The industrial attachment exercise is an essential part of the management studies curriculum at the University for Development Studies. It allows students to apply their academic knowledge in a real work environment and gain practical experience. This program exposes them to various work experiences, helping them develop important skills and a strong work ethic. Additionally, it provides valuable training and prepares them for their future careers, including teamwork skills.
EXECUTIVE SUMMARY
Ghana Commercial Bank Ltd., originally named the Bank of the Gold Coast, was established in 1953 with the goal of providing banking services to support Ghana’s socio-economic development. Its primary focus was on assisting local traders, business people, and farmers who were unable to receive assistance from foreign banks. After Ghana gained independence in 1957, the Bank of Ghana became the central bank and the Bank of the Gold Coast changed its name to Ghana Commercial Bank, specializing in commercial banking services. Since then, GCB has expanded by opening branches across all 10 regions of Ghana.
Initially fully owned by the government, GCB underwent partial privatization in 1996 as part of an economic recovery program. Currently, government ownership stands at 21.36%, while institutional and individual investors own the remaining 78.64%. What started with a single branch in the 1950s has now grown into over 150 branches and 11 agencies nationwide.
By the end of 2009, GCB employed a highly skilled workforce consisting of 2,101 employees – a significant increase compared to its humble beginnings when it had only 27 staff members. Today, professionals from various fields collaborate to achieve the bank’s objectives.
The growth of the Bank has been significantly influenced by its customer base. In the beginning, the Bank primarily served small Ghanaian traders (now referred to as SMEs) and individuals who required credit balance accounts due to limited capital. However, GCB now caters to a diverse range of customers, including salaried workers, small and medium-scale entrepreneurs, large trading concerns, quasi-governmental institutions, and corporate customers. GCB offers a variety of products and services that are tailored to meet the unique needs of its customers. In addition to traditional Current/Savings Accounts, GCB also provides specialized services such as Link2Home for Ghanaians living abroad, doorstep cash collection service, loans, overdrafts,treasury bills,and fixed and call deposits. These products are customized according to each customer’s specific requirements.
Furthermore, GCB has utilized an improved information technology system to implement a range of services including Internet Banking (Commernet Plus), Royal Banking, Smart Pay (Fee Payments or Payments Order), Kudi Nkosuo, GCB Inland Express Money Transfer, International Money Remittance Payments, GCB Kidistar Account and MasterCard in order to maximize profits and boost shareholder value. As a result, we are proud to claim the title of the most extensive networked Bank in Ghana.
The branch’s structure
.VISION AND MISSION
The Bank is committed to delivering exceptional customer service in order to become the leading bank by meeting the needs of customers and shareholders. This will be achieved by offering a comprehensive range of cost-effective and top-notch services through the optimization of information technology and efficient branch network.
Our primary emphasis is on our core business and expertise, specifically commercial banking. We are consistently working towards enhancing the utilization of information technology and ensuring a motivated workforce within a favorable work environment. Our priority lies in recruiting and retaining top talent to fulfill the Bank’s mission while implementing optimal practices in our internal policies, procedures, processes, and service provision. Our continual objective is to enhance shareholder value.
WEEK ONE (1)
As a new member of the bank and as an attachment personnel, I underwent orientation for a day. During this orientation, I was introduced to various aspects of the bank such as basic credits, customer care, bookkeeping, accounting personnel, code of ethics, and the IT system. After the orientation, I started working at the Ahinsan branch where I was assigned. My tasks included issuing cheques and payment orders to students paying their school fees. I also checked account balances for clients and assisted them with various activities such as filling withdrawal forms and facilitating transfers, both outgoing and incoming. At the end of each day and week, I helped the staff with call over, ensuring that their transactions matched the amount of money received from the bank and making any necessary corrections for mispostings or omissions.
WEEK TWO (2)
I had multiple responsibilities during my time at the bank. These included opening new accounts for customers, making photocopies of pictures, helping customers with withdrawals and deposits, and providing counter cheques to current account holders. I also handled payment orders for customers and students paying school fees. Additionally, I conducted credit and debit transactions for cheques received from customers, cleared and deposited them into their accounts. I also debited improvised and other savings withdrawal books before issuing them to customers. Furthermore, I assisted customers in filling out the necessary documents for obtaining savings withdrawal books and ATM cards.
WEEK THREE (3)
Training and learning continued as the weeks progressed. During the third week, the focus was on account opening. The bank provides various types of accounts, including savings, current, company, and joint accounts. Each account has specific requirements, with the most common being a valid national ID and two passport-sized pictures. Additionally, there are minimum balance requirements for each account. Once we learned this information, we made sure to check with the bank before leaving for the day.
Week four (4). One of the bank’s services is receiving money from outside the country. This is facilitated through three systems: money gram, western union, and Vigo. The receivers are required to bring along a code, with codes starting with 972 being designated for western union and Vigo, while eight-digit codes are for money gram. Additionally, a valid ID card must be presented by the person in each case. Furthermore, I received training on how to fill out the necessary forms for each system. As always, at the end of the day’s work, we gather and close.
WEEK FIVE (5)
Throughout the week, I acquired skills in verifying and printing statements for customers. This service incurs a fee of GH¢3 for non-branch account holders, but is complimentary for account holders. Additionally, we convene at the end of each day to assess our progress. Our daily and weekly responsibilities culminate in aiding staff members with reconciling their transactions to the funds received from the bank. Furthermore, we rectify any mistakes or omissions that occur.
WEEK SIX (6)
According to the Bank’s feedback letter, this week marked the end of my attachment with a fixed duration. However, during the final week, I had a scheduled activity called CALL-OVER. This involved a thorough review of all daily and weekly activities and transactions conducted by both the front office and back office staff. The purpose was to ensure that all transactions match the money received daily from the bank and to correct any mis-postings or transaction errors.
During week seven (7), I learned about the process of issuing savings withdrawal books and improvised books to customers. Customers who need replacement for their withdrawal books must fill out request forms, which takes up to three weeks for the new books to be available. Moreover, I am responsible for tracking ATM cards that get stuck in the ATM machine. When customers come to retrieve their cards, I issue them identification cards before returning the cards to them. At the end of each day and week, I assist staff with a call over to ensure that their transactions match the money received from the bank. Additionally, I correct any mispostings or omissions that occur.
During my final week at the bank, I helped a fellow attachment personnel get settled by teaching them about the bank’s operations and customer interactions. This included filling out forms like express forms, withdrawal books, and moneygram forms. I also taught them how to check customer balances. Our daily and weekly tasks involved assisting staff with transaction reconciliation to ensure accurate monetary amounts, as well as addressing any errors or omissions that occurred during this process. As a student, I made a significant contribution to the institution.
Even though I was in an attachment position, my contributions to the bank’s future success were substantial. These included helping staff complete their tasks more efficiently, making a recommendation that could benefit the bank when implemented, aiding customers with form completion for withdrawals and cash deposits, and supporting customers in reactivating dormant accounts.
The attachment provided me with valuable knowledge, including:
– Learning how to build relationships with colleagues at the workplace.
– Gaining skills in interacting with clients and persuading them to use the bank’s services.
– Mastering the process of filling forms for customers, such as deposit forms, cheques, GCB Express, and money gram.
– Developing marketing and sales techniques to attract potential customers.
Challenges that students encounter during their attachment period.
The work was challenging in terms of memorizing special account numbers for transaction entries and facing language barriers while communicating with some customers.
EXPERIENCES ACQUIRED AND HOW IT ENHANCES MY STUDIES
During my industrial attachment with the bank, I acquired valuable experience that will not only enhance my studies but also benefit my future workplace conduct. Some of the experiences include:
– The opportunity to apply theoretical knowledge in a real work setting, bridging the gap between theory and practice.
– Development of better communication skills through interactions with clients, teaching me office manners.
– First-hand understanding of appropriate office practices and procedures, considering both institutional and client dynamics.
– Effective relationship building with co-workers within an organization.
This attachment has provided me with real-life exposure to the study of banking and the responsibilities of managers and bankers within an organization.
CONCLUSION
My attachment was successfully completed, allowing me to gain the necessary experience. Throughout my time at the bank, I developed valuable skills in fostering positive coworker relationships, delivering exceptional customer service, and acquiring practical banking knowledge.
GENERAL COMMENTS AND REMARKS
During my attachment, I found the training and supervision to be conducted in a friendly manner, which highly motivated me.
OBSERVATION ABOUT THE INSTITUTION
At Harper Road, I observed the staff’s exceptional customer service skills. It is clear that the bank has the potential to grow its customer base and become a leading branch nationwide in all areas.
SUMMARY
This industrial attachment has provided students with valuable experience and equipped them for future employment. The following highlights the main advantages of the attachment exercise.
- It gives students the chance to apply their knowledge in a real work environment, thereby closing the gap between theoretical learning and practical application.
- It helps students learn proper office etiquette through interactions with clients.
- It offers students firsthand knowledge about appropriate office practices and procedures, taking into account both institutional and client dynamics.
RECOMMENDATION
Credit to the University for this Program. It has greatly aided our comprehension of classroom concepts. However, there are certain improvements that can be made to enhance the effectiveness of the industrial attachment program.
1. Instead of starting at level 300, the University should consider allowing the industrial attachment program to commence from level 200.
2. Making this program compulsory for all students, not just limited to Business students, would be beneficial.
3. To ensure active participation from all students, supervisors should be assigned for all regions.
4. The industrial attachment letter needs to be well-presented.
