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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 plays a crucial role in the bank by ensuring efficiency in its processes and maximizing customer satisfaction. It involves overseeing the daily operations, managing resources effectively, and implementing strategies that help the bank differentiate itself from competitors, ultimately leading to a cost-effective service.
Step 2
Explain how improving operations processes may lead to better customer service.
Answer
Improving operations processes can enhance customer service by reducing wait times, streamlining transactions, and increasing the accuracy of services provided. By adopting technologies that automate and simplify banking operations, the bank can ensure quicker response times and more reliable service, which in turn increases customer satisfaction and loyalty.
Step 3
Assess ONE operations strategy this business could use to improve its long-term success.
Answer
The bank may adopt outsourcing as a cost-effective strategy to improve its long-term sustainability. By outsourcing specific operations, the bank can focus on the core quality of services it provides to the market. This not only reduces operational costs but also allows the bank to remain flexible in meeting market demands. For instance, outsourcing customer service functions to specialized centers can enhance responsiveness and reduce overheads, enabling the bank to allocate resources to areas that directly contribute to customer satisfaction and engagement.