A Balanced Scorecard
A balanced scorecard is a collection of related goals, metrics, initiatives, and objectives that, in general, describe a company's strategy and how it might be attained.
Employment of a Balanced Scorecard in Wells Fargo Online Banking
A balanced scorecard is employed in Wells Fargo Online Banking to guarantee that clients are better served while the company meets its targets.
Secure Access to Accounts
The bank provides free, secure access to its customers' accounts so that they can access their online accounts from anywhere as long as they have internet access. This enables its customers to access banking services whenever they want.
Verification of Account Status
One can verify the status of the three accounts, which are accessible online, for individuals. This means that one can check their banking activities from account balance to making alerts to email or mobile phones and also view their loan details.
Strategies to Increase Competition
To keep up with the competition in the banking market, the strategies put in place enable Well Fargo to increase competition due to the services they offer.
Convenience and Efficiency
Since customers are able to access their accounts from anywhere anytime, new customers are attracted to try out the experience it offers as it is seen to be convenient and efficient, which creates more demand in the market.
Changes in Market Conditions
Another advantage that comes with the strategies is sustaining performance changes in market conditions since customers can have security alerts through email or mobile phones. Such a sense of security in the market leads to changes in the conditions as other banking companies try to keep up with the new technology being used by Wells Fargo.
Greater Communication Channels
If there are changes in market conditions, then there will be greater communication channels where customer feedback will be easily accessed by the company to communicate changes to the customers, and their reactions to the changes can be felt during the process.
Maximizing Strengths in the Mobile Banking Industry
A balanced scorecard helps the organization maximize their strengths as a company in the mobile banking industry in the region.
References
Kaplan, R. S., & Norton, D. P. (2001). The strategy-focused organization: How balanced scorecard companies thrive in the new business environment. Harvard Business Press.
Norreklit, H. (2000). The balance on the balanced scorecard a critical analysis of some of its assumptions. Management Accounting Research, 11(1), 65-88.
