University of sunderland programme

UNIVERSITY OF SUNDERLAND PROGRAMME
ASSESSMENT COVER SHEET / FEEDBACK FORM

Module Name/Code: UGB 165 Introduction to

Business Operations and Services

Student Name & ID: Umurkulov Umidjon

B1905089/199169948

Due Date: 10.01.2020

Center / College: MDIST

Hand in Date: 22/12/2019

Assessment Title: Individual

Learning Outcomes Assessed:

Learning Outcomes Assessed:

Feedback relating learning outcomes assessed and assessment criteria given to students:

Areas for Commendation:

Areas for Improvement:

General Comments:

Assessors Signature:

Overall Mark (subject to ratification by the assessment board)

Moderators Signature:

Students Signature: (you must sign this declaring that it is all your own work and all sources of information have been referenced)

Table of Contents

ASSESSMENT COVER SHEET / FEEDBACK FORM 1

INTRODUCTION 2

1Introduce Customer-Centric Thinking 3

2The march of technology 4

3Advantages 5

4Disadvantages 5

5Awareness of Meridian Investment Bank 7

6Reducing costs 8

7Branch & Marketable Banking Development 8

8Bad debtors 9

9Conclusion 10

10Recommendation 11

References 12

INTRODUCTION

Meridian Investments Bank (MIB) was built in London in 1990 and has almost 30 years of lending and investing trip in the United Kingdom. Meridian Investments Bank recommends diverse sorts of products and services consisting of savings and constant deposits; residential and commercial property loans; automobile loans; delivery loans; unsecured business loans and insurance. In addition, Meridian Investment Bank provides loans mainly via main home widely owned monetary organizations, advance banks, export, and import banks and agencies, or loans in company with other worldwide establishments for progress. Meridian Investment Bank began off from a single retail-banking outlet and has because that multiplied to 10 branches by way of early 2019 with a new department opened about every three years. Strategically placed in the city, separately department has its very own operations manager and operates independently from one other. The Bank recommendations a complete area of marketable and retail loan and deposit goods, along with capital managing and automated payment services. Meridian Loan, a division of the Bank, is the highest row supplier of residential secured loan credits. The predominant instructions for its things to do are the director of the minor and medium-sized organizations and involvement in financing socially considerable infrastructure projects. In addition, whilst some branches may undertake updated and cutting-edge applied sciences for its customers, count others on a hybrid of digital and guide form-filling approaches to whole transactions. Inexplicably complicated transactions between banks around the world mean that the shocks of the 2008 financial system are reflected worldwide, and the influence is not limited to the banking division itself but to the universal budget. The disaster posed a number of problems for the investment subdivision.

1. Introduce Customer-Centric Thinking

Meridian Investment Bank’s management team are regularly affectionate of saying how their concerns are customer-centric. Bank thinks about specific capability as a service provider also then considers companies actually do put the customer first. Customers have to wait for transactions due to various bank confusion. Segmentation and prioritization of traffic primarily based on customer price (current and potential) analysis. Queue administration software helps you prepare your waiting strains through offering traffic with a handy ordering approach primarily based on “first in first out”, prescheduled engagements, then methods that are extra modern.

2. The march of technology

Service is that the product of the interaction between a supplier and a client or the customer’s facilities, to alleviate the client of a problematical or to modify him to resolve it in an appropriate method. Varied banks are burdened with superannuated IT systems. As rivalry heats up to get customers and rise internal potency, systems can advance across the boarding. Several banks are assessing core system upgrades to bring a lot of flexibility and configurability to their service should be modernization. The sheer pace of the amendment suggests that IT architectures would force important re-engineering to support an entire re-working of the standard banking-operating model. The device affords audio-visual skills for directing customers, a friendly customer interface for costumers to control traces and name customers forward, and beneficial equipment for managers to manipulate the level of provider and generate overall performance statistics. In additions, the transaction must be understandable for the customers during fill out transactions. This system in the banking enterprise provides strategies for you to prioritize your valued clients so they wait less in the queue, without irritating normal customers.

Digital strategy continues to exists targeted on sturdy, convenient and easy Member expertise that is accessible anywhere 24/7. The subsequent capabilities were value-added or increased in 2018.

Introduction of Price Drop, an allowed mobile service that systematizes fee similar. This enables Meridian to develop our Members’ good by serving them save time and money. The company system is a more important factor in banking. This enables Meridian to help gain more costumers. Therefore, the bank has to listen customers –on a day-to-day basis.

3. Advantages

It regulates your stress and ensures compliance with work rules - meetings, priorities and more.

It decreases queue extent, besides apparent and proper waiting time, thereby meeting customer needs.

The central server are often scaled up from one point-of-service to any kind of branches.

Easy maintenance, no need to set up software program at agent counters.

A bendy explanation talented of lecturing any obligation— from fast services such as offerings provided through bank tellers to extra-complicated enterprise areas involving long-term techniques such as mortgages and investment portfolio management.

4. Disadvantages

However, it cannot be returned or resold.

Satisfies customer requirements with built-in digital display. This service called intangible service.

Management provides a comprehensive analysis of efficiency and level of service that helps clients optimize service and limit operating costs. As digital search and self-service capabilities have improved, consumers and small business owners increasingly look to the internet, friends and social media for financial information, advice about their needs and product comparisons. If they find good advice from those sources, and if bank and credit union branch staffs are not skilled or lack the internal systems to provide the quality of information or advice consumers expect, then the branches become just fulfillment centers, at best, for people who have already identified their needs. Realization requests a transparent vision of shoppers and the recommendation they have to be supported by coordinated retail, marketing, exercise, and IT initiatives. It conjointly needs investment within the data customers want, the staff’s abilities to produce it and the processes and training to create certain it is systematically done. These are progressively significant as banking organizations shrink staff and rely more on universal bankers.

The Meridian Investment Bank database needs to be radically reformed. A new alternative system should be created. All necessary information about each client should be kept clear and clear in each branch of the bank

While there are many good examples of bankers who, through their own study and experience, have earned their clients’ respect and trust as the go-to sources of information and advice, there are very few banks who have lifted all or most of their branch, field sales, or call center client-facing team members, to this level.

The central server can connect to any number of branches from one service point. Analyses are under way in amount of establishments, which might compulsorily ending banking organizations. The bank's employees will no longer have to ask from another branch to request customer information. Bank employees can get costumers' transactions by accessing an information database. Modern technology is a hybrid of electronic filling processes to complete transactions for costumers. In the UK, for example, the other Partnership management banks' have completely recognized this banking operation system. ING, for instance, has been well ordered to retail its international insurance operations; its investment administration commercial it is also in the USA is other investment banks' branch use this kind of database system. In the United States of America, the Dodd-Frank Wall Street Modification also Customer Protection Act, or Dodd-Frank Act, is the greatest widespread fiscal directing reform amount since the Great Depression. According to this, from this action banks will be expected to announcer main variations to general hazard dislike and customers' rights protection.

5. Awareness of Meridian Investment Bank

Meridian will also need to improve the relationship between the Bank's branches. Because of poor corporate functions and misunderstandings between different branches of the bank and employees. Poor employee relationships also seriously affect the bank and its affiliates. Workers of Meridian investment bank's branches should organize quick meetings between the beginning and the middle of the year in order to share their different experiences and ideas. Meridian bank also should organize ideation program among employees. Employees who have moved from one branch to another should not be considered strangers. Employees who have moved from one branch to another should not be considered strangers. This means that the operational management of the bank branch must be integrated, it is a mutual problem. Team members simply do not know each other, and if bank managers are not doing a good job of uniting teams, you have to try to do many things. This is a problem of company culture, first. As a manager, you need to make sure that everyone knows that there is no competition between locations. Everyone either fails or prospers together.

Meridian continues to speculate during a mixture of strategic and initial ambition as we have a tendency to still expand our digital capabilities, add additional branches, diversify our business and improve subsidiary structure. The anticipated launch of our digital bank, motusbank, in spring 2019 also will be a main investment for Meridian, which is able to become a causative issue to our performance in future years because it continues to grow. Meridian Investment Bank needs to be focused on ensuring corporate functions; earnings performance, funding requirements, and capitalization are maintained. This will ensure Meridian has sustainable profitability, a key ingredient to support development and Membership base. Taking large fee ease the stock bank’s risk by isolating it from the stock’s actual performance in the marketplace.

Some have even suspect investment banks of mispricing stocks, asserting that the banks deliberately dump new stocks to engineer a “pop” on their initial day of mercantilism —. Advancing bank moreover influential investors that the bank brought into the inventory.

6. Reducing costs

To get the predictable loss of measure and total subjects, tiers should plan advanced operational administration. A creative method is required to cut expenditures and switch a fragmented worth chain. Improvement could be inspired by side ‘outside the box’ thoughts, based around preventive rather than short-tempered entertainments. Moreover, banks need to present cost-reduction events, which are both longstanding and supportable.

7. Branch & Marketable Banking Development

Meridian will proceed to make investments in original Retail and Commercial branches. Three branches (one launched early in January 2019) and two Business Banking Centers are planned to open in 2019. These encompass locations in especially targeted areas. As these new locations produce their portfolio of Member and produce stabilities, over time they will subsidize completely to Meridian’s supportable efficiency. Banks must organize wholly measures of the proceedings (trade, marketing, commodity, transaction, peril, investment, IT, compliance and more) to make this alteration the number one precedence on everyone’s agenda, starting from the members of the board. Existing tactics to the development of working administration are based on totally traditional, linear problem-solving techniques. This type of strategy can be very effective when uncertainty and complexity are low and when the new layout does no longer need to be radically different from the cutting-edge one. However, they cannot tackle the needs of the modern-day quite fluid, uncertain environment, where banks want to radically change their running models in order to survive. All the common levers, such as economies of scale, single structures and shared services, should be cut back, or at least cannot be exploited as before. Therefore, banks clearly want to discover new methods of lowering costs, coping with a complex, disintegrated cost chain, and addressing new facts requirements, whilst at the same time delivering outstanding patron service.

Numerous of the superior banks have already started out alongside this transformational path, opening the gradual manner of restructuring their operations management to go well with the ‘new normal’. The vertically integrated mannequin that until very currently held sway across the industry was once developed round person product enterprise units, such as loans, banking, gate-money, investments, and insurance, generally due to legacy product-centric IT platforms. Each commercial enterprise unit is responsible for its very own activities, such as trade, commercing, servicing, and support.

Effective risk management is quintessential to the attainment of the strategic imperatives of Meridian. Meridian has constructed a strong basic hazard lifestyle that empowers all employees to be engaged in the identification and management of threat inside this appetite. The Board of Directors and all personnel are accountable for making sure that the risks to which Meridian is exposed are aligned to the Board-approved hazard appetite. Meridian has installed a hazard urge for food framework throughout the organization for Management and the Board of Directors to communicate, recognize and verify the degree of threat that they are inclined to accept. A clear hazard urge for food permits Meridian to make higher strategic and tactical decisions on a risk-reward groundwork with consideration for its potential to manage associated risks. Meridian uses Enterprise Risk Management (“ERM”) to utterly reflect on consideration on hazard in all decision-making to make sure that the threat exposures of Meridian are effectively and prudently managed. Meridian’s ERM framework complies with DICO’s By-Law No. 5, Standards of Sound Business and Financial Practices, and considers the practice furnished through different relevant regulatory our bodies and enterprise exceptional practices.

8. Bad debtors

If the borrower defaults, the bank can pursue the borrower legally, but they cannot just take back and specific collateral. Nothing is pledged as collateral for the obligation. Unsecured business loans typically transmit sophisticated annual measurement rates than secured business loans, but then they typically come with faster funding. However, even though an unsecured business loan is not backed by collateral, nearly creditors may oblige from costumer to sign a personal agreement. A personal agreement gives a creditor the right to go after the costumer's individual assets (a household, automobile or cash) to recoup the loan if the costumer fails to repay the debt. To obtain adequate debtor cooperation with either an out-of-court workout or court-supervised reintegration, creditors should have appropriate admittance to as several branches (for example, foreclosure, insolvency, bankruptcy) as possible. Beginning criteria must be based on performance (for instance, nonpayment of debt). Observance for transforming a failed workout or court-supervised rehabilitation into receivership or liquidation should be simple, quick, and sure.

9. Conclusion

Expected strong increase in relationships is predicted to result in accelerated revenue. With hobby costs on the rise, this ought to assist develop our net pastime margin. The earnings increase will continue to assist aid investment in strategic initiatives and keep a strong capital base. The persisted center of attention on strategic investments is predicted to gain Meridian’s long-term sustainability and subsequently Meridian’s Members. Capital is crucial to allow Meridian to proceed to make investments strategically to assist Members’ future needs. Management is committed to implementing techniques to keep capital tiers that are financially sound and will employ long-term techniques to similarly support Meridian’s capital base. Meridian Investment Bank is one of the most successful banks in all areas. Nevertheless, the Bank has had some financial and internal deficiencies and difficulties. Operational management, financial management and staffing techniques of Meridian Investment Bank for a while have become more positive.

Polar diagrams are used to show the comparative importance of each presentation objective to an operation or process. They could also be used to show the variance among diverse goods and services produced by an operation or procedure.

1. Cost – being creative

2. Quality – being correct

3. Flexibility – being able to adjust

4. Dependability – being on time

5. Speed- being rapid

A centralized file can be stored on computers and can be programmed to identify specific registered customers, branches and firms that have been subject to multiple client complaints or several types of complaints. Contact staff has to give high levels of discretion in servicing customers. The centralized file can help SROs track the activities of their registered customers, which makes it easier for them to register customers, thus providing information from branch to branch and to different jurisdictions. The SRO means that a professional organization, not connected with a government, having certain, with limited authority over its members. The system people-based rather than equipment-based. After Meridian launched an online banking service for investment banking customers, they gained significant customer confidence.

The Mortgage Document (Agreement) and the Lender must regulate the rules governing the mortgage. It is necessary to act appropriately for those who do not pay their debts on time. Because of large amounts of debt, damage the bank's financial system. A business's cash glide will commonly contain now not solely the money that goes in and out of the business from its operations (sales much less expenses) however also any money waft from investments or financial things to do (for examples: repayments and receipts of pastime and dividends, long-term contracts, insurance, income or purchase of machinery and different capital changes, leases, etc.) However, the most essential component to a bank is in reality whether the business's ongoing sales and collections signify a enough and everyday source of cash for reimbursement on a loan.

The bank often knows how to treat its customers. In any case, the bank should prioritize the client. The customer-centric approach is actually very effective. Customers will have to wait for transactions due to the bank's various confusion. Queue system administration programs help the bank to prepare waiting times, primarily for pre-scheduled meetings and solutions to more complex issues.

10. Recommendation

There is significant reliance on intuition for investment decisions and this allows to a large extent factors to dictate the choices that are made. Lack of availability of long-term investment opportunities may also a potential contributor to the choice of short-term investment vehicles rather than a cultural factor of uncertainty avoidance.

All bank accounts must be settled on a systematic basis and at least once a month.

A responsible official should review the reconciliations and they should proof of their review.

The finance director should analysis the whole costs list before approving.

As part of this, he should agree on the amounts to be paid to supporting papers, as properly as reviewing the dealer names to decide any duplicates or any unfamiliar names. He have to proof his evaluate with the aid of signing the financial institution switch list. Awareness of issues have to be accessible frequently and identifies elements that increase fees except adding value. The integration between the employees has had a very positive impact on the Meridian Investment Bank. In addition, they should exchange ideas about work processes and types of services in the branches. Teamwork is more effective in this area. Because, each the report must be accurate and consistent.

References

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Meridiancu.ca. (2019). [online] Available at: https://www.meridiancu.ca/Meridian/media/images/PDFs/2018_Annual_Report.pdf [Accessed 19 Dec. 2019].

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TheFreeDictionary.com. (2019). SRO. [online] Available at: https://financial-dictionary.thefreedictionary.com/SRO [Accessed 19 Dec. 2019].