Wells Fargo Operations Improvement Plan

2050 words 9 pages
Operations Improvement Plan

An overview of the subject organization, including a brief history and description of the current situation Wells Fargo is one of the largest banking and financial services entities in the United States. It has built a well-respected brand name and image through its excellent products and services. These products and services have helped generate substantial growth and a solid foundation over its 150 plus years of existence for the company and its customers. Wells Fargo offers a wide array of products and services including banking, lending, investments, financing, and real estate. However, it has built a strong foundation by being an industry leader in home mortgage loans. Wells Fargo generates home
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Decreasing errors and processing time should lead to an increase in operating efficiency and lower operating costs. If these errors or processing time are not reduced, some customers may become frustrated and move their accounts to another company resulting in a loss of assets. However, once implemented, these processes should effectively reflect Deming’s 14 points of management and should greatly improve operations within Wells Fargo Advisors.

A description of a key challenge or problem facing the organization and the impact of its resolution IRA and CAP adjustments to clients' accounts are being processed by the Cash Management department within Wells Fargo Advisors. However, too many of these adjustments are being made for the wrong amount or for the wrong customer's account. The Cash Management department must find a way to reduce these errors and duplications in order to help minimize the potential loss to the firm and help improve customer satisfaction. The increase in errors and duplications within the department has been ongoing for the last five months. Managers have been doing quality checks on the processes since the October of the previous year. From October to December of 2009, managers found approximately 40 errors or duplications for every 1000 requests completed, a 4% error rate. However, since the beginning of 2010, managers found approximately 100 errors or duplications for every

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