The assignment aims to develop a strategic intent for a Middle Eastern bank's Lending Division. The strategy focuses on reducing micromanagement, eliminating redundant processes, and reviewing lending policies. The goal is to increase customer base, revenue, and employee motivation while improving customer service experience.
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MG922-Making Strategy(MS) Group Assignment (2016-2017) – Abu Dhabi For a Middle Eastern Bank
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2.Statement of Strategic Intent – Issue Management The root cause issues to address are;reduce the amount of micromanagement, reduce waste by eliminating redundant processesandreview the lending policies of the bank.Firstly, we need toreduce the amount of micromanagementthat will inadvertently reduce stress that is caused by excessive questioning on trivial issues from RTM reports and will ultimately help to improve motivation of employees.Secondly, we need toreduce waste by eliminating redundant processesthat will help toimprove Standard Operating Procedures (SOP)and make higher savings for the Lending division.Improved SOP will reduce manual intervention in loan processing system and henceimprove customer experience with Lending servicesthat will help increase the customer base.Thirdly, it is important toreview the Lending policies of the bank by conducting regular market research on customer demands. Savings will allow to invest in more flexible lending products to furtherincrease the customer base. Thus, resolving the cumulative root-cause issues will helpincrease the customer base.
3.Map 2 – Laddering Up
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5.Statement of Strategic Intent 2 – Purpose Two key general goals of the bank areto be the number 1 bank in the UAE for customers and employeesandincreased revenue for lending division.To achieve the first goal,increase retention of talented staffandimproved customer service experienceis required. For better customer service,reduced error rate for Lending Division, improved SLA to 98% for loan processing,andreduced turnaround time for post disbursal supportshould be achieved. To achieve this we mustalign SOP for Lending division with the ISO standardfor which we need to implement a new integrated Lending system for end to end loan processingandinterface RTM with other systemsthat will helpachieve automated productivity tracking of staff. To increase revenue, we need toreduce vendor cost for single system support;andincrease the customer basebylaunching newinnovativeproducts. To allow us to launch new product, we need to conduct monthly market research on demandsandincorporate a new system to manage all new lending products.These can be achieved if the bank canimplement a new integrated lending system for end to end loan processing.
6.Map 4 – Competencies, Assets and Outcomes
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7.Map 5 – Most Distinctive aspects of competence system
8.Statement of Strategic Intent 3 – Competitive Advantage TheProduct knowledge is high in the teamand using a distinctive system namedCustomer Relationship Management system - a 360 degree viewof a customer relationship with the bank, our team has theability to address customer complaints in a timely manner. The bank holds a software namedProject Delight software for online personal loan top upwhich gives theability to process loans online immediately. Along with theThree Factory Model for processing loansand theElectronic Data Management system for handling files - unique in UAE, the bank has theability to shorten manual processing time,manage loans in real time and ensure that95% of loans can be processed within 2 working days. The Bank also holds the Tamooha Remote working systemwhich is first of its kind in the UAE and gives theability to remotely enter data. Therefore, the bank has introduced the concept ofwork at home for Emirati Womenin the UAE. Sincehigh capital available for investment, we have theability to invest in new infrastructurewhich givesability to attract more customers through local branches. Thus, thebankhas highest number of customers in the UAEandnumerous awards for excellent services.
9.Integrated Statement of Strategic Intent Two key general goals of the bank areto be the number 1 bank in the UAE for customers and employeesandincreased revenue for lending division.To achieve the first goal,increase retention of talented staffandimproved customer service experienceis required. For better customer service,reduced error rate for Lending Division, improved SLA to 98% for loan processing,andreduced turnaround time for post disbursal supportshould be achieved. To achieve this we mustalign SOP for Lending division with the ISO standardfor which we need to implement a new integrated Lending system for end to end loan processingandinterface RTM with other systemsthat will helpachieve automated productivity tracking of staff. To increase revenue, we need toreduce vendor cost for single system support;andincrease the customer basebylaunching new innovative products. To allow us to launch new product, we need to conduct monthly market research on demandsandincorporate a new system to manage all new lending products.These can be achieved if the bank canimplement a new integrated lending system for end to end loan processing. The bank has multiple systems as addressed below that help improve customer, employee experience and reduce cost of Lending Division. Integration of these systems into one single system can help achieve our goals. TheProduct knowledge is high in the teamand using a distinctive system namedCustomer Relationship Management system - a 360 degree viewof a customer relationship with the bank, our team has theability to address customer complaints in a timely manner. The bank holds a software namedProject Delight software for online personal loan top upwhich gives theability to process loans online immediately. Along with theThree Factory Model for processing loansand theElectronic Data Management system for handling files - unique in UAE, the bank has theability to shorten manual processing time, manage loans in real timeand ensure that95% of loans can be processed within 2 working days. The Bank also holds theTamooha Remote working systemwhich is first of its kind in the UAE and gives theability to remotely enter data. Therefore, the bank has introduced the concept ofwork at home for Emirati Womenin the UAE. Sincehigh capital available for investment, we have theability to invest in new infrastructurewhich givesability to attract more customers through local branches. Thus, the bankhas highest number of customers in the UAEandnumerous awards for excellent services. The root cause issues to address are;reduce the amount of micromanagement, reduce waste by eliminating redundant processesandreview the lending policies of the bank.Firstly, we need toreduce the amount of micromanagementthat will inadvertently reduce stress that is caused by excessive questioning on trivial issues from RTM reports and will ultimately help to improve motivation of employees.Secondly, we need toreduce waste by eliminating redundant processesthat will help toimprove Standard Operating Procedures (SOP)and make higher savings for the Lending division.Improved SOP will reduce manual intervention in loan processing system and henceimprove customer experience with Lending servicesthat will help increase the customer base.Thirdly, it is important toreview the Lending policies of the bank by conducting regular market research on customer demands. Savings will allow to invest in more flexible lending products to furtherincrease the customer base. Thus, resolving the cumulative root-cause issues will helpincrease the customer base
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