Added Title

Managing account enrollment in a local stockbroker

Date of Publication

9-20-2020

Document Type

Master's Thesis

Degree Name

Master of Business Administration

Subject Categories

Management Information Systems

College

Ramon V. Del Rosario College of Business

Department/Unit

Management and Organization

Thesis Adviser

Jaime T. Cempron

Defense Panel Chair

Patrick Adriel H. Aure

Defense Panel Member

Marissa C. Marasigan
Frances Jeanne L. Sarmiento

Abstract/Summary

This action research addressed the lack of account enrollment status report in a local stockbroker. The account enrollment team (Business Operations Unit or “BOU”) agreed to address the issue by implementing an information system (i.e. an MS Excel file), an Information Technology (“IT”) lever, which is one of the integral processes in a Business Process Reengineering framework.

With the use of Kurt Lewin’s Force Field Analysis, the team identified the driving forces, namely, audit findings on the lack of monitoring tool, strong management support to address audit findings, and low cost of implementing a tracking tool. The team also discussed the restraining forces namely, multiple functions handled by the team, inadequate manpower, and the complexity of a previous tracker which was eventually discontinued. The team collaboratively planned the interventions to be able to implement a new tracker which included selection and delegation of functions to other teams, review and revision of the old discontinued tracker, implementation of weekly report on deficiencies, and requesting immediate hiring of an additional team member. After implementation of cycle 1, the objectives of addressing i) audit finding on the lack of a monitoring tool for accounts with deficiencies, ii) inability to monitor adherence to turnaround time in enrollment, and iii) inability to monitor and inability to provide a timely response to account status inquiries were met.

Cycle 2 was triggered after a request from Sales team of an improved turnaround time for enrollment (2 days to 1 day), as well as the regulatory requirements and changes in view of the COVID-19 pandemic, including earlier cutoffs and maximum number of employees allowed to report onsite. The team again met to discuss the requirements to be able to deliver the requested service standard. With the use of the Force Field Analysis, the team identified the following driving

forces: business requirement of an improved turnaround time, strong management support, and the account monitoring tool in place which improved the team’s aggregate efficiency in the enrollment process. Restraining forces identified were the lack of resources (manpower, transportation, equipment), new employee’s lack of training, and lack of documentation for the new standards being requested by Sales. The team planned, reviewed the resources made available by the parent company, and agreed to implement measures to be able to deliver the required service standard. These interventions include training of new employee, request for resources (laptops, VPN, transportation, Microsoft Teams), document new standards, implementation of split operations (onsite/office and offsite/work from home). After implementation of cycle 2, an improved service standard was in place. The team also implemented a shared file via Microsoft Teams to reduce the amount spent consolidating the account enrollment tracker.

Throughout the two cycles, the team was able to effectively implement the interventions with the aid of Kurt Lewin’s Change Management Model. The results of this action research benefited the Company in terms of providing its clients a better customer service experience through the shortened turnaround time and quick response time to inquiries, as well as having addressed the audit finding on the lack of monitoring tool. The entire team also had the opportunity for personal and professional development through the project implementation.

Finally, this action researched emphasized the value of collaboration and feedback in the successful implementation of any project. Moreover, this action research proved that an organization which has been relatively conservative can likewise adapt to changes, in order to support its employees in the achievement of the organization’s objectives.

Abstract Format

html

Language

English

Format

Electronic

Keywords

Management information systems; Stockbrokers—Accounting

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Embargo Period

5-26-2022

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