Competitive Priorities

Competitive priorities are ‘the critical dimensions that a process or supply chain must possess to satisfy its internal or external customers, both now and in the future’(Pearson). They consist of Quality, Time, Cost, and Flexibility. The order of importance varies for each company, depending on that company’s needs.


Quality


The number one competitive priority for Wells Fargo is Quality. Wells Fargo is known for the quality of the service that they provide to their customers, it is one of the company’s core values. They aim to focus more on the customer and how they can serve them, rather than simply trying to sell them something. As mentioned on their website, “we should always start with what the customer needs – not with what we want to sell them”. They believe that in order to succeed as a company, they need to build lifelong relationships with the customers. Wells Fargo doesn’t believe in pushing a product or service on a customer that might not need it just to earn a profit from it, instead they focus on figuring out exactly what the customer needs and how they can meet those needs. Wells Fargo aims to provide services that are easy to navigate, to ensure that customers always have a pleasant experience, regardless of the how they are interacting with the company (in the branch, over the phone, online/mobile banking). They also aim to provide an aesthetically pleasing environment in their branches, so that their customers will enjoy their time/experience more.


Flexibility



Flexibility is the second most important competitive priority for Wells Fargo. Wells Fargo aims to offer its customers services that fit their individual needs. “We strive to create deep and enduring relationships with our customers by discovering their needs and delivering the most relevant products, services, and guidance”. They strive to introduce new services on a regular basis to better serve their customers (Product flexibility). Wells Fargo is also able to accept varying demands in volume. They are continually gaining new customers, both individuals and businesses, and strive to be able to cater to all of them with equal importance (Volume flexibility).


Time


One of the competitive priorities that is important to Wells Fargo is time. In order to do things quicker, while also efficiently, Wells Fargo uses technological innovations. As technology continues to become more and more advanced, Wells Fargo is better able to accelerate communication with customers as well as speed up transactions. Wells Fargo is trying to engage their customers in ways that are going to be the most beneficial and convenient to them. Distribution channels such as locations, phone banks, ATMs, online banking, and mobile banking are working together with new, innovation products to help their customers at a quicker pace. The technological innovations are boosting speed as well as creativity to ensure customers are satisfied.


Cost


For Wells Fargo cost has become a priority in the recent year due to the lawsuit they are currently facing, which is costing them millions. As a result of this they have been forced to close down many Wells Fargo branches across the country and layoff many employees. Wells Fargo also concerned about the cost for their customers and try to save them as much money as possible by reducing fees and rates. Although cost is important to Wells Fargo, and its customers, it is not their most important competitive priority. They believe that if they provide their customers with the quality and flexibility that other banks do not, the customer will be willing to forgo cost.