The History Of United Overseas Bank

Having a history of over 75 years, United Overseas Loan company (UOB) was initially founded as the United China Bank or investment company in 6 August 1935 by Datuk Wee Kheng Chiang. In its early years, UOB catered mainly to the Fujian community. It was then renamed as UOB in 1965.

Establishment of UOB

UOB has grown strongly over the years. It has established itself as a respected and regional loan company - in Singapore and also in Asia through some acquisitions. Today, the UOB group has widened worldwide in 19 countries and territories in Asia Pacific, American Europe and THE UNITED STATES - having a network of over 500 offices. Singapore, Malaysia, Indonesia, Thailand and mainland China will be the banking subsidiaries of UOB.

One of the primary board of directors, Dr Wee Cho Yaw, being the chairman, he needs demand of the subsidiaries of UOB such as ASIAN Loan provider, United Overseas Insurance, United Overseas Bank (Malaysia) and United Overseas Lender (Thai) Public Company, Leader Commissioner of PT Loan provider UOB Indonesia and PT Loan company UOB Buana.

Financial Services provided

UOB offers an extensive selection of financial services through its global network and partnership with associates, offering usage of services like private banking, personal financial services, commercial and corporate and business banking and investment banking are some of which that the bank caters to. With all the diversified hobbies, UOB is said to be devoted in providing quality products and services in your community.

In the business of credit and debit credit cards, UOB is a market leader in Singapore. Additionally it is a dominating player in loans to small and medium corporations and also private home home loan business. UOB Advantage Management being the account management arm has been recognized as one of Singapore's most given fund managers.

Performance review for Q3 2010

UOB Group's online profit after tax rose 44. 2% to $1, 990 million for the nine months outlook when compared with a year ago. Operating revenue grew 25. 8% to $912 million which was mainly influenced by the higher trading and investment income. The total income increased significantly by 16% to $1, 468 million.

More about UOB

Currently, UOB has around over 10, 000 staff under its helm. I am mounted on Commercial Bank - REVENUE Specialist: Factoring, which is accountable for helping the partnership professionals clinch factoring deals and relating to clients how factoring can help their financing. The purpose of such financial service is to advantage both the clients and the bank.

The organisation chart of UOB can be found in Appendix 1.

(400 words)

2. Description of job/work assigned

2. 1 Project: End-to-End Factoring Workflow

It was a task given to me and the Management Affiliates (MA). The task is to produce a better workflow for the team using the prevailing one - to have the ability to realize it better. That is because that the factoring workflow has too many steps that are not in favour to the team. It involves thirty steps and it can be very time consuming, confusing and tedious to the audience. The main goal was to improve the workflow such that it benefits everyone. Shortening the workflow and picking out the redundant steps were some of the recommendations made. However, the task confronted was that the steps involved were hard to reduce or even leave out. Meetings remain currently being held to discuss what could be achieved to make further advancements to the workflow.

2. 2 Mix Checking of the migration system

Two 'dummy' accounts are created to assist in the checking of the migration systems. That is to ensure that before the launch of the Business Internet Checking account is put in place; all necessary screenings of discrepancies are made. Checking of spelling errors, figures, times, accounting format, etc were part of guaranteeing the migration has no problems. When an erroneous fault was found, a explanation of the mistake is known with a print out screen mounted on show the errors. After giving an overview description of the error spotted in the system, it will be delivered to the IT department who is in charge of doing the software migration for the accounts.

2. 3 Conclusion of Factoring accounts

A set of accounts that the factoring team is currently liaising and servicing was required. My task was to recognize the relationship managers mixed up in servicing of the accounts. I am to learn through the data of the customers that have employed in the factoring facilities distributed by the bank. The debtors involved, debtors' limit, borrowing limit and kind of factoring account which was opened, were needed to be updated. This is to give the product sales team a much better overview of the facts as stated above when they are to make reference to any specific consumer. It helps to conclude the important information as knowing who the debtors are, the boundaries given to both the client and debtors allows the sales team to really have the facts on the finger tips when discussing the list. Thus giving them better information accessible than discussing the documents whenever needed. The list will be updated as and when necessary.

2. 4 Background check of client

Reading through to the client so as to understand the type of business and how it functions gives a synopsis of what must be discussed in the survey call. This is to prepare well for the Pre-Activation survey with which the review team is involved with. Before heading right down to client's premise, the factoring workflow will be checked against for the documents needed. Using a good understanding of what must be achieved and prepared helps lessen the audit process. This in changes leaves a good impression to client as we're able to do business effortlessly with no mishaps.

2. 5 Merging of Product Manual

Target Operating Manual (TOM) and Product Guide are to be merged into one last product manual - Factoring. It assists as a thorough product guide for the team. It requires the thorough recognition of changes in both tutorials and compiling the required or unnecessary additional info. Updating and retrieving of source forms, building a board quality and amendments to the manual instructions. The explanation is to guarantee the manual is up to date as alterations to the processes are often made. They are later being examined by the operations division as it involves processes which they are responsible for.

(600 Words)

3. Learning experience & achievements

3. 1 Efficiency, Accuracy and reliability & Teamwork

After 11 weeks of work at UOB, the importance to be a good team player, productive and meticulous employee was learnt.

Efficiency has its own importance. However, the primary factor that performs a significant role in assisting the effectiveness of it is time management. Without the discipline in taking care of time, one cannot complete his responsibilities promptly. This being the reason why will hamper and affect the quality of work produced.

In the labor force, deadlines and time management are at hand. This is often emphasized, even at school. It really is all trustworthy on us and concerning how we are to control the using field. A basic and simple process yet many didn't accomplish and find it.

The challenge pieces in when the quantity of workload increases. I had to complete the duties assigned at hand and after which, dealing with more responsibilities whenever help is required of me. I learned that time itself is a massive restriction and only to rush at that very minute will produce significantly less than reasonable results. This will bring about disappointments and having less responsibility to the team.

Accuracy is another essential skill at work. It is just about emphasized in my department as we are to ensure that the debtors engaged, contracts and other important related details such as invoices aren't overlooked. We will have to identify the associates (mailing addresses, contact number), any clauses stated in the contracts that might influence the business enterprise between UOB and the client and its own business associates too. It really is impossible never to make mistakes. I have made errors and alerted my supervisor and co-workers about any of it once it was being noted. It was a small mistake but it can be costly to the business deal. Since it was my fault, I made the try to remind myself by writing a post-it take note such that I am going to not make the same mistake again.

Working in a department means that teamwork is a must, in order to accomplish a similar objective that is set at the start. Working mutually requires everyone to experiment with their part, using their strengths with their advantage and conquering shortcomings jointly too. Adding on, communication should be open such concerning keep carefully the ball rolling. It acts as a base pillar and without it, it is impossible to succeed and proceed on. It includes more than simply speaking your mind, but also paying attention to others' opinions and comments.

(407 Words)

3. 2 Marketing/Review Call

Being part of the product sales specialist team will require travelling to clients' premises and therefore developing a sense of way is vital. It is however when selecting the cab as the driver is probably not familiar with the positioning that people are to visit. Thus, doing a backdrop research such as verifying the street directory website online and using the mobile maps helped if such situations were to occur. Keeping ourselves prepared will put us at a larger advantage.

The benefit of coming to an exterior company allows me to broaden my exposure to a different characteristics of business. It results in a different perspective and insight of what sort of non-financial organization functions. The facet of meeting people cannot be averted and mannerism comes into play here. Tasks have to be completed swiftly with reduced disruption to the work of others. First impressions take its toll as I represent UOB; it is very important to upkeep the image of the bank. Prices like having a sense of punctuality and preparedness became more than necessary. It reflects how exactly we place our clients and showcasing the value with their business to the lender. Furthermore, punctuality eventually reveals one's personality. In order to gain trust from others, we need to have got this quality. Finally, punctuality also relates to one's responsibility.

All they are with regards to the way i present myself for job interviews (in BCOMM 3) and job presentations since the start of year 1. Punctuality and responsibility are the deciding factors on how well I would fair. At institution, these features were emphasized and it was a stepping rock showing how the real work place will be. First impression is how people assess me.

In BCOMM 3, I had been also trained how to start participating a sales call. Although it is not very comparable to how it is done for our factoring bargains, the steps included were relevant. The components of being persuasive and building of rapport were required. With out a good understanding of the product or fostering a close relationship with your client, it'll definitely be considered a hindrance in clinching a successful offer. Networking skills played a part due to the need to understand the clients' goals. As such, the business enterprise communication component has offered well in allowing me to use my knowledge at work. The tender skills obtained were a great gain as a whole.

(399 Words)

3. 3 Communication skills

Communication can be an essential component and they have strengthened with my days and nights at UOB. Conversing with personnel or clients is indispensable at any work place. It is because interactions are bound to exist amongst one another, especially with regards to matters relating to work.

Socializing with the fellow workers starts by becoming a member of them for team lunch time. This enables me to incorporate and understand them better. Thus, social skills are necessary as discussion with differing people every day is expected of me. It cannot be mastered within a short time period and cultivation of the abilities needs to be built and picked up on the way. Constant learning and making use of the data learnt in school comes in convenient in this specific aspect. Being more mindful in the manner I speak is essential - etiquette came to light. This is because it'll be a screen in the impression of how others view me. It sorts a pillar for individuals to identify if they want to develop a better romance with me at night. Therefore, it is merely through the interactions, I gained the chance to learn from colleagues in their regions of expertise.

Good communication skills helps to build strong rapport among fellow fellow workers and the business communication modules of 1-3 have trained me well. A good example of starting a stand topic to make new friends, reaching presentations with colleagues and clients are some of which that allowed me to apply the data learnt. The outreach foretells the extra students for Ngee Ann's Open up House and PolyExperience also aided my learning. Communication has been amplified ever since and I could comprehend what is expected of me. This became very important at work as the presentations cannot be taken softly and I ought to be prepared at the very best of my ability.

My communication skills have thus been further increased because of the exposure given at work. Besides, the three years of project works and presentations done also have made it a good experience - speaking my thoughts away and ensure that all group members are clear about the instructions and known it well.

Hence, whenever in question at work, I'll seek my supervisor's help and counter-top check that I am working on the right track. I will make sure I do regarding from what my supervisor should expect and this can prevent any misunderstandings or miscommunications from surfacing.

(398 words)

3. 4 Trade and Credit Analysis knowledge

I am tasked to comprehend factoring and its own whole procedure as it can be very complicating. This is why getting a good understanding and understanding of the merchandise is very critical when i am to handle the workload that deals with factoring daily. I came up to comprehend how the different contracts organized would affect the terms and conditions binding the bank and the client. Hence, I got appreciative i had some history understanding of factoring and trade from Funding and International Trade (FIT), and then for contracts relating to the various types of funding from Credit Management (CM). Thus, the learning obtained from these modules has allowed me to comprehend my daily are better.

Besides, the good thing about gaining preceding knowledge was being able to associate what was learnt at college to work. It had been the hands on experience at work that I am unable to practice at university. The tasks given at school were just to prepare us on how the real employees would be. A good example will be the creation of contracts and proposal from a bank's point of view for both FIT and CM. It had been an eyesight opener to me as both agreements and proposal that we see daily at the job were explained during lectures and the way to go about performing a credit evaluation. It requires encumbrances; the sort of project financing which involves placing the different kind of fee that would be beneficial to the lender, the suggested targeted total be priced. Whereas for factoring, it was how the receivables are being bought over by the lender and the bank earns by charging interest and discount charges to its clients.

In addition, I am tasked to learn up on the background of the client and its own debtors. The reason to do so is to be familiar with the type of business and what would the bank be entering. This prevents the lender from purchasing the bad receivables from the clients' debtors and making losses. It plays a huge concern as this might result to the shortcoming of getting the debts owing to the bank or customer and there are risks that are destined to be studied by the bank. In CM, doing a check on the client and its mother nature of business was emphasized and this was the same in the bank environment. That is such as to minimize the risks undertaken.

(400 words)

4. Relate an incident

4. 1 Unprepared for work done

An incident that was experienced would be getting together with the client for a pre-activation study. It had been a good exposure when i am able to get out of the office and learn the ropes. However, the procedure of computer was hindered on the way.

Going out for the pre-activation survey is not a simple task. The reason for the visit is to check on the client's liabilities and their other commitments - this is done so by looking at their accounts. The process involves having a good knowledge of the business before going right down to the client's idea. However, my colleague and I were not totally prepared and this damaged the questions asked in order to clarify the details which we have been in hesitation with. This didn't put us in a good position as your client would know that we are not ready. We had to restructure the questions being asked also to ask for a little more time from the client. Time was being squandered in this aspect and it had not been a good impression representing the bank. We understood that it involves reading up extensively on the backdrop of customer is essential as it could alleviate the inspection programme. This might then prevent the consumer from doubting our abilities when displaying our unpreparedness.

After this event, working conscientiously became an extreme importance. Taking the duty in getting might work done to my fullest ability is expected of me all the time. I learnt that in the task force, second its likely that not given easily and that we must bear the results. Unlike in school, we can be given chances for flaws made also to improve onto it.

On hindsight, if being faced with the same situation again, I would ensure that my colleague and I stay calm and ask for a few moments from your client. I am going to have to apologize for the shortcomings and wait of your energy for a conversation with my colleague on what's to be achieved next - how to ask the appropriate question. I will apologize for enough time taken and have because of their understanding.

In conclusion, I feel that out of this experience, it helped me to develop my social skills in various areas. With me being made up and patient when uncertain and dealing with the problem encountered by pondering on my toes at the moment.

(392 Words)

5. Appendices

Appendix 1

Organisation Graph of UOB

Appendix 2

Factors that affect factoring

The pursuing are factors that may denote situations not satisfactory for factoring.

Appendix 3

Screen shot of Client Availability Sheet

This is the information that I have to counter check with the 'dummy' makes up about the merging of the information from this software into the Business Internet Banking platform.

Any disputes and discrepancies are being checked concurrently.

Appendix 4

Screen Shot of Business Internet Banking Platform -

The changes to be made by the IT employees -

Invoice Enquiry:

No of items is correct but AML O/s amt is $1, 888k in BIB vs $3, 315k in FactorPro under CAS

No of items is accurate but Endeavor O/s amt is $785k in BIB vs $1, 386k in FactorPro under CAS

Appendix 5

FACTORING INSPECTION PROGRAMME

The form which was used for the pre-activation review (survey call)

1

TYPE OF INSPECTION REPORT

Pre-Activation Review Investigation

2

ANY MATERIAL CHANGES FROM PREVIOUS INSPECTION? (APPLICABLE FOR REVIEW Circumstances ONLY)

Yes No

3

GENERAL INFORMATION

Client's Name

Address

Contact People (Labels and Game titles)

Date of Inspection

Type of Center(ies) /Limits

Location of Inspection (if not the same as adress above)

Checklist

Yes

No

Remarks (If any)

i

Existing Demand in ACRA?

ii

Negative Pledge? (Eyesight letter of Offer from Lenders)

iii

Consignment Sales?

Please refer to point 11 if yes.

iv

Two Way Trading (If yes, name Debtor)

v

Ban of Task?

vi

Sales Retention?

vii

Survey Rate Charged

4

COMPANY BACKGROUND

5

NATURE OF BUSINESS

6

ACCOUNTING RECORDS

7

BILLING PROCEDURE

8

PROGRESSIVE BILLING

9

SALES

Financial Year

Sales Amount ($)

Sales Development (%)

10

DILUTION (CREDIT NOTES)

Month / Year

Past 6 months

Sales / Invoice List (S$)

Past 6 months

Credit Notes Listing (S$)

Total

Dilution (%)

Credit Notes / Sales = _______%

(Reviews on Dilution)

11

CONSIGNMENT SALES

(Any sales on the consignment basis? Briefly explain how it works &amount &Debtor engaged. )

As per past review dated 27 January 2010

12

RETURNABLE ARRANGEMENT

(Any sales on a returnable arrangement? Briefly explain how it works &amount &Debtor included. )

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