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A recently established bank has branches in Australian capital cities and online customers across Australia - HSC - SSCE Business Studies - Question 21 - 2017 - Paper 1
Question 21
A recently established bank has branches in Australian capital cities and online customers across Australia. The management of this bank wants to focus on improving ... show full transcript
Worked Solution & Example Answer:A recently established bank has branches in Australian capital cities and online customers across Australia - HSC - SSCE Business Studies - Question 21 - 2017 - Paper 1
Step 1
Outline the role of operations management in this business.
Answer
Operations management involves overseeing and managing the various processes that contribute to delivering banking services. This includes ensuring efficient resource utilization, managing workflow, and maintaining service quality. By focusing on operations management, the bank can position itself as a cost leader, effectively differentiate its services from competitors, and meet customer needs efficiently.
Step 2
Explain how improving operations processes may lead to better customer service.
Answer
Improving operations processes can lead to better customer service in several ways. First, streamlined procedures reduce wait times for customers both online and in branches, enhancing their overall experience. Second, improved accuracy in transactions minimizes errors, fostering customer trust and satisfaction. Lastly, responsive operations allow the bank to adapt quickly to customer feedback, leading to refined services that better meet customer expectations.
Step 3
Assess ONE operations strategy this business could use to improve its long-term success.
Answer
The bank may consider outsourcing certain operations as a cost-effective strategy to improve long-term sustainability. By outsourcing non-core activities, the bank can focus on improving the quality of its service offerings. This approach not only enhances operational efficiency but also allows the bank to leverage specialized providers that may offer expertise and technological advancements. Furthermore, establishing an outsourced customer inquiry center can reduce costs while ensuring that customers have access to less expensive labor.