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Charles Schwab Customer Focused E-Business Strategy

            
 
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Case Details:

Case Code : ITSY042
Case Length : 17 Pages
Period : 1997-2004
Pub Date : 2004
Teaching Note :Not Available
Organization : Charles Schwab
Industry : Financial Services
Countries : US

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.



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"Technology is not a sideline. It's actually a core part of the brand. One of the things that technology executives at Schwab enjoy is that the technology people are treated like business people because we view technology as a core piece of our business. Almost every business decision involves a discussion of how we're going to use technology to do things for our customers that no-one else can do."1

- Robert Duste, Senior Vice-president, Charles Schwab & Company in 1997.

"A core principle is that Schwab focuses on what their customer wants. They have been remarkably adept in anticipating customers' future needs and demands."

"Schwab was one of the first to recognize that the Internet was not exclusive of their other channels [but] another choice in the line-up."

- John Payne, Consultant at Cerulli Associates, a Boston-based Research and Consulting Firm.

Introduction

In February 2004, Charles Schwab & Company (Schwab), a leading discount brokerage firm in the US, launched the Personal Choice program, targeted at individual investors. The program provided a wide variety of investing services and pricing options and benefited customers significantly. Commenting on its significance, Schwab's founder - Charles Schwab said, "Schwab Personal Choice is a dramatic evolution of our services - as profound, we believe, as our introduction of no-transaction-fee mutual funds in 1992 and our expansion of Internet trading in 1998. Our goal is to give investors unprecedented choice with respect to the service, advice and level of involvement they prefer in the management of their financial affairs."2

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1] Power, Carol, Schwab's Webmaster Taking on the World, American Banker, September 19, 1997.

2] Schwab Launches New Model of Investing and Advice Services for Individual Investors, www.schwab.com, February 10, 2004.


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