Concept explainers
Case summary:
N bank is swamped with refinance requests this year because mortgage rates are at an all time low. To handle this excess traffic N has divided the process into 5 clear stages and created departments for each stage:
- 1. Loan agent
- 2. Loan processor
- 3. Closing agent
- 4. Loan-servicing specialist
- 5. Loan-payment specialist
After this change, it was difficult to evaluate the performance of the system and N decided to solicit customer comments.
The feedback from customers was full of complaints - the process took longer than usual, there were errors in the debited amounts from customer accounts, and some processes were being duplicated.
To determine: Create a blueprint for the process and discuss why the bank chose this process flow and the problems that have ensued.
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