Business Process Reengineering In Banking Sector Essay
CHAPTER ONE INTRODUCTION 1.1 Background of the Study The globalization of the financial market has hinged upon financial institutions to make changes on their operational processes to endure beyond local competition. This tendency has led many financial institutions in developing countries such as Nigeria to improve upon its customer service with quality, speed, reduced operating cost and enhance profitability performance (Randle, 1995). As the financial market consolidates due to mergers and acquisitions of banks and up-to-date strategy, banking services has innovated into personalized banking portfolio management. The resultant effect is that banks will no longer focus on cutting costs alone, but rather on simultaneously improving services to customers. In other words, the processes are not only more efficient, but also more customer friendly as well. For the Nigerian banking Industry to survive in this volatile global world, banks have evolved to enhance and achieve competitive advantage through Business Process Re-engineering (BPR) by radically redesigning selected processes. The idea of designing businesses has been around for a long time and structured methods of doing this emerged in the 1980’s (Dale, 1994). Business process reengineering is …show more content…
2002) have examined the relative effect of business process reengineering on the competitive advantage of organizations. However, a good number of these studies (Caetano, 2008; Almeida, 2003; Castro, Santos & Silva, 2008) have only examined this associations within the context of developed countries and base their assertions on the existing technological stance of such countries with little reference to the possibility of such an outcome within a context such as Nigeria, given its numerous information and technological deficiencies and lack of adequate infrastructural platforms for the effective translation of business process reengineering
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