The case of Lloyds TSB Bank: BACKGROUND OF THE CURRENT STUDY

There is a rich body of literature indicating the concept of process when analysing the efficiency of operational process. A process is a series of steps or stages which convert inputs into an identifiable output intended for an internal and external customer. Childe, Maull and Bennett (1994) argued that a business process operates in a way analogous to a system which comprises a series of continuous actions or operations performed at different stages. Furthermore, Deming (1982) reveals that ‘a diagram of any process will divide the work into stages. These stages as a whole form a process. The stages are not individual entities, each running at maximum profit . . . work comes into any stage, changes state, and moves on into the next stages. Any stage has a customer, the next stage. The final stage will send a product or service to the ultimate customer’ and that ‘every activity, every job is a part of a process’. In recent years, many existing frameworks have been presented under the umbrella of ‘blueprint’; ‘process analysis’;, ‘process control’, ‘process improvement’; ‘process redesign’ and business process re-engineering . These studies provide methodologies from which can be deduced to what extent inefficiency in the operational process is due to incorrect design, and how much is due to poor performance. Ho and Case (1994) review the literature for 1981—1991 on the process’s optimisation using economic design of control charts. The current study is mainly concerned with the operational flowchart for opening a student account. Therefore, this paper will demonstrate an approach to a flow mapping process which highlights steps and provides a basis for evaluating how effectively it contributes to the achievement of service quality in the financial services sector.

The flow mapping or flow charting method is one of the simplest ways in which to analyse problems visually as well as to detail other parts of a process, or an entire process. It provides valuable insights into how to optimise operational performance in terms of quality, cost and time. Therefore, the objective is to capitalise on operational service quality, while at the same time reducing cost and time. The flow mapping process is helpful for this objective when it is brought into line with a more detailed narrative explanation of main elements. Consequently, the process is mapped in order to gain a clear understanding of how and why the process operates the way it does. The next section outlines the research aims and objectives which guide the study.

 

Representative APR 391%

Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

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