5. Organizational Overview: Standard Chartered was formed in 1969 through a merger of two banks: The Standard Bank of British South Africa, founded in 1863, and the Chartered Bank of India, Australia and China, founded in 1853. Both companies were keen to capitalise on the huge expansion of trade and to earn the handsome profits to be made from financing the movement of goods between Europe, Asia and Africa. Standard Chartered’s aim is to be the world’s best International bank with an extensive global network to service clients on their cross-border and domestic banking needs.
To support this ambition, they want to hire high caliber graduates who can think and operate on an international not just a local basis. It’s important to them that their people can think internationally to provide a range of alternative solutions, and be capable of working with customers and colleagues across different time zones, different cultures and with different needs. Standard Chartered has over 77,000 employees, representing 125 nationalities; working in a global network of over 1,700 outlets in more than 71 countries around the world.
Our variety is a source of great strength, and we take care to build powerful connections across our network to get the very most from the vast fund of cultural, local, technical and strategic knowledge we possess. Standard Chartered Bank is the largest international bank in Bangladesh with 26 Branches, 57 ATMs and 7 Financial Kiosks; employing over 1,300 people. We are the only foreign bank in the country with presence in 6 cities – Dhaka, Chittagong, Khulna, Sylhet, Bogra and Narayanganj; including the country’s only offshore banking units inside Dhaka Export Processing Zone (DEPZ) at Savar and Chittagong Export Processing Zone (CEPZ).
Vision To be the preferred provider of Islamic financial products in the market. Mission To create exceptional value for our clients, investors and staff; through market leadership in providing innovative Shariah compliant products and solutions, and by adopting and living our core values. 6. Strategic business objectives of the organization: Attracting and retaining the best talent: There were particularly strong increases in the number of employees in many of our core strategic markets. For example, we recruited almost 3,000 employees in India, just under 1,000 in Pakistan and over 1,000 employees each in China, Hong Kong and Singapore.
We expect to continue hiring in these growing markets in the coming years. We focused on increasing the proportion of women at senior levels. As part of our efforts to retain talented staff, we continued to provide an inclusive environment for our people Performance: The Group’s approach towards rewarding employees is closely aligned to performance. We launched a new on-line performance and compensation management system which will help us meet the challenges around decision making as we grow and help reinforce the links between performance decisions and reward allocations.
Talent management and development One way Standard Chartered helps individuals identify their strengths is through the use of an on-line self-assessment system. 7. Business challenges the organization face: * The major challenge that bank has is the stress levels that are running high due to certain employees not being able to meet their targets. This is having a negative impact on the figures for the entire department and causing increasing tensions. This may result in declining applications if this situation is not resolved in an appropriate manner. Another is the entry of new banks into this area of personal cash financing. As more banks are starting to offer this facility this industry is becoming increasingly competitive and the already saturated target market is not showing great potential for growth. We can see this from the loan that Citibank is currently offering with 0% interest these days. * The State Bank has limited the credit limit on credit cards to RS. 4999999. This is 1 rupee less than the maximum loan amount of SCB.
So people who wish to have this sort of money are shifting from financing their needs through personal loans to instead utilizing the limit on their credit cards. * The Personal loan Dept. at present is evenly balanced. But the future holds many threats both foreseen and unforeseen and how the management and the sales team take these threats is what is going to set whether this department excels or starts facing declining applications as time goes by. The BDE’s are eagerly looking forward to harnessing the potential of the opportunities that have been presented here.
And their energy and enthusiasm along with the hard work hours that they put into the job will most probably tip the scales in favor of SCB. * The Personal Loan staffs are at present being treated as the typical Theory X workers. The only motivation that they are provided with apart from money is that they will face a very angry “Boss” if they are unable to achieve their targets. * Employees have been complaining about lost visiting card diaries, mobile phones and other articles. These articles are “lost” from their desks or their personal storage space.
This has added considerably to the already tense environment. 8. Different Functional areas and their major activities along with business process:? There are various departments in this bank due to the wide range of services that it offers to its clients. Each dept. serves a very important role in making the difference between a satisfied and a dissatisfied customer. The major departments that I was able to learn about are: Consumer Banking Department: Savings ; Banking Services The bank offers a wide choice of savings accounts and banking services to suit the customers and their lifestyle.
My Dream Account Save for your children’s future with a special account that’s easier for parents to manage. Payroll Account A one-stop banking solution for companies and their employees that improves the way salary payments are managed. The account offers bank-wide range of benefits to employees and salary process convenience to the employer. Women’s Account Choose a bank account designed specifically to meet the financial needs of women. e$aver Manage your money anytime, anywhere – and watch your savings grow faster with our most competitive interest rate.
Marathon Saving Account Enjoy an interest rate that is as attractive as that of time deposits while enjoying the transaction convenience to your account and withdraw flexibility to your money at anytime. Foreign Currency Account Start saving your money in multiple foreign currencies! It’s easy with Standard Chartered Bank and it comes with a high interest rate as well. To find out more about our savings accounts, please go to your country website. To find out more about our savings accounts, please go to the website for your country. Banking services
From demand drafts and foreign exchange services to safe deposit boxes and telegraphic transfers, Standard Chartered’s banking services are designed to make managing your finances easier, wherever you are in the world. Personal Financial Services Department: This department basically consists of 4 Personal Financial Consultants (PFC’s) who have the task giving all sorts of financial services to the client. They can be asked for information about any product of the bank or any advice to help in reaching the best decision by the customer. It is basically there job to assist the customer in any way possible.
Their task also includes opening all types of accounts and letting customers know of the best-suited option for them. Corporate Department: This department mainly dealt with all matters related to corporate accounts. By corporate accounts I refer to all the companies that have opened accounts of their entire staff with SCB. Management of these accounts is done in this separate dept. of SCB. Other than management this department also has to achieve a certain target of getting a certain number of corporate arrangements to make this banks corporate customer base stronger.
SCB has corporate accounts of US Embassy, Australian High Commission etc. Cash Management and Remittances: This department is mainly concerned with the most critical and nerve wracking work in the entire bank. This department includes the management of all cash related activities and therefore also includes the tellers and all activities related to withdrawals or deposits by customers. The management of funds and the transfer of money within the bank is also managed by this dept. and the additional services that this dept. performs are money transfers, issuing new check books, making drafts etc.
Credit Card Department: This dept. is basically concerned with all functions related to the credit cards of SCB. There is a Visa card and a Gold card that is being offered by SCB. Getting customers to buy these cards and also satisfying customers who have previously got this card is the major function of this dept. however the dept also manages its own collections of bad debts or people who pay late. So it is a relatively self-sufficient dept that covers an entire product of SCB. Priority Banking: This dept basically exists for those customers who can open a minimum current account for RS. million or who open accounts of at least 2 million rupees in case of savings account. Priority banking solely deals with customers who fit the above-mentioned criteria and not with the regular customers. A separate teller that is only for Priority Customers deals with matters of such clients. Apart from this, finding such clients and making them open accounts with SCB is also the task of this department’s staff. Telemarketing: This department as the name implies deals mainly with all telemarketing activity of SCB within Islamabad.
They provide information regarding the banks products. They also serve clients by telling them their account balances or credit card limits that are outstanding. This department provides further facilitation by helping get clients for Credit cards, Personal loans and Auto Loans. Customer complaints are also made to this department if they are via telephone. Auto Loans: This dept. basically deals with all SCB Car financing loans. This dept. also has a fully equipped sales team like the Personal loan dept. and it is their job to get customers to finance their cars through SCB. . Information systems for Business Processes in each Functional Area: * Input, Processing and Output system are given below: * Account Opening: Input: Give bio data, NIC no. , income, city name. Process: Information send to the “virses”. Output: new account opened in the bank. * Online Activity: Input: Concerned Branch code, city name, account title, amount & the transaction. Process: The information will send to organization server (HUB). Output: Transfer of fund to the concerned branch. * ATM Card: Input: Give bio data, income summary, company name, NIC.
Process: NIC no. and bio data send to “virses” which directly linked to NADRA. If information is correct then it is forward to customer service centre. Output: Issue of credit card. * Car Financing: Input: Account title, down payment amount. Process: The information is send to the HUB and verify the account of customer and make the schedule for leasing for the given period of time. Output: Customer can get a new car. * Software Resources:- Following software’s are used for the functioning of our information system and organization; * Application Software:-
Following application software’s are used in our organization and functioning of our information system; * Microsoft Office * NOD32 Anti-Virus * Adobe Reader * System Software:- Following application software’s are used in our organization and functioning of our information system; * Operating System (Windows XP and Linux) for PC’s. * Windows 2003 server for mainframes. * Hardware Resources:- Following hardware resources are required for the functionality of IS an organization: * Personal computers * Canon Document Scanners * HP Printers Networking cards * Currency counter * Coin counters * HP Digital Scanners * Dell Mainframes * Networks:- In Standard chartered bank, they are using client/server network because it is accessible and the employees easily share the data and this network is cheaper than others and this is easily maintainable and manageable. All the data save in main server or HUB and employees can easily access it. This type of computing system provides an easy access and efficient flow of data, which increase the functionality of organization. * Security Measures:
Here are some of the online security features that they have implemented: 1. Strong Cryptography Standard Chartered Bank Online Banking currently uses SSL 3. 0, RC4 with 128-bit encryption (High); RSA with 1024-bit exchange to ensure data (password) protection and data integrity protection. This form of cryptography used is among the strongest that is available in the industry. 2. Access Control Access to Standard Chartered Bank Online Banking requires a unique combination of User ID and PIN from you. The number of failed attempts allowed is limited.
In addition, you will be automatically logged out if there is no activity for a period of time. You will need to log in again if you wish to continue with the service. 3. Security Infrastructure As part of the security infrastructure for Standard Chartered Online, we have adopted a series of security measures that are consistent with international best practice. In general, the security measures are made up of packet filtering routers, firewalls and other security solutions that are aimed at safeguarding the system and protecting the interests of our customers. 4.
Monitoring & Audit We have various security monitoring systems (Example: intrusion detection system) and processes in place to detect unauthorised activities. In addition, there are regular security reviews conducted by both internal and external auditors to ensure that our surveillance systems are secured. 10. IT Hierarchy/Governance: Even though this department works at the back end and customers are never aware of whether IT people exist in SCB or not. IT has a very important role to play. As it is this dept. that comes up with all the latest upgrades to the system to make it more efficient and effective.
It is they who clear out the “bugs” in the BPS system that generates Account Statements. IT also ensures that the inter branch connection of this bank is maintained continuously through properly functioning PABX, Fax machines, systems etc. 11. INFORMATION SYSTEM IN STANDARD CHARTERED: Now in standard chartered with the help of IS the daily transactions are recorded in branch Computers and these branch computers are then connected to the main head office server so in this way they keep their daily process update on daily basis.
As Time is money, and due to IS standard chartered bank make thousands of transactions per day. In fact, IS makes whole process much more quick, simple and reliable. Due to IS employees can easily connect with other branches, customer service get improved, online banking emerged and lot of others benefits. Standard Chartered Online is an innovative Online Banking service that you can tailor to suit your precise banking needs. It gives you convenient, round-the-clock banking services ranging from day-to-day account transfer transactions to real-time valuable financial information.
Now you can manage your finances anytime, anywhere. Organizational Management Task: As the bank keep their daily process update on daily basis so they follows Transaction Processing System in their bank. Payroll TPS In Standard Chartered payroll TPS is designed to get information and record of the employ and then to calculate his/her annual earning. It get information about the employee from the employee’s department and from general ledger and send it to payroll TPS from where it links that information with the previous record and prepare a report which is forwarded to management.
Management takes notice the “LN” record of the employee’s efficiency to work and may declare added bonus or other incentive. This report is checked and approved by the branch manager after which check is issued to the employee. And when that check is cashed, the record is updated in the general ledger as well as the master payroll (HUB). 12. Weakness of Existing IS: * At the operational level, decision is made by lower-level supervisor according to prefined criteria. * This system is often so central to a business that TPS failure for afew hours can leab to Demise and perhaps that of other firms linked to it. 3. Recommendations: Based on the study, several recommendations have been made. These include: * The quality of any services department relies as much on product itself as it relies on the staff that it acquires. The staff is selected on merit and proper training of the staff is a must for ensuring quality. Proper incentives are also required to keep them motivated and agile. * Pre-approval of Credit card as the procedure for approval of a Credit card is the same as that of a Loan. So when Loan is approved the customer should have facility to get a Credit card without any further process. Pre-approval of Car financing can also be provided to the customer who have been approved a loan. As they are now customers of SCB they should be given reduced rates and a less lengthy process of getting car financing. * The Regional Manager has clearly maintained an open door policy. However the employees of the personal loans department are not entirely comfortable with the idea. This inhibition is further reinforced by the strict behavior that has been adopted by the Team Manager and the Team Leaders.
To remove this problem the regional manager should hold a meeting to inform the employees of their importance and brief them as to how this open door policy will work. * If the open door policy is not working then the Team Manager must take it upon him to keep a few hours each day to listen to the problems of the employees and also help them with any special cases that they might have brought. * The management must decide to move along the continuum between strictness and leniency and try to set a more relaxed way to deal with the employees of the Personal Loan Department in particular and the entire organization in general. In the end we would just like to reinforce that a few nice words and smiles can make a world of a difference in the relationship between a superior and a subordinate. This along with the other suggestions can definitely improve staff morale and motivate them to achieve a more positive direction. 14. CONCLUSION A management information system is a system or process that provides the information necessary to manage an organization effectively. MIS and the information it generates are generally considered essential components of prudent and reasonable business decisions.
This report discuses all the activities that the Management Information System perform in our selected organization “Standard Chartered Bank”. The report starts with the background history of the bank such as when it establish, the branches, pre and post era etc. It explains all the TPS how the transactions are made by the Bank, using of these TPS from the new events such as account opening, new allowances etc to the routine work including cash and payments record, updating of records, payroll and the processing of the complaints. Also includes the inter relations, of all the entities in the database of the bank.