CASE STUDY REPORT:TEAM WORKING

Clients Account Opening Process

Clients Account Opening Process

Introduction

The client is the Bank in UK and one of the fastest growing banks in the history of the banking sector of the country. It was incorporated on January 27, 1997 as an Investment Bank. The client bears the critical responsibility of leading the way forward in establishing a stable and dynamic banking system replete with dynamic and cutting-edge products and services. The client aims to fulfil its prime objective of providing customers accessibility and convenience, within an atmosphere and culture of dedicated service and recognition of their needs.

Background

Account Opening - Current Issues

Opening a bank account at the client has always been a complicated and a lengthy procedure for its customers. Customers find it difficult to complete the documentation formalities for opening their accounts. Hence customers are losing their interest. Therefore the client needs to modify their account opening process to bring in more customers.

Over the past few years, the client has been receiving customer complaints on account opening process. According to Manager Service Quality, there is a need to focus on simplifying the procedure so that new customers don't feel reluctant to open an account. Furthermore negative word of mouth would reduce as customers would be satisfied on interacting with the bank.

Knowing the above situation, the management decided to do the improvement process to make opening of accounts efficient and convenient for the customers, which ultimately will help them in bringing more customers to the bank. The client decided to reduce the discrepancy rate present in the account opening and also reduce the turnaround time to 2days. Previously, the bank was receiving a lot of complaints regarding their inefficient turnaround time. The turnaround time for account opening was more than 3 days, which needed to be reduced because it was creating problems for the bank in the shape of customer dissatisfaction, etc. (Manzini, 1988, pp. 35). To resolve the issue the client used the expertise of an internal consultant and revamped the process to improve the above situation (Tichy, 1977, pp. 361-383)

Problem Statement

The problem in the client's Bank was that numbers of customers were not satisfied with the account opening process. After gathering and analysing more information, it found out that 43% of customer requests were not processed in standard turnaround time. After analysing the entire process flow, three main areas were identified:

Delay within the branch due to incomplete documentation by customers

Data input error done by personal banking officers/ service quality coordinator.

Work overload experienced at the back office.

Organizational Level

Since the problem of delays in account opening is an organizational level issue, it is found out using the organizational level diagnosis system. Following are the components of this system discussed in detail in the context of account opening (Beer, 1993, pp. 642-650).

Inputs

Company's general environment:

General environment include political forces, economic factors, technology, etc. All of these forces do impact the client's bank in many ways. If the economy for example is not doing well, then the account opening will suffer as ...