Question # 2: From below given case study, select critical processes using "weighted selection approach". Use business priority table to describe it. [10 Marks]

Case study: -

The company is dealing with financial services, i.e. providing consumer loan. Consumer loans are the categories of loans when a person likes to purchase household items like TV, fridge, etc. through accessing loan from a financial company. The sales force deal with prospective customers and get the loan application filled in by the customers and send it to the processing unit for loan approval. The processing sequence of loan approval. On receiving the application from the customer, the basic data like address, name, etc. related to the customer are entered into the system. The customer profile and the past history with respect to any earlier loan are verified. Once cleared, additional data with respect to the bank transaction in the company's required format is entered for the last six months. Thereafter, field investigation is done for verification of the customer's residential proof followed by loan approvalbased on the satisfactory risk assessment and fulfilment of the applicable eligibility criteria. For loan approval, the form needs to be processed at every station. Each processing step is designed in the form of a "maker and checker" system. To be more precise, the correctness of the maker is checked by the checker and any error unearthed is corrected instantaneously. The problem faced by the organization is high cycle time which affects the business. Customers are looking for different sources of loan in case the cycle time is very high.