The report discusses about the process management of Bank of Queensland (BOQ). The study researches about the one of the oldest financial institutions in Queensland, BOQ, its business operations and processes, models used by the company for this purpose.
2. Company Profile
The company was established in the year 1874 at the Brisbane Permanent Benefit Building and investment Society. Bank of Queensland has various strategic methods applied for the financial business such as low interest rates for the loans. The home loans and car loans are available by the bank in cheaper interest rates. However, the process management of BOQ is also systematic; hence they provide minimized processing cost to their customers. Along with that, BOQ deals with various types of products diversify in the category of banking and financial (Boq.com.au 2017).
BOQ has four major categories of products they deal with such as online banking, personal banking, business banking and the investment banking as shareholders deals. The online banking is for the purpose of the banking information transactions along with few monetary transactions. The online banking consists of the mobile banking facilities as offered to the customers. The personal banking consists of the transactions of banking products like loans, credit cards and debit cards and savings accounts & investments. The business banking is for the B2B customers such as small and medium or may be big business organizations that requests for business loans, corporate and the property dealings and the products of the financial markets such as stocks, mutual funds etc. The shareholders banking consist of the payment of the dividends, buying and selling of the preference shares and other beneficial information regarding the shareholders’ investment in the bank (Boq.com.au 2017).
3. Business Process Model
The Bank of Queensland uses a unique business process model which can be describes with the studies and researches on the organization along with the theories of Process Management. The Business Process Modeling is required to describe all the important aspects of products of the BOQ along with the characteristics and strategic approaches of the management people. A business model of a bank depends on the customers they deal with. For the discussion and understanding, various flowcharts are required that represents a structural framework of the business management of the company (Climent, Mula and Hernández 2009).
A business process can be defined as a set of several transactions and scientific activities that should be considered for the generation of the stipulated output in the business. The outputs should be perceived as per the needs and demand of the customers. The current situation in a business is moderately considered as for the functional activities and the business process modeling can be evaluated in this context (Sathye, Nicoll and Chadderton 2017).
There are two processes in the banking system majorly called as the internal process and the external process. The external process consists of the transactional and functional processes between the business and the customers. The internal process consists of the several business transactions for the support of the external process and along with that, the transactional processes among the departments (Pagan and Wilcox 2016).
In the above chart, the internal banking operations are shown. These banking activities are performed to support the external business operations of the bank. In the process, various trading requests for cash and financial trading operations are come. Along with that, the risk related information are also get requested to measure the investments and operational risk in the business process. However, the bank activities consider the customer information along with the operational requests and approvals for this purpose. The employees working in the operations department of the bank considers the guidelines and norms as stipulated by the senior management of the bank such as the Directors, Assistant directors, Notary, Financial Analysts, Bank Delegates, Regional Managers and personnel with the similar responsibilities. The internal business process outputs the transaction of the products and the various requests as per the company norms (Cummings and Durrani 2016).
The external business process of the bank consists of the verification and collection of the information as requested by the customers. In this process, the bank representatives take part and the customer service supports this process with all sort of information regarding the products as designed by the operations and management team, the necessary steps required for fulfilling the needs of the customer. The external business process consists of the processing and delivery of the banking products like debit card, credit cards, FDs and the other investment products. The external business process requires the customer information majorly to deal with proper information (Munir and Baird 2016).
Operations Performance Objectives
- To ensure all the requests are attended and resolved with proper support in the stipulated business days.
- To ensure the perfection in the business operations and guided by the regulations.
- To minimize the operations cost that to get the maximum profit in business.
To improve the business process management of the BOQ, it needs to do such as –
- Ensure the perfection of work in every step.
- Ensure the guidelines and regulations are equitable with the needs of the target customers.
- Approach for the strategic business environment to implement developed process that will minimize overall cost to the business.
- Implementation of Automated systems in the business to minimize the time spends for the data processing and similar necessities. In this purpose, an ERP can be considered for the business (Kasiewicz and Kurkli?ski 2017).
The process management of Bank of Queensland has been analyzed in this report. The study has gone through the internal and the external processes of the bank. Along with that, the study has guided the process amp of the banking system. The report has gathered few recommendations for the development of the process of the bank. The study concludes that, the bank has developed sufficient process management in their business. However, they can improve with the recommendations as stated in this report.
Boq.com.au. 2017. BOQ - love BOQ for Personal Banking, Business Banking, Home Loans, Term Deposits and Online Banking. [online] Available at: https://www.boq.com.au
Boq.com.au. 2017. Shareholder Information and Services - BOQ.. [online] Available at: https://www.boq.com.au/shareholder_services.htm
Climent, C., Mula, J. and Hernández, J.E., 2009. Improving the business processes of a bank. Business Process Management Journal, 15(2), pp.201-224.
Cummings, J.R. and Durrani, K.J., 2016. Regulatory Capital and Internal Capital Targets: An Examination of the Australian Banking Industry.
Kasiewicz, S. and Kurkli?ski, L., 2017. Regulatory Risk in the EU Banking Sector. In Risk Management in Public Administration (pp. 283-314). Springer International Publishing.
Munir, R. and Baird, K., 2016. Influence of institutional pressures on performance measurement systems. Journal of Accounting & Organizational Change, 12(2), pp.106-128.
Pagan, A. and Wilcox, D., 2016. External review–reserve bank of australia economic group forecasts and analysis.
Sathye, M., Nicoll, G.A. and Chadderton, P., 2017. Regulatory Focus on Competition and Innovation in Payments Services. Does Regulation Aimed at Encouraging Competition and Innovation Conflict with Requirements for KYC, AML, Etc.? Are the Two Sides Compatible? An Exploratory Case Study of Australia.