Customer-based measures are important, but they must be translated into measures of what the company must do internally to meet its customers’ expectations. Like I’ve mentioned before, I have worked in several different department within Wells Fargo, mainly the home mortgage division. Wells Fargo Home Mortgage could do a better job about implementing effective processes that involve regularly scheduled meetings where manager provides a weekly update on the state of business and progress with goals and in some cases financial information is also provided.
Another area that Wells Fargo is lacking in this part of the scorecard is how they fail to engage their workforce to create and develop new products and services faster than their competitors. …show more content…
Then, a sophisticated data model or a simple selection process whittles down the overall client base to a group of best products. The data can help determine whether a particular customer is a good fit for a certain mortgage product. By focusing the contact list based on this expanded data set, it zeros in on those customers most likely to respond and convert. And that can potentially decrease the cost of the campaign while raising the return on investment.
Wells Fargo data analytics provide invaluable insight to other lenders, investors, servicers, default managers and government agencies, to help effectively manage risk, support regulatory compliance, generate leads, and improve decision-making. Wells Fargo’s mortgage performance data can help generate executive reports and develop strategy, conduct competitive analysis, produce mortgage market research, and support regulatory oversight. Employee …show more content…
Wells Fargo uses temporary workers all the time. The production levels fluctuate so much in the mortgage industry that it is cost effective for Wells Fargo to use temporary workers to fill in for the busier times. The downside of deciding to use temporary workers is that often times the quality of work suffers because they did not take training seriously. Temp employees will always have to be trained. It may take a couple of days before a temp employee can work at the level of a regular employee, and they may never work at that level. So although they may not be paying them as much as they do the regular employees, they may not be getting as much production out of the decision
Another area that Wells Fargo is lacking in this part of the scorecard is how they fail to engage their workforce to create and develop new products and services faster than their competitors. …show more content…
Then, a sophisticated data model or a simple selection process whittles down the overall client base to a group of best products. The data can help determine whether a particular customer is a good fit for a certain mortgage product. By focusing the contact list based on this expanded data set, it zeros in on those customers most likely to respond and convert. And that can potentially decrease the cost of the campaign while raising the return on investment.
Wells Fargo data analytics provide invaluable insight to other lenders, investors, servicers, default managers and government agencies, to help effectively manage risk, support regulatory compliance, generate leads, and improve decision-making. Wells Fargo’s mortgage performance data can help generate executive reports and develop strategy, conduct competitive analysis, produce mortgage market research, and support regulatory oversight. Employee …show more content…
Wells Fargo uses temporary workers all the time. The production levels fluctuate so much in the mortgage industry that it is cost effective for Wells Fargo to use temporary workers to fill in for the busier times. The downside of deciding to use temporary workers is that often times the quality of work suffers because they did not take training seriously. Temp employees will always have to be trained. It may take a couple of days before a temp employee can work at the level of a regular employee, and they may never work at that level. So although they may not be paying them as much as they do the regular employees, they may not be getting as much production out of the decision