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U.S. Bank

Essay by   •  October 2, 2012  •  Research Paper  •  1,354 Words (6 Pages)  •  1,028 Views

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I. Introduction

The company our group has chosen is U.S. Bank Corp. U.S. Bank Corp is a financial service holding company, head quartered in Minneapolis, Minnesota. U.S. Bank corp. also known as U.S. Bank is the fifth largest bank in the United States. They are in twenty-five states and employ about 63,000 people. U.S. Bank deals with retail banking, commercial banking, and private trust client banking. They have a wide variety of products and services catered to all types of people with banking needs. The US Bank organization is a large financial institution which is going through a lot of changes. The branch was sales driven; therefore it was considered a high performance organization because of the high performance in sales. The US Bank's branches lacked a lot of things which did not qualify within U.S. Bank principles. The bank did not follow U.S. Banks principles on approaching as an organization. The US Bank was good in sales but we lacked communication skills. In 2006, I was promoted to Private Client Banker which was designated in helping high end clients. With this position, I had flexibility and high reward. This is where I put to use planning, organizing and leading skills. When working for an organization it that helps everyone to learn and to expand our abilities, then we everyone being successful. No industry spends more on information technology than financial service, "about $500 billion globally, more than a fifth of the total (Garvin, Roberto, 2005)." Many of the world's computers, networking and storage systems live in the huge data centers run by banks. "Banks are essentially technology firms (Garvin, Roberto, 2005)." Yet the role of IT in the crisis is barely discussed.

II. Problem Definition

This was an intensive effort that took five years. The process included not only new system development, but also education on the new type of business that led to the creation of several new products. The new technology had to balance with new business principle. The principles would then be used to create position reports to provide information to the Minnesota offices and senior management. The subdivision of the data by each states products and material was not a possibility with the new technology provided. It's a number of factors, "it's the business model, the culture and the team, but technology is clearly important in financial services companies (Reichers, Wanous, 1997)." We leverage technology to serve our customers, to create advantages, to deliver innovative products and services and to create our distribution, whether that's ATMs or online banking. We also leverage technology to deliver service excellence, to know our customers and serve them in a personalized way. "Without technology we would not be able to leverage some of the core capabilities we deliver to our customers, but it's not just the technology, it's all of these factors (Reichers, Wanous, 1997)."

III. Nature of the Problem- A Change in Products and Processes

It was a success that took many twists and turns and involved a lot of personnel development and the delicate management of the many different personalities and cultures involved in this workforce. Therefore, it was necessary to develop a new system that would allow the processing of this new business information quickly with a turnaround of one day. This required not only the creation of a new system, but the retraining of all to think in terms of daily business, not the aforementioned parameters of weeks, months, etc. "Bank World enables lenders to design new products, services and screens, provide a personalized offering to customers, cross-sell and up sell products to the right customer at the right time and right channel, (Duck, 1993)." The organization had to do this as all competitor agent banks of the same size were doing the same thing. It was a tall order work process redesign project.

IV. Analysis of Problem and Possible Solutions

As mentioned above, the old technology could not handle the rapid growth of the

bank. People had to be flexible enough to continue the old way of doing things while

learning new ways of doing them along with new business techniques and joining diverse

teams. They had to redefine their roles in the organization, which was met

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