly what’s expected.
· Measurable: The objective gives concrete measurements to assess your progress against the objective and determine whether you’ve met it.
· Attainable: The objective can be reached.
· Relevant: The objective has to matter to the organization.
· Time-bound: The objective provides a time frame of expected achievement.
Wells Fargo mission statement was specific. They listed all of their goals, visions and values to include customer and employee satisfaction. Their vision was realistic and did not appear to be far fetched. Also, their vision and goals were relevant to the organization. The vision, goals and values did not provide a time frame.
Wells Fargo’s vision statement is “We want to satisfy our customers’ financial needs and help them succeed financially”. The first thing I observed about this vision statement is that it seemed to lack a certain inspiration that is supposed to accompany a vision statement. It doesn’t seem to meet the criteria of a vision which is to articulate Wells Fargo’s organizational aspirations. It is concise but also sounds generic. Any financial company could insert this vision statement.
The first strategic objective is to provide lasting value for customers by increasing operational efficiency through the use of ground-breaking innovations and the latest technology.
The next strategic objective would be to reinforce value by effectively managing risk and creating lasting economic opportunity for all stakeholders.
The last strategic objective is Increase customer retention by 10% through the use valuable feedback tools that address the needed improvement of our service approach for current and future customers.
Who We Are (2018). Wells Fargo. About Us. Retrieved 16 September 2018 from https://www.wellsfargo.com/about/corporate
Part 1: Well Fargo
Vision Statement: “ We want to satisfy our customers’ financial needs and help them succeed financially .”
A company’s vision and mission statement should effectively identify its services or products; it should enable the company to have its own identity, clearly state the company’s approach to satisfying its customers, and classify its company’s demographic make-up.
Critiquing Wells Fargo’s vision statement:
It’s feasible and easy to communicate. As a banking customer, there is a clear understanding of what the bank is ready to provide to me as a customer – “satisfy our customers’ financial needs.” On the other hand, in evaluating its short comings, the vision statement is vague and not unique. This statement does not stand out alone and is not distinctive other vision statement in banking.
Part 2: Wells Fargo
Specific, Measurable, Achievable, Relevant, Timed, and Challenging
1. Redesign and enhance the customer’s digital experience by the end of the 2ndquarter
2. Increase investment innovation by the end of the fiscal year
3. Improve components of security and innovation by the end of the fiscal year
4. Reduce operating costs during the 1st quarter
5. Improve community awareness of the bank’s services by the next fiscal year
Barnat, R. (n.d.). Strategic goals and objectives. In Strategic management: formulation and implementation. Retrieved from http://www.strategy-formulation.24xls.com/en210