Service Operations Management Research Paper Example | Topics and Well Written Essays - 1250 words

Service Operations Management - Research Paper Example Standard Chartered Bank in the United Arab Emirates serves both the Consumer and the Wholesale Banking customers. The Consumer Banking section provides deposit taking, personal loans, credit cards, mortgages, and wealth management services to various individuals and to small to medium-sized enterprises. The Wholesale Banking section provides the corporate and institutional customers with services ranging from lending, trade finance, custody, cash management, debt capital markets, foreign exchange and corporate finance (Standard Chartered). This noble bank in the United Arabs Emirates is well established in the growth markets where it aims at being the right business partner, mainly for its clients. Standard Charted Bank in the United Arab Emirates combines in-depth local knowledge together with global capability to offer the best financial services to its customers. The Bank is well trusted across its numerous branches and networks for its high standards of governance as well as its commitment in making a huge difference in the various communities where it operates. Standard Chartered Bank is the world's leader in the emerging markets' banks, and its headquarters are in London. However, the bank’s businesses are always overwhelmingly international (Standard Chartered). ... llowed by the Branch Cash Officers who are responsible for the back office of the branch operations followed by the bank tellers or cashiers who are responsible for the daily operations of depositing as well as withdrawing cash for the various clients in the bank. It is worth noting that these noble people always work in harmony in order to achieve the bank’s mission and vision statement whereby each employee is expected to fully know their various roles. Each employee of the bank has their individual targets, which they are supposed to attain in order to remain in employment, and this makes them to surpass their targets since there are bonuses and other incentives that are awarded by the bank if an employee surpasses their targets (Parker 03). There are various key Tactical and Strategic Challenges that are faced by the Operations Managers as they continue working on a daily basis. Such challenges include keeping a keen eye on the numerous transactions that the branch of the bank is undertaking. This is a paramount challenge since the bank deals with other people’s money, and any loss would result to diverse repercussions to the entire bank as well as ruining its reputation. A bank’s operations manager in Standard Chartered bank in UAE is not even supposed to deal with customers on a face-to-face basis since they will not be able to concentrate on their noble work effectively. They are also supposed to authorize various transactions, especially those that deal with a large amount of money. They have to know anti-money laundry laws, which the bank has to adhere to efficiently, govern the real source of the money since the bank. This is a key function of the bank’s operations manager and also a tactical and strategic challenge since any mistake can affect the