Choose a Financial Institution such as a bank in the United States. Select a process within that type of organization that may need improvement.
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Choose a Financial Institution such as a bank in the United States. Select a process within that type of organization that may need improvement. Please address the following deliverables:
a) a description of the chosen process
b) an as-is flow chart of the process to be analyzed
c) describe the relationship of the process to the organization's strategic plan.
d) identify the internal and external customers that are currently impacted by the process that would benefit from the process improvement.
e) identify the most appropriate Quality Management tool that can be used to collect and present data on the process improvement changes
f) utilize your selected quality tool to analyze your process and identify process improvement opportunities
g) estimate the level of improvement that could be realized and the value of implementing this process improvement.
h) finally, discuss your findings from the simulation activity and assess relevance to your process improvement project.
Please help in providing some insight to this problem. Any detailed information would be greatly appreciated
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Solution Summary
Wachovia is the example given and discussed in detail.
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Choose a Financial Institution such as a bank in the United States. Select a process within that type of organization that may need improvement. Please address the following deliverables:
Wachovia Corporation (Wachovia), incorporated in 1967, is registered as a financial holding company and a bank holding company, and provides commercial and retail banking, and trust services through full-service banking offices. Wachovia also provides a range of other financial services, including mortgage banking, investment banking, investment advisory, home equity lending, asset-based lending, leasing, insurance, international and securities brokerage services through other subsidiaries.
a) a description of the chosen process.
The chosen process is that of giving loans for construction purposes. This loan requires, evaluation of the project budget, making inspections and passing of vouchers. This process is complicated because typically the loan is released in parts to match with the percentage of the work completed.
b) an as-is flow chart of the process to be analyzed
Please see the attached diagram.
c) Describe the relationship of the process to the organization's strategic plan.
The company strategy of Wachovia Corporation is to provide diversified financial services. One of the most lucrative areas of banking is financing of construction projects. Construction process financing has challenges. They require regular inspections, voucher receipts, complicated project budgets, staggered releases of funds and retention money. Interest accrual, loan status and fee accounting are some of the areas that requires extensive fund control services and clerical overheads.
d) Identify the internal and external customers that are currently impacted by the process that would benefit from the process improvement.
The internal customers that are currently impacted by the process that would benefit from the process management are ...
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