Wells Fargo, the industry leader in electronic banking has to follow a Balanced Scorecard in its online financial services group (OFS) and implemented to measure performance. The OFS Group develops and supports services that existing and future banking customers to perform transactions over the Internet. The new division is rapid change and to invest in new technologies and in the development of innovative products and services. SFO found it difficult to balance the need for a … Read more »

Wells Fargo, the industry leader in electronic banking has to follow a Balanced Scorecard in its online financial services group (OFS) and implemented to measure performance. The OFS Group develops and supports services that existing and future banking customers to perform transactions over the Internet. The new division is rapid change and to invest in new technologies and in the development of innovative products and services. SFO found it difficult to balance the need required a clearly articulated strategy and measurable objectives with the flexibility in the dynamic environment. Wells Fargo had a culture that embraced financial figures. However, OFS management believes that the business could not be measured and evaluated on the basis of financial indicators alone. For example, the group was not yet profitable, but it offered a critical component of the Bank long-term strategy. The OFS Group believed that the balanced scorecard would enable them to develop a series of integrated, multi-dimensional measures to assess performance against its objectives and to communicate and update their strategy in a rapidly changing environment.
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from
Robert S. Kaplan,
Nicole Tempest
Source: Harvard Business School
18 pages.
Release Date: 12 June 1998. Prod #: 198146-PDF-ENG
Wells Fargo Online Financial Services (A) HBR case solution