This case is about BALANCED SCORECARD, CHANGE MANAGEMENT
PUBLICATION DATE: June 12, 1998
Wells Fargo Online Financial Services (A), Spanish Version Case Solution
The Balanced Scorecard was a brilliant concept invented by Wells Fargo, pioneer in E-Banking, that recorded the performance of Online Financial Services groups (OFS groups).This E-Banking service is one in which the customer can perform bank transactions through the leisure of the Internet. The new department must invest heavily in new technology and in the development of innovative services and products and confronts accelerated change. OFS was finding it difficult to balance the need for measurable goals and a clearly articulated strategy with the flexibility demanded due to the rapidly evolving and ever-changing setting.
The beginning of an ethos that welcomed financial metrics began with none other than Mr. Fargo. Yet OFS direction believed that its business couldn’t be measured and assessed on the basis of monetary metrics. For example, the group was not yet profitable, yet it provided a crucial component to the bank’s long-term strategy. The OFS group believed that the Balanced Scorecard would enable them to develop a set of integrated, multidimensional measures to evaluate performance against its targets and to convey and update its strategy in a fast changing environment.
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