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MortgageQuote Canada Corp. ( The World's Safest Banking & Finance Network (

Quality Management-in-Finance.

Wednesday, 14 September 2016

MortgageQuote Canada Corp.: ISO 9001:2015 or the Wells Fargo Online Financial Services Group & Home Capital Group: Balanced Scorecard Approach? What does over 10 Years of History Tell Us?

Conclusion: There is no contest. One is not the same as the other. And ISO 9001:2015 wins.
The shareholders of Wells Fargo and it's Board should consider licensing MortgageQuote's certifiable, regulatory compliant, integrated Quality Management System technology, immediately. It will be long term money well spent.

Some Canadian Mortgage Companies or Financial Services rely on the Balanced Scorecard at the Governance level; for example: Home Capital Group, which in 2015, had an anonymous "whistleblower" tip lead to the exposure of a massive 45 Licensed mortgage broker fraud related to $960M of mortgage originations.

 If it happens in two places, it happens in three places.

The Balanced Scorecard concept is a ostensibly about "measurement". If the Balanced Scorecard can not even allow for the measurement of fraud, regulatory noncompliance or nonconformity in finance - it is proven to be useless for at least some finance companies

For the finance sector, the Balance Scorecard appears to function as merely an academic construct born out of a thesis, supported by a 12 month study (Kaplan et. al. 1992). Deemed by some individual or consultant as appropriate for use in the very serious business of finance. Any modifications to the original model clearly did not work for Wells Fargo or Home Capital Group.

How do you not see 2M fake accounts? Or 45 fraudulent LICENSED mortgage brokers. What good is the measurement system...why would you need to wait for the selfless, charitable generosity of a whistleblower.....and for that matter...what good is licensing?

Company 1 - ISO 9000 Approach:

MortgageQuote Canada Corp.: ISO 9000 Family of Quality Management Standards


The MortgageQuote Canada Corp. (MortgageQuote) ISO 9001:2015 certified, integrated Quality Management System is designed to prevent statutory and regulatory nonconformity events.

2016 Outcome

After 10 years of compliance and 8 years of certification to an ISO 9001 Quality Management System, MortgageQuote is operating at 6 six sigma. Less than 1 defects (nonconformity) occurring out of a million opportunities.

Company 2 - Balanced Scorecard Approach

Wells Fargo and Balanced Scorecard


Source: Harvard (Case Study: Wells Fargo Online Financial Services (A) PUBLICATION DATE: June 12, 1998 PRODUCT #: 198146-PDF-ENG)

Wells Fargo, the industry leader in electronic banking, has implemented a Balanced Scorecard in its online financial services group (OFS) to track and measure performance. The OFS group develops and supports services that allow existing and future banking customers to perform transactions via the Internet. The new division faces rapid change and must invest heavily in new technology and in the development of innovative products and services. OFS was finding it difficult to balance the need for a clearly articulated strategy and measurable objectives with the flexibility required in its dynamic environment. Wells Fargo had a culture that embraced financial metrics. Yet OFS management believed that its business could not be measured and evaluated on the basis of financial metrics alone. For example, the group was not yet profitable, yet it provided a critical component to the bank's long-term strategy. The OFS group believed that the Balanced Scorecard would allow them to develop a set of integrated, multidimensional measures to assess performance against its goals and to communicate and update its strategy in a rapidly changing environment.

2016 Outcome

Wells Fargo Fined $185 Million for Fraudulently Opening Accounts. 

They created fake email accounts to sign up customers for online banking services. (The OFS - Online Financial Services Group). Source states: 5,300 Wells Fargo employees created 2 million phony bank accounts and racked up huge fees, raking in commissions from their employer for being such great salespeople for the bank's services; meanwhile, the fees associated with the 2 million fake accounts created the appearance of much greater earnings for the bank, which it trumpeted to its investors.

Wells Fargo says that it has been rooting out employees who ran this con for the past two years, having caught 5,300 of them so far (the bank employs 265,000 people). The fake accounts -- savings, checking, credit/debit cards -- were opened in the names of existing Wells Fargo customers, who had their accounts raided to create balances in the new accounts, and were then hit with fees that cleaned them out.

[Wells Fargo] bank is paying a $185M fine and reimbursing known victims to the tune of $5M.