Introduction
Covid-19 has tested most companies’ abilities to manage their staff, mode of operation, and review their policy documents. Post the pandemic, most businesses have come to appreciate that most of their operations can be conducted virtually. As a result, several internal changes have been made including laying off some workers, adopting technological means to provide services, and change of policies. Wells Fargo is one of the biggest multinational financial institutions in the US. In a bid to reduce the company’s fixed costs, Wells Fargo has to change from physical operations to virtual.
Main Discussion
Conducting banking services virtually has not only proved to be cost-effective but also risk-manageable. Adopting a digitized banking system could be a proper solution for banks to effectively mitigate current and future risks (Romdhane, 2021). With the help of technology, online information management can be achieved through the use of digital databases to safely keep transaction records and customer information. Such a move reduces cases of human error, loss of documents, and increases the efficiency of work (Romdhane, 2021). Factoring in an employee’s computer literacy levels, expertise in digital accounting, and digital security are important in determining which employees to retain.
Evaluating the data of how many employees offer soft and skilled services against manual services becomes crucial. Given the limited physical interactions, close to ninety percent of the staff should work from home. The remaining percentage should have a few security officers and customer care providers physically. An analysis of such data helps to inform on what areas need more or less manpower. The human resource and marketing departments could conduct surveys and interviews on the staff and customers respectively. Such methods will enhance collection of data on workers preferences, customer needs and trends. Using such methods will inform the bank on which departments need more employees than others.
Planning on how to transition from a brick-and-mortar mode of operation to a virtual one requires an assessment of certain factors. Plans made to initiate change will have an impact on the bank’s mission, vision, strategy, and value chain (Romdhane, 2021). For instance, going virtual would focus more on online marketing strategies and other technological advancements. The bank’s value chain will also change during the implementation of technological advancements. In other words, the plans to restructure would depend highly on Wells Fargo’s goals and priorities. Therefore, the bank’s vision, mission, and value chain will change depending on the plans made.
Operating virtually calls for efficient leveraging of technology with the environment. The bank can adopt online communication methods between the management, employees, and their customers. Alternatively, the bank can also utilize mobile banking features and automated customer responses (Romdhane, 2021). The intended goal here is to help the bank maximize the technology and benefit its customers simultaneously. What is more, the use of automated services such as generating reports increases accuracy and efficiency. In general, leveraging customer service and technology improves efficiency and customer satisfaction. It is only prudent that all service-rendering companies like banks should adopt this approach.
The Bank can use the following human resource policies to help transition from physical to virtual operations. A policy that favors flexible working arrangements will allow more workers to regularly work from home (Romdhane, 2021). Additionally, imposing a policy that insists on, and tracks performance ensures that work standards are met. Lastly, it is important to allow the employees to participate in decision-making on certain business arrangements. By doing so, it encourages a sense of ownership despite it being in a virtual space. Policies are necessary since they reflect the underlying reasons why certain decisions or moves are made.
Procedures have to be adhered to as they are the handmaiden of change. Communicating to the employees the intent to alter the current policies is vital. The first procedure would be issuing notice to the staff to gather their reactions and responses. After the feedback has been collected, the next step is to implement the policies. However, the implementation should consider feedback from customers and the staff. The last limb of proposals is financial metrics which have to be keenly observed to guarantee the fiscal health of the bank. Metrics such as total revenue collected, expenses incurred, profits made and losses suffered are important (Romdhane, 2021). Careful consideration of the above metrics will not only guarantee the fiscal health of the business but also a successful transition.
Conclusion
While businesses have been hard-hit by covid-19, their ability to circumvent the effects post-covid has been put to test. For large corporate bodies such as Wells Fargo, their ability to bounce back in the economy depends much on their use of technology. For most banks, it seems that adopting an online model reduces both current and future risks. However, some steps have to be taken for a business to shift from the traditional mode to a virtual one. Assessing policies, financial metrics, and leveraging the use of technology are some of the key steps to take. Wells Fargo should regard the highlighted recommendations for a smooth transition.
Reference
Romdhane, S. B. (2021). Impact of information technology and digitalization on banking strategy pre-covid-19, challenges in the covid era, and post-covid stakes. International Journal of Accounting & Finance Review, 6(2), 60–73. Web.