Assignment is about the primary goal of the bank is to give a clear understanding of their loan terms

Introduction

Wells Fargo is a financial services company that offers insurance, mortgage, and banking services in numerous outlets all over the U.S. The firm provides its workersnumerousexpert development openingslike coaching reimbursement and training programs. It was founded in 1852 by Henry Wells and William Fargo. The first branch was opened in San Francisco and soon after other branches was opened in other cities. The assets of the company make them the third largest bank in the United States(Wiersum, 2016). The company’s management is considering the development of its current training plans after workers have shown strong interest in the program. Wells Fargo market capitalization allows them to be the world’s largest bank. Wells Fargo reputation of trust grew over time with dealing with people’s money responsibly. The banking industry not only changed where people banked but how the people banked. 

Wells Fargo believes in making it convenient for their consumers. Wells Fargo allowed people to bank through a drive through, bank by phone, credit cards, online, and through teller machines.  Wells Fargo goal is to satisfy all of their consumers’ financial needs. Wells Fargo provides service to individual whether personal or commercial. The bank will provide information about their services and products to the consumer that will help them make the right decision. Wells Fargo is a banking company that provides service such as commercial and consumer financial services, mortgage, banking, insurance, investments, and credit cards. Consumers can bank with Wells Fargo, borrow funds, extend individual’s credit, and so forth. Wells Fargo charges their consumer a monthly service fee if they have a saving or checking account. The bank charges a monthly fee of $10.00 or more(Tominc&Pandit, 2012).

How Wells Fargo linked its scorecard to its organizational mission and strategy

The banking industry has experienced a need to cover losses experienced due to new regulations placed upon the industry.  This has called for the industry to look for other ways to fill this financial gap.  The answer has been the various fees that have been placed on the consumer by the industry. These fees would include but are not limited to overdraft fees, minimum balance fees, monthly fees, transfer fees, etc. This study takes a look at the effect such fees has had on the current and potential account holders of Wells Fargo in comparison to alternative banking organizations such as credit unions. The firm employs the scorecard as an approach to assess its processes and also put in use operative approaches that enhance realization of objectives.  Wells Fargo is one has embraced application of balanced scorecard. It is the front-runnerwithin the online banking which forms a scorecard to link its mission and strategy for its services. The scorecard has significantlyassisted in measuring and tracking performance of its online banking services.

How the scorecard reflects the strategy of the organization

The scorecard has enabled Wells Fargo's employees to focus on specific objectives once they attain a better indulgent of what is expected of them.  The scorecard has also helped the firm to create good communication system in which its financial resources are shared properly and aid in promoting harmony at all times. Despite the fact that the application of a scorecard is areal business strategy, its application anduse for Wells Fargo has proven to be demanding.The scorecard has greatly helped in recruiting efficient staff that is concerned with the welfare of their patients.  It has also helped in maintaining a high quality of performance that above the required to be maintained by health practitioners.  The targets of the company may not have been met but a closer look of their record suggest an improvement from their past. This gives the institution of their success in the coming days. Moreover, risk mitigation is taking precautionary measures to reduce adverse effects of risks. For the reason mentioned, the institute tries to keep a balance between taking risks and offering rewards. The risk mitigation strategies in the selected entity are risk limitation, avoidance, and acceptance as well as the transfer (Claessens, Ghosh, &Mihet, 2013). The Wells Fargo offers credit in consideration of the credit reports which entails one’s capacity, capital, economic condition as well as collateral values to minimize future risks associated with credit giving(Brennecke, 2016).

How it provided clear signals about the strategic goals through expected cause and effect linkage

The scorecard helped the company during the crisis period in balancing the application of an effective and good strategy with the dynamic setting the firm confronted through providing an amicable resolution(VIOLET & H.JOSIAH, 2011).  Furthermore, Online Financial Service assumed that Wells Fargo’s performance would merely be gauged on its financial position. Theview was changed with the incorporation of the scorecard which allowed the company to develop some strategic processesconsistent with its objectives. The entity is in collaboration with large corporations in the nation, and they are known to employ a consultative approach in the course of their activities. Strikingly, consultation is vital in the acquisition of quantifiable results, integrity as well as ample knowledge on the trends in the market. However, the management has to deal with the adverse effects of economic changes such as housing and employment in the country. Furthermore, the operational risk taken into account is that they do not give loss provisions due to the instances of unemployment as well as unfavorable home prices. The compliance risks associated with this firm as well as others in the field are poor quality loan portfolio. All the same, the hazard is brought about by the slow and uneven economic recovery resulted in shutting down by the state as well as fiscal policies hence a problem to future growth(Hearit, 2018).

Conclusion

What is more intriguing is that the bank is a responsible and fair lender. Discrimination of any sort such as age and race is strictly forbidden in the entity. Rather, the primary goal of the bank is to give a clear understanding of their loan terms to their clients hence promoting an informed borrowing from their customers. All the same, the Wells Fargo institution is known to be among the best-capitalized banks in America. As a matter of fact, it is the only large bank beside the Bank of America that does not run short of its capital. The chances for the solvency of the bank are very high as it is not prone to any future capital degradation.

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