Demographics and Technology- Wells Fargo Technology
Demographics
Wells Fargo offers financial services to businesses, individuals, and institutions through a variety of banking services, which include retail banking, corporate, commercial, wholesale, security brokerage, and mortgage banking services. Market segmentation can help the business understand the customers, thus offering business responses that tailor to the customer needs (Wells Fargo, 2017). Understanding customer demographics is essential in determining how the consumers will use the banking services and whether they will use or save their money. Wells Fargo customers have been differentiated into the different categories that describe different customer needs.
Current demographics
Young Adults
Considerably, Young adults range from the age of 18 to 25 years. The young adults are at a point where they require a banking and saving account. They are in search of saving and free checking accounts and have less money to put into their bank customers. As college students, they may be taking their first loans. The most reliable way for banking to them is looking for a bank that is near their homes, or easily accessible while at school and in the workplace.
Families
Families will vary from new families, wealthy families, low-income families, and middle-income families and Foreign families. All these have different needs depending on their family size. For instance, new families are individuals that have just started their families. They may be looking for homes and ways to raise their family. This may lead to demand for first home loans. Considerably, they have a high involvement while looking for effective rates for the loan.
The low-income families have developed themselves but may be struggling due to their paycheck. Therefore, saving is not much an option, but the credit card loans may of interest to them. Middle-income families are interested in improving their status. Considerably, these families are looking tom establish themselves; thus, financing and re-financing is an option for them. The wealthy families, on the other hand, are looking for banks to help them invest and make more money from what they have. They do not require many loans unless they are having a new venture, such as real estate.
Baby boomers
Baby boomers are seniors who are trying to secure their retirement. They are looking for security and considering investment too. Considerably, they are looking for people to manage their assets and estates. They are seeking brand popularity and familiarity with a brand that they can trust from their past experiences. They may require short term loans to purchase their items as well as long term loans to start their business.
The Current Change
The current change among customers in the banks has been the need to have the greatest and the latest technology. The internet seems to be a developing tool for Wells Fargo consumers. A large percentage of Wells Fargo customers are habitual users of the internet. Considerably, many customers are trying to avoid the long lines in banks. They consider saving a lot of time through internet banking. The current change among customers is the shift to digital banking, which involves online and mobile banking. There is a changing pattern in demand for mobile banking among customers. The rapid adoption and demand for mobile banking have increased digital banking services. For instance, the millennials are looking for ways that they can easily access the financial service while at school or home.
Change management
Wells Fargo has introduced the online banking whereby the customers can monitor their financial activities and balances as well as access various services offered in the bank. Different consumer groups have been able to use online banking services to check on their different accounts and carry their financial service. With the increased adaptation and change in the banking nature and structure, online banking has become an important element of customer service. The bank has offered bank services such as loan services, deposits, and withdrawals, opening new accounts, pay bills, check balances, transfer funds, and downloading statements.
Ethical considerations
Considerations of ethics in internet banking have focused on the fragility of data held electronically as well as transferred through computer-related communication. This includes accuracy, ownership, and privacy of information. Some of the ethical issues related to online banking include operational and security challenges that are related to attacks and frauds in internet banking. While implementing internet banking services, Wells Fargo put into consideration some ethical issues with online banking services. These were addressed to improve the quality of online banking services.
Technology in day-to-day business at Wells Fargo
Wells Fargo has greatly relied on information technology to boost the productivity of the business. The new technology in the bank is already changing the financial services as well as the traditional banking landscape. The Artificial intelligence solutions have made it easy for the customers to manage simple tasks like making payments, manage access to accounts, automated transactions, viewing documents online, and tracking finances (Wells Fargo, 2020). Wells Fargo has invested heavily in digital banking technology, where the consumers can rely on digital platforms and mobile devices to access their bank services.
Technology Used
Information technology has led to various technologies that have been used in banks, such as mobile banking. Considerably, information technology has been effective to the customers, the employees, and the banks. For instance, it has allowed self-inquiry services for customers where they can access their accounts through the internet. The bank has been able to handle various operations at the same through the implementation of information technology. For instance, the bank has been able to make informed decisions through information gather about customer behavior by analyzing the frequencies and types of transactions.
The online banking services that have been offered have permitted a convenient way of paying bills and invoices, managing personal accounts, transferring funds, and serving other essential needs such as bank account registration. Wells Fargo has invested heavily in digital banking technology, where the consumers can rely on digital platforms and mobile devices to access their bank services (Wells Fargo, 2020). Considerably, mobile technology has enabled management of business finances and monitoring accounts whereby the customer can access the current balances and check on the deposits.
How a change of technology affect the organization
Technology has boosted the efficiency and productivity of the bank through automated operations. Technology has enabled the bank to offer better services and accommodation for its clients. Due to technological advancement within the bank, the need for employees and papers has reduced. The bank can perform several operations at the same time through Artificial intelligence and automation. The service delivery has been made easier due to reduced time on bank transactions.
References
Wells Fargo. (2017). Understanding market segmentation analysis. Available at: https://wellsfargoworks.com/marketing-center/article/understanding-market-segmentation-analysis
Wells Fargo. (2020). About Wells Fargo Company. Available at: https://www.wellsfargo.com/about/
Wells Fargo. (2020). Manage Accounts with Wells Fargo Business Online. Available at: https://www.wellsfargo.com/biz/online-banking/manage-accounts/