Strategic Quality Management - the McBride Financial Services

The Virtual organization I used was The McBride Financial Services. The McBride Financial Services is a financial institution that helps individuals and companies get an affordable mortgage with minimum effort. The overview of their plan was to find a way to provide “an efficient, easy to use (front end and back end) Web site for the application and processing of mortgage applications with an upscale and friendly physical and virtual environment”. They also had a great idea to guarantee a profit by better targeting a particular audience also known as focused marketing. Looking through the website it is obvious that this organization has been a success as they intend and had the budget to make these services available outside of the five states they currently service. The five states are made up of Idaho, Montana, Wyoming, North Dakota, and South Dakota. If it wasn’t successful in the area they were in, it definitely wouldn’t make it outside of the five listed states. What helped in their success were their improved and more specific goals and objectives, as it assures the possibilities of a successful result.

If I had to create a process improvement plan I would want to find out why the operations loss was so great during the first six months, which must have been an obvious focus point because they addressed it as well. After realizing their downfall and reviewing the losses, they made a goal to break even with the operational loss by leveraging “…technology to minimize costs and maximize efficiencies for customers and the business in applying for and obtaining mortgages.” In other words, they had to minimize the amount of money they spend on marketing and advertising their financial institution and balance it with benefits and incentives they offer. They had to brainstorm which demographic group would be most susceptible to their product; mortgages. They came to the conclusion that they should focus on professionals, retirees, families and/or individuals purchasing recreational properties or second homes. Statistically these groups of people are most likely to be interested in using an easy accessible, virtual, online application. The incentives they used to promote their business were benefits such as a short application processing fee, legitimate on site professionals available during inspection