R&D metamorphosis within operations division of the banking industry
by Ashwin Baburaj The biggest gambling an operations team does, within a banking space, is the dependency of itself on the knowledge of its analyst. The analyst is responsible for making the user experience a better one, and most of these practices in the industry have been done without the complete understanding about the process or flow. This tends to create a huge gap of knowledge regarding the organization’s own processes and makes it difficult for the analyst to adjust with the ever-changing scenario within the banking world. There seems to be a dilemma in doing the process within the different operations teams because the actual purpose of doing it could come with several doubts from each analyst on the floor. For example, when there is a newly introduced process into the banking industry, then there is a risk of the process not working. In some cases, the process does not have any relation to the actual goal of the process. Processors usually do not like to change the way things are working. This would not be considered as a drawback all the time, as every change made in the operations sector relating to process modification is said to have an impact on customer service. This is where the R&D metamorphosis within the operations division is necessary within a banking spectrum. Currently there is no designated R&D division under supervision within the different operations divisions. An R&D division within its department of operations (CPB, SSO, PBB etc.,) may have the following issues: • Scattered information between different teams within the same division and using the same tools for the beginning and end process. There is no complied data for these teams and thus, the information is scattered and limited. • Improper interpretation of SOPs (Standard Operating Procedures) by the trainer will be continuously followed by the people who will be doing the process later. • Process knowledge gap between different analysts on the team and their level of understanding of the subject. • Slow pace of improvement ideas within the different teams under a department. • Slower implementation of outsourced processes and its higher chances of failure in real world scenario. • Extensive reliability for idea generation and process implementation in other departments (Example: process management and technology). 042
Intelligent Risk - July 2021
