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The gulf bank in Kuwait was started in the 1960s. It is one of the greatest banks in the country with about 56 branches in the state. For many years, the bank has been known as one of the main banks in the country since many citizens prefer investing and saving their money in it. Lately, the condition has changed due to the fail in the management. Up to date, the bank uses a paper system for storing the client’s information. The disadvantages that could be associated with this kind of a system are obvious. The bank has lost the accounts of most of the customers’ files. The bank provides services to a very large group of people; as a result, it is very hard to keep account of all the files. What is more, a lot of customers who came to the bank later went away without being served, since their files were either misplaced or it took much time to find them. Therefore, due to their tight schedules customers could not afford to wait and waste their time. Those who succeeded to get their files found out that some papers were missing. Thus, it used to cause the unnecessary problems and stress.
It should be mentioned that the paper system had a lot of numerical and grammatical mistakes; for instance, some customers found out that the sum of their savings was growing or decreasing in comparison with what they expected. According to the research, it was noted that mistakes were made when filling in the forms or if someone registered the wrong amount, or omitted a number. All these mistakes changed the savings amount. This problem has greatly affected both the banks and the customers, as well. Therefore, the customers could lose their money while the bank staff personnel who were involved in the exercise would be forced to take charge of their mistakes. They would have to pay back the money at an expense of their income.
The Gulf Bank management did their best to solve this problem. As a result, they considered their options, and made the wise decision to change the paper information storage system into a modified technology oriented system. The Gulf Bank management decided that it would be better to sort the communities view about their new development at first. Therefore, they would make certain that they would meet their customers’ expectations and demands.
The new crystal software program will help the bank provide services to the customers faster, thus it is believed that it will become a great source of income. What is more, the time factor has also been considered. The digital database system ensures that data will be instantly found when necessary. It also offers an added advantage of performing arithmetic processes on them, cross referencing data and correlating the data (Peck 2005).
The company expects to acquire the certain system that will help modify the data easily. Such system will not involve bulk updates and batch records. For a paper system, one needs to remove the whole file and change details in case there is any update that must be made. The files are supposed to be explicit and, as a result, the whole data has to be transferred in the new file. In this case, while making a new update one should erase the previous information and put the new data into the respective field.
This project is aimed at improving the management and work environment in the Gulf Bank in Kuwait. The bank still uses a paper based information storage system which has really brought a lot of problems in return due to the ignorance of improving this system. It has drawn the attention of higher management board in the bank, who has in return decided to replace the system with the crystal software (Jones 2007).
This project seeks to explain the reasons why the old paper based system needs to be replaced and why the management chooses the crystal software system over all other systems. The project also attempts to find the main objectives and aims of the project. The overall purposes of this project will be to help the Gulf Bank seek proposals for business initiatives and community based partnerships. In future, it will contribute or rather help the bank community at large in terms of development (Highsmith 2002). The project proposal will also be very helpful for the bank, since it will assist in one way or another to win and enhance its image amongst the community. Therefore, it will upgrade the status of a socially responsible organization.
The key objectives of this project will be to ensure that data loss in the bank territories is brought to an end. The paper system has really been hectic and very hard to manage. It has also caused and brought about data loss, thus making customers feel that their money is actually not secure in this particular bank. Many clients left because they preferred to save money in other competing banks of the region. Therefore, it caused the significant decrease of customers in the Gulf Bank. For this reason, the bank has actually learned about the profit reduction. It was obvious that the system had to be changed, because the consequences could destroy the Gulf Bank.
The bank hopes that the changing of the old system will actually improve the lives of many people as well as open a prospect for the technological development in Kuwait. The new program will help people to find out how to operate the system and will make them well-informed. Thus, this is a great awakening of technology levels in Kuwait, because the personnel in the bank will actually need to incur some cost so as to be familiar with the new system. It may also call for the employment of new personnel, thus, it will create job opportunities (Holcombe 2008). The Gulf Bank is known to be one of the major banks in the region. If such a big bank uses paper storage information for such crucial information, how about the developing and small growing banks. The condition in the small banks seems to be even worth. Evidently, each organization will do everything possible to ensure that it has managed to secure the highest position and is counted amongst the best. As a result, the competitors will also want to equate with the level of the Gulf Bank. What is more, technology will eventually gain its way in Kuwait, since the new systems demand the using of new meanings for the education and the employee is supposed to get the computer oriented qualification.
The new program is supposed to help in modifying the data and cross referencing. The information will be easily transferred from one field to another. This project will ensure that the long queues in the banks are brought to an end, since it will now be very easy to serve clients. Data loss will also be brought to an end. Thus, the Gulf Bank will manage to restore its trust for the community once again. Furthermore, those clients who decided to transfer to other banks would come back due to the modernization of offered services (Taylor 2008).
The project is mainly concerned about the attempts to solve the issue of loosing vital and necessary documents in the bank. As usual, the information saved on paper will always face various risks. For example, it may be incase of fire. Papers catch fire easily and if the sheets get burned, both the customers and the bank will be put at risk. The loosing of personal information is very crucial to the customer’s account. In order to avoid this stress or such instances when information may get lost, the Gulf Bank has decided to change and enhance the form of information storage and use an ICT influenced system (Cockburn 2005).
Whenever a customer wants to confirm something from his/her file the employee needs a lot of time to find the necessary file. Therefore, a lot of papers confuse the worker and it is not easy to make a search if one does not know where the exact page is. At this point in time, the bank serves more than 10, 000 customers. It was very hard to keep the files in order and find the place where the employee can easily access them. The whole procedure takes a lot of time. To top it all, the necessary file could be misplaced or some pages could be missing, as well. As a result, the bank faces great problems in ensuring that the customer’s information is well organized and retain in the bank premises. The bank also incurs an extra cost so as to employ several personnel’s who help in maintaining the files.
At times, one can notice that the clienteles have implicated a negative attitude towards the bank and they are afraid of keeping their savings in the bank. The reason is in the fear of loosing the money. People are afraid that their money can be lost the same as their files and papers. As a result, the clients of our bank started to turn to other banks. The management personnel decided to discuss the arising problem and find the right decision. The clients have raised numerous concerns over the matter, as well. Some have even taken advantage of the condition and could at times lie about their original details, thus, making the bank to incur some loss (Cockburn 2002). For example: one could come to the bank and find that the person who filled in the form actually in one way or another incurred a mistake when filling in the amount of money that the certain client had in his/her account. In case the mistake called for an increase in the money supply that is actually in the account. Then, the customer would assume that it was his lucky day and walk away being very happy that he actually made profit saving with the Gulf Bank while the entire bank is left in the difficult condition (Byrne 2006).
The Gulf Bank is out to make profit since it is a commercial running business. As a result, the management has decided to change the information storage system to an ICT dogged system, the crystal software. Therefore, the previous paper system has really cost the bank a lot of money. What is more, it caused a reduction in the percentage of customers investing and saving with the bank, thus reducing the income and profit recognized by the bank. At a later date, it became obvious that the bank incurred a loss because of the mistakes. Such mistakes appeared due to the use of paper system. The technology call has also impacted on the need to change. This bank should be technologically developed. There is a great possibility that the paper system may be ruined. For example, the papers can easily catch fire and it is almost impossible to save them in case of fire. There is the solution - the crystal software which is an ICT developed system. The computers might burn, but the bank personnel will only need to purchase new computers and have their system running once again with all the information safe.
Aim of the Project
Our project is mainly based on improving the information storage system of the Gulf Bank located in Kuwait. The essential aim of the project is to convert the system into the crystal software system which will enable and make the work much easier for the Bank personnel as they serve the customers. We hope to get a system which will be easily organized. The following system is supposed to be simple and understandable.
The second endeavor that is likely to be achieved through this project, will be practically gaining back our clients who decided to run away from us in fear of having a poor accountability of their money back to the bank. This will be done by developing this crystal software program and making our services upgraded and fast. The using of such system will encourage many people to become the clients of our bank.
The aim of the project is to find out how to cut the losses that exist during the use of the paper system. This can be achieved by changing the system. The bank is supposed to ensure the client that his/her files would not be lost or disappear. Furthermore, the numerical mistakes that used to happen in the bank can not occur anymore (Crystal reports XI introduction 2007). This will guarantee that no one is in a position to take advantage of the bank status and wealth since the new program will ensure that the information is not easily modified while it can be easily remotely accessed.
The bank will also manage to have professionals in the team. There will be no need to engage a lot of employees, because files will not be kept in the special stores any more. Therefore, the bank will save the money. The new system will be easily managed; it does not need a bunch of personnel to run it. One need only few computer oriented employees.. Thus, the prime aim of the project is to ensure that the number of employees is reduced to a manageable level.
The project is technologically oriented, consequently it will guarantee that technology is enhanced and developed in Kuwait. The Gulf Bank personnel will have to seek for computer classes for those who are not familiar with this kind of technology, therefore, ensuring that the country is technologically aware and advanced.
The project will mainly be aimed at reducing data loss in the Gulf Bank, thus, enhancing the accountability and gaining the clients trust. By so doing, we will be able to assure that the clients’ percentage is increased. In such a way, the income and profit made by the bank will also raise. The project will also help improve the life of the employees. Thus this project will improve it by increasing job opportunities in the bank for people to create the system and teach the current personnel’s how use it.
What is more, the project will improve the work environment conditions. The paper systems causes delay since files have to be sorted out before serving a customer. It is a very hard task. That is why, the employee is physically tired after shifting the papers all day long. By improving the data storage system, we will make them enjoy their work. They will start to work fast and their job will bring them satisfaction.
The other objective of this project includes increasing margins and profits, thus, developing the supply chains which in return help in guaranteeing a smoother running business environment. This ensures that the input and productivity cost are increased while the costs are reduced. The Gulf Bank will manage to offer a lower loan pay back percentage and encourage many people to wish to invest money in the bank. In it’s turn, it will increase the productivity cost.
The project name is “Improving the management and work environment in the Gulf Bank in Kuwait”.
Project Identification Tools
The project intends to use the following identification tools to gather reliable and valid evidence in order to identify the needs for this project plan.
Interviewing the professionals who have worked in the banking and financial industries for a period of two years and more, since they have been involved in the situation directly.
Visiting various banks and observing the crystal software program, as this will give firsthand information.
Brainstorming with the team members about the advantages, disadvantages and consequences of developing a crystal software program in the bank.
Create a focus group with team members concerning developing the crystal software program for Gulf Bank.
Reviewing the studies, regarding and developing the crystal software program in banks and other financial institutions.
Problem: Benchmarking revealed that application of the crystal software program reduces costs in banking industries, satisfies customers and increases production. Therefore, it is important for Gulf Bank to implement this technique to reduce costs and maximize profits.
Boundaries: the project will only deal with the financial department of the bank. Other operations in the bank are out of the boundary.