Online Tutoring on ANZ bank
Provide the name of the organization, describe the organization’s size and summarize the primary mission of the organization.
Australian and New Zealand is one of the largest companies in Australia and New Zealand and a major financial service group and international banking (ANZ, 2015). It provides a range of banking and financial products to retail, corporate, institutional and small business clients. The company primarily conducts its business and operation in Australia, New Zealand and the Asia Pacific region. The company has around 1220 branches and other points of representations (HC Online, 2005). It is one of the five largest companies in Australia with $259 billion worth assets and total shareholder return of 33 percent. It employs over 50,000 people serving over 9 million customers across the Australia, New Zealand, Asia, the Pacific, India and USA (HC Online, 2005). The primary mission of ANZ bank is to become a super-regional bank in order to provide scale and quality of a global business to customers in their core markets of Australia, New Zealand, Asia and the Pacific (ANZ , 2015).
From your research of the organization, identify a single Business Process Change that the organization will need to contemplate and undertake in the coming year.
ANZ bank operates in fiercely competitive market with intense scrutiny of performance and shareholder returns. Australia’s major banks are going through intense downsizing, streamlining and squeezing efficiencies out of every process to stay competitive (Dias, et al., 2012). Today the retail and wholesale banks are facing operational pressure that test the effectiveness, efficiency and agility of their business process. ANZ was the first bank of Australia to go through major business process reengineering to manage to people within the organization (HC Online, 2005). Previously, CEO of ANZ bank John McFarlane explained that in order to improve productivity and maintain service for customers, there is need to change the hearts and minds of people within the organization (HC Online, 2005). However, banks need to enhance many of their customer-facing, front end operations with the digital solutions. Online banking provide consumers with enormous convenience along with the rise of mobile payments is slowly eliminating the need for holding cash. Many of the banks internally rely on people and paper to manage customer requests (Dias, et al., 2012). ANZ bank needs to rework a better IT infrastructure in order to have much smaller operational units and for running value adding tasks. This would require digitalization of all processes which would prevent customers from using paper and digitalize workflows as well as automate decision making procedure.
Utilizing the Capability Maturity Model (CMM) outline briefly what changes need to be undertaken at each of the 5-stages.
By utilizing the CMM, changes will need to be implemented at all levels. ANZ will need a model on how all branches can utilize automated account-switching process and adapt quickly to respond to new opportunities provided through better IT architecture (Marshall, 2008).
Level 1: A team of information technology, operations and business process experts will analyze existing processes from customer efficiency and risk perspectives (Marshall, 2008).
Level 2: ANZ will have to gather the data to determine the cost associated with the process of automating account switching process. A repeatable process will be established to receive the account opening or switching application and an estimate of feasible time will be set to provide the customers with the solution. This process will also serve to gather the data of customers’ accounts and time taken to solve the issues along with improvements (Marshall, 2008).
Level 3: The process to handle the online billing and account switching requests. These requests will be documented and clearly defined to run smoothly in a consistent manner. Managers in this level will align the ANZ strategy to the specific goals of the customer service and the outcomes of the specified process. At this level the necessary tools to accomplish the goals and aims will also be provided effectively (Marshall, 2008).
Level 4: ANZ at this level will be able to collect and gather data about the process. The company will start considering the development or acquisition of a software system in order to smoothly run automated account shifting procedure. At this stage the software application is needed to keep track of the requests of account shifts, the time to fulfil those requests and the follow up needed (Marshall, 2008). ANZ should be able to assess the need for new workforce, associated costs, customer satisfaction, and quality of service, performance and profits.
Level 5: ANZ at this level should be able to optimize the process of business change by assessing all quantitative data collected. ANZ bank staff and implementation team should be able to continuously improve the method to decrease and/or eliminate the areas of concern along with environmental factors’ consideration. At this stage employee performance evaluation can also trigger new ideas and suggestions in order to implement new changes, improvement and take advantage of new technology in banking sector (Harmon, 2010). A coordinated assessment with the quality control may also assist in reducing the amounts of errors and complaints by the customers of bank and also reduce the processing times and the costs associated (Harmon, 2010).
