The paper "The Refinancing Process in Colonial Savings Bank in Queensland" is a great example of a business assignment. The concepts of Service blueprinting and service chain profit can be employed in describing how organizations conduct their services. The process of refinancing in retail banking can be critically analyzed by the service blueprinting concept. The process of refinancing need to be conducted well or else it can result in several problems. In this paper, the service blueprinting concept is used to analyze the refinancing process in a colonial savings bank in Queensland.
The service blueprinting concept together with the service chain is then used to redesign the refinancing process in colonial savings bank (Frauendorf, 2006). Analysis of current refinancing process in retail banking In the colonial savings bank of Queensland, the process of refinancing is divided into five distinct stages. The bank created departments for these stages. The distinct stages include loan application, loan closing, new account establishment and loan payment setup. The process of refinancing can be analyzed well by the use of the service blueprint concept. Service blueprint provides a systematic method to visualize, structure and design service transaction processes (Mahadevan, 2010).
The process of refinancing therefore can be illustrated in a flow-chart mode. Refinancing processes in colonial saving are divided into five lines, which are a line of interaction, line of visibility, line of interaction, line of order penetration and line of implementation. These lines separate six different activities which are customer activities, on-stage activities, backstage activities, support activities, preparation activities and facility activities. The line of interaction divides the activities of the customer from the onstage activities of the colonial savings bank.
Customer activities include the steps, options, actions and interactions that a customer experiences when applying for a loan (Hoffman, & Bateson, 2010).
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