The paper "Productions and Operations Management" is a great example of a report on management. With the persisted growth of the mining region in Central Queensland, the Colonial Savings Bank of Queensland had incurred a major development in all areas of its industry. One area that looked to be booming was the refinancing of home loans. This paper will be looking at the ways in which as the newly appointed manager, I will strategically restructure the loan-approval process for the applicants. This will also include strategizing the lengthy time that is wasted during the loan application and approval process.
The paper will be looking at the ways in which this could be substantially reduced. IntroductionAt the Colonial Savings Bank of Queensland, existing and prospective customers were searching for additional economical loans, and the applications for refinancing were being obtained in escalating numbers. In order to handle the rising volume, the banks build up a new loan approval process. The loan approval process averaged about45-90 days from the signing of an agreement with the customer to the approval of the loan.
However, it later affected the bank's sound relationship with its customers. New service blueprint showing how the overall process can be improved. Instead of relying with the existing loan approval process, Colonial Savings Bank has opted to devise an absolutely new approach to loan approval, based on advanced infrastructure and technology along with customer focus. While the existing loan approval process guarantees to complete a loan approval application in 45 to 90 days, the new process embarks to make loan approval decisions in only hours and afterwards in few minutes. Colonial savings agent and lawyers will gain from extremely sophisticated information systems that will permit access to third-party files, for instance clients credit history details and refined scoring systems to gauge loan quality.
The agents will be supplied with decision support systems to assist them make loan decisions at that moment, shifting irrelevant applications by regulating loan to value rations downward to more favorable stages. Not only will Colonial savings bank new loan approval process provide huge enhancements in customer service, but it will also decrease variable costs for a loan process to a small portion of its traditional competitors’ rates.
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