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Wachovia SWOT Analysis

Some of these challenges can be considered weaknesses to Wachovia Corporation at this time.
             .
             The technology required to accommodate the vast amount of incoming data and to bridge some 800 existing data platforms has been an issue for Wachovia Corporation (www.knowledgestorm.com). Currently, Wachovia is using Documentum as its data platform, which is an improvement of its prior software choice which could only accommodate a refreshing of data once a week. With Documentum, updates in customer account information and activity is reflected every 24 hours, but only within the computer systems of Customer Service Center databases. Updates may take days longer to be processed elsewhere in Wachovia's systems. Time gaps could be creating difficulty for employees that need that information to be timely. Finding a way to streamline the incoming and outgoing data across all platforms would enhance employee communication and offer up to date information for processing.
             Because of Wachovia's merging activities, there has been a great deal of change occurring on the inside. The need to rapidly introduce new skills and exchange knowledge among its employees is vital to the process of becoming more efficient. The issue of assimilating a diverse base of employees from various companies into one coherent organization requires a large amount of training and communication. Wachovia Corporation needs a solution that could address the need for a faster, more efficient form of training and updating.
             Wachovia Corporation's lack of presence on the West Coast and Central US is causing Wachovia to miss out on potential customers. Wachovia could take advantage of their status of being the largest East Coast banking franchise and the nation's fifth largest bank holding company, by opening branches in the Central and Western US.
             Opportunities.
             It is projected that the population of internet users will increase through 2005 from its current 111 million (David, 2003).


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