Just write a synopsis of the attached paperSharedrafts of your Business Model and Strategic Plan, Part I Individual assignments from Week 2 with all team members.Choose1 or 2 team member’s drafts and review as a team this week. You will review a different team member’s drafts each week. By Week 5, all team members’ papers should have been reviewed at least once.Providefeedback that team members can incorporate into their drafts.Writea synopsis of no more than 350 words summarizing what the team has learned from the review and discussion.Running head: THE IMPORTANCE OF INNOVATION
The Importance of Innovation
Nazarae Bastien
BUS/475
July 11, 2016
David Akerman
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THE IMPORTANCE OF INNOVATION
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The Importance of Innovation
Wells Fargo is known for their innovation and superior products and services. They have
products and services that have stood the test of time and continue to meet the customer’s needs.
However, because of their desire to remain innovative and in the now, Wells Fargo continually
works on new products and services to help customers meet their financial goals. Moreover,
Wells Fargo recognizes the need to ensure their vision and values are innovative and exceed
customer’s expectations. Innovation is crucial for organizational growth; without it, one’s
organization would never reach it maximum potential.
Wells Fargo’s vision and values highlight what the company stands for and why they do
what they do. Wells Fargo’s vision is “We want to satisfy our customers’ financial needs and
help them succeed financially” (Wells Fargo, 2016 par.1). In order for them to fulfill their vision
they must remain innovative. With Wells Fargo, it’s about the relationship they have with their
customers. “It’s about building lifelong relationships one customer at a time” (Wells Fargo, 2016
par.3). The goal is to increase customer loyalty by meeting all of the customer’s financial needs.
Every day with every interaction Wells Fargo employees strive to achieve the Wells Fargo
vision.
Another factor that is vital to Wells Fargo and its vision is its values. Furthermore, it is
just as important to remain innovative concerning Wells Fargo’s values. Wells Fargo has five
primary values based on their vision. These values provide the foundation Wells Fargo builds on.
The five values are people as a competitive advantage, ethics, what’s right for the customer,
diversity and inclusion, and leadership (Wells Fargo, 2016 par.3). Innovation is what makes
Wells Fargo’s vision come to life. As times change, the vision remains, but how it is applied is
always improving. Wells Fargo uses “people as a competitive advantage” by seeking out the
THE IMPORTANCE OF INNOVATION
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most caring individuals who want to live and breathe the Wells Fargo Vision and Values too.
The goal is not to find team members who already believe they know what the job entails. The
goal is to find people with the care and compassion it takes to do what is best for each and every
customer. “We’re a relationship company, but our relationship with our customer are only as
strong as our relationship with each other” (Wells Fargo, 2016 par.8).
The next value is “ethics”. Many organizations throw around the word ethics because it
sounds good. However, Wells Fargo values ethics because ethics are the base of every decision
made daily. The goal is to earn and maintain the trust of everyone involved from the stakeholders
to the customers. “We have to earn trust every day by behaving ethically, rewarding open,
honest, two-way communication; and holding ourselves accountable for the decisions we make
and the actions we take” (Wells Fargo, 2016 par.18). Ethics is involved in every aspect of what
is done throughout the organization.
The third value is “what’s right for the customers”. Doing what is right for the customers
is how the organization has continued to succeed over the years. Wells Fargo offers free services
to their customer to show them that they care and want to do what is best for them. They have
people working hard 24/7 to ensure customer information is protected and secure. Customers
expect nothing but the best when it comes to safeguarding their information, and Wells Fargo
gives them that. Also, they provide the customer with information so they can make the best
financial decision possible. The organization offers free financial reviews to discuss the
customer’s financial priorities and show them how Wells Fargo can help them achieve their
financial goals.
The fourth value is “Diversity and inclusion.” Diversity and innovation go well together.
Having a diverse organization produces a unique concoction of ideas that can be built upon.
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Diversity helps Wells Fargo remain innovative because they listen to feedback from individuals
of various backgrounds and cultures. Wells Fargo is known to be one of the most diverse
organizations and the team members, customers, and stakeholders’ find value in that. “We want
to build and sustain a diverse and inclusive culture for all Wells Fargo team members” (Wells
Fargo, 2016 par. 21). The final value is “leadership” and in Wells Fargo, there is more than one
leader. We are all called to be leaders at Wells Fargo. We do our best to exude the vision of
Wells Fargo, and we are held accountable for our actions. Wells Fargo defines leadership as the
act of establishing, sharing, and communicating Wells Fargo’s vision and the art of motivating
others to understand and embrace that vision (Wells Fargo, 2016).
Keeping in mind Wells Fargo’s vision and values I have developed a new customer
focused division within Wells Fargo. This new product is innovative and essential for teenagers
and young adults breaking into the banking world. I wanted to create a product that could grow
with the customer while still meeting their banking needs. I wanted to create a product that
would teach customers how to use banking to their benefit. Many teenagers grow into young
adults that do not know anything when it comes to banking and finances. The truth is that many
parents are not confident enough with their own finances to teach their children the right way to
manage them and the importance of banking.
My target customer for this product is teens starting at age 12 up to age 24. I chose this
age group because I believe they are the ones who will benefit most from this product. I am
calling this checking and savings account package “beginners basics.” For the young adults ages
18 and older there will be the option to add a secured or unsecured credit card to teach them how
to use and manage their credit. More, importantly, with this product, we hope to eliminate the
fear and insecurity young adults have concerning their finances. Each customer will have their
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own personal banker to help guide them along the way free of charge. Also, this product also
comes with online banking that includes free tutorials about banking basics.
These tutorials will answer questions such as: Why is banking necessary? Why is credit
important and how do you build it? How do I monitor my credit and identity? Why should I save
for retirement and when should I start saving? There will also be online resources to provide
financial tips and links to free financial tools. It will offer information on applying for college
funding such as student loans. Furthermore, it will provide resources concerning jumping right
into the workforce from high school. We had to consider the fact that all teens do not go directly
to college, so the ones that do join the workforce need to know how to get started.
We will reach our customers by doing presentations in the high schools in our
communities. We will also advertise our products to our current customers, so those who have
children, grandchildren, nieces, and nephews can take advantage of this product. Our product
will have the competitive advantage because we are offering a better product and a higher quality
service to our customers. The knowledge and resources we are providing to them at no additional
charge helps them see the value of the product. The goal is to develop teens and young adults
financially, so they are confident when making financial decisions. We strive to make lifelong
loyal customer from this product.
This product does have a monthly service fee of $5.00 per account. However, the fee can
be waived automatically if you set up an automatic monthly transfer of $10.00 from the checking
account to the savings account. Another way to wave the fee is to keep a minimum balance of
$100.00 in the checking account and $150.00 in the savings account. We want to encourage
these teens and young adult to save their money. This product aligns with the vision and values
of Wells Fargo. “We want to satisfy our customers’ financial needs and help them succeed
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financially” (Wells Fargo, 2016 par.1). This product will give teens and young adults the
competitive advantage in the real world because they will be equipped to handle any financial
situations that come their way. Our culture is a culture of caring. We are showing these teens and
young adults that we care about their financial future and that we want them to succeed.
We have a social responsibility to teach our children how to become healthy, selfsufficient adults. We can do that by teaching them how to manage their finances properly. This
way they can avoid making costly financial mistakes. Overall, this product is innovative and
offers a service that other financial institutions do not have. In the long run, it can help develop
teens and young adults into our future economic leaders.
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Reference
Wells Fargo. (2016). Our Vision. Retrieved from
http://www.wellsfargo.com/about/corporate/vision-and-values/our-vision

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