Aftab Currency Exchange Internship Report

internship report

internship report

Acknowledgement

First of all I would like to thank to whom has empowered and enable me to accomplish this task successful.After that I want to show my gratitude to my loving parents who pray my success and always been a source of encouragement for me. And humble teachers who make me able to be at this position.I also express my appreciation to all staff member of Aftab Currency Exchange G.T Road Kharian Branch who are very cooperative and guided me a lot.

Content1.1 INTRODUCTION1.1.1 BACKGROUND OF STUDY1.1.2Purpose1.1.3Scope1.1.4 Objective1.1.5 Methodology1.2Over View of ORGANIZATION1.2.1Brief History1.2.2Nature of the Organization1.2.3 Pest Analysis 1.2.4 Contribution of organization toward economic development1.3 Organizational Structure1.3.1 No of Employees1.3.2 Head Offices1.3.3 Introduction of all departments1.3.4 Comments on the organizational structure 1.4 Internee work1.4.1 Brief Introduction of internees office1.4.2 Details of supervisors1.4.3 Weekly time table1.4.4 Detailed description of the departments you worked in during your internship1.4.5 Detail description of the tasks assigned1.4.6 Summary of learning1.4.6.1 Skills and qualifications gained from the internship1.4.6.2 Responsibilities undertaken during the internship period1.4.6.3 Influence of internship on future career plans1.4.6.4 Correlation of internship activities with classroom knowledge2 CONCLUTION OF THE REPORT2.1 Summary of key conclusions2.2 General observations about institution2.3 SOWT Analysis3 RECOMMDATIONS4 REFFERENCES

1.1 Introduction Chapter one is about introduction of report. As a part of requirement of MBA Degree six weeks internship is necessary for student. This chapter include background of study, purpose, scope, objective, methodology of the study. It also include of organization.1.1.1 Background of study Internship training program during master in Business administration program is necessary for the partial fulfilment of the completion of degree of Master in Business Administration. It is necessary for me to complete an internship of six week in some manufacturing or service industry relevant to my area of interest and specialization so I choose banking field because I have the interest in this sector because my study background is related with that sector.

1.1.2 Purpose Internship is the capstone experience that provides me real world experience in a work setting. Ideally internship will enable interns to integrate and use my knowledge and skill from the classroom discover. Where further competences needed take the steps to gain that competence under education supervision and become better acquaint with the type of work settings in which such competence can be applied.

1.1.3 Scope This study will facilitate the student regarding the working of the banking and money exchange sector of Pakistan. Because most of the lecturers during their lectures use the examples of bank like MCB, HBL, National Bank and many others, student should study this chapter so that they must get the functioning.

1.1.4 ObjectiveI worked as an internee in ACE G.T road Kharian. To get some experience in working with well reputed organization. To gain knowledge about the professional environment of the company. To deal and manage with the situation of stress. To know about the technology utilized by the bank.

1.1.5 Methodology There are mainly two ways that are used to collect the data.

Primary Data On the spot observation the function of Branch operations. On the spot observation of different processes of branch.

Secondary Data Internet is very helpful to study more about banking and money exchange sector of Pakistan. Different type of booklets Annual report. Journals. Newspaper.

1.2 Overview of the organization. Exchange companies and banks play an important role in the economic life of the stat. The growth of the Economy is linked with the soundness of its banking system. Exchange companies do not involves in creating new wealth but they borrow exchange and consume wealth that circulates in economy and brings a encouraging change in economic condition of a country.In considering above we conclude exchange companies are very effective development. In modern world exchange companies are very useful utilization of the resources of the country.

1.2.1 Brief history of the organization Aftab Currency Exchange Limited, is a UK incorporated Company that is part of the well-established Aftab group companies and has been operating in the North West of England since 2002. Our head office was the starting point of the UK success story when we commenced business with retail clients and two business associates but after obtaining our Authorized Payment Institution (API) from Financial Services Authority (FSA) our company is now set to become a global name specializing payment services, we will maintain our focus on the Europe, South Asian and Middle East before expanding into America and Africa corridor. The company has always strived to meet the expectations of their customer and continues to serve the high demands for sending money transfers around the World. Over the past 10 years, by keep in mind basic necessities of people, understand they belong to different cultures, respect their values & norms. Finally decided to channelize their network into new dimension by giving them opportunities to all communities to send their hard earn money back to their home. Which can possible now through our expanded network of agents, correspondence, partner Banks, established branches in Europe, and MTO (Money Transfer Operators) across the UK, Europe, Africa and Asia in 30 Countries worldwide to entertain their 350,000 Customers around the globe to send & receive their payments through 30,000 locations that help us to build our credibility and retain customers trust on Aftab Currency Exchange. The company success stems from the expertise and market knowledge of its senior management and this will ensure that the company is well positioned to make a positive impact to the market and will be able to sets itself apart from other remittance providers.

Vision Statement Aftab Currency Exchange Limited has a vision to become a regional market leader in money transfer business and the first choice of its intent customers and for those who wish to support less fortunate people around the world where money transfer is the only option to reach them.

Mission Statement Provide opportunities for growth and enrichment to our business partners and the communities in which we operate by providing extensive global network to recognize as one of the most innovative money transfer company in all around the world. We are determined to achieve these goals by associating with market leading financial institutions and involving extensive and innovation research that can lead new services into market.1.2.2 Nature of the organization. One of the most sensitive businesses all over the world is banking. Banks and Exchange Company play very important role in the economy of a country and Pakistan is no exemption. The banking and Exchange sector plays an important role in a contemporary world of money and economy. Banking sector influences and facilitates many different but integrated economic activities like poverty elimination, production and distribution, resources mobilization of public finance.Aftab currency exchange limited registered in United Kingdom provided its registered users in UK and Europe with the facility to send fund to designated beneficiaries in all around the world, complying with anti-money lending rules and regulation.Ace has gain the credibility and trust Asian and gulf community which resulted in increase of payments to beneficiaries in Pakistan, Bangladesh, India UAE, Romania, and Gambia over last couple of year. With efforts of over employees and trust show by community, ACE has showed increasing trend in number of payments and amounts of payments. To facilitate the community ACE has taken steps for further expansion of Branches and agents in other European countries. The overseas community is serving to support their families by showing the world their talent and utilizing their abilities in different fileds.ACE vision is based on the community for their suggestion to further improve the service level up to their satisfaction and the management is very pleased to make sure the high standard service.1.2.3 PEST Analysis

Management of ACE interested to provides better services to customers. Because of technological change, competition and customer preference so ACE change its competitors positioning and guide the way of which customers to target and make their segments. In PEST includes:

Political Environment Political and legal environment are strongly affect the Money Exchange Company Regulatory agencies and government law composed that environment which influences various organizations and individuals.Business legislation is used to protect banking sector from unfair competition and customers from unfair business practices adopted by banks.

Economic Environment

Any trend in economy also affects the Money Exchange sector. Due to the weak economy in the country Money Exchange sector also effect.

Socio Cultural Environment:-

In society different beliefs, norms and values exist. People interact consciously and unconsciously with themselves, others, organization and society. In this way Social environment also plays very important role in the Money Exchange field.

Technological Environment:-

Technological advances also play very important role in Money Exchange industry. Growth of economy is highly effected by change of technology. New technology creating deep roots affects which could observe in future. On line Money Exchange involves improves techniques. In brief PEST analysis affects the overall Money Exchange companies and provides the information about external condition.1.2.4 Contribution of organization towards economic department Aftab currency exchange limited registered in United Kingdom provided its registered users in UK and Europe with the facility to send fund to designated beneficiaries in all around the world, complying with anti-money lending rules and regulation.Ace has gain the credibility and trust Asian and gulf community which resulted in increase of payments to beneficiaries in Pakistan, Bangladesh, India UAE, Romania, and Gambia over last couple of year. With efforts of over employees and trust show by community, ACE has showed increasing trend in number of payments and amounts of payments. To facilitate the community ACE has taken steps for further expansion of Branches and agents in other the world their talent and utilizing their abilities in different fields. ACE vision is based on the community for their suggestion to further improve the service level up to their satisfaction and the management is very pleased to make sure the high standard.1.3 Structure Organizational 1.3.1 Board of DirectorsAftab Ashraf Founder and chairmanRashid Ashraf Chief ExecutiveKaleem ullah gallani Vice chairmanTariq Mehmood Managing Director

1.3.2 Number of Employees in Liaison Office

Year wise descriptionTotal employees

201036

201142

201260

201375

1.3.3 Head officeAftab Currency Exchange Limited 44 st Helens Road,Bolton, lancashireBl3 3NH United KingdomSub Offices Aftab Currency Exchange Limited 112 upper tooting RoadLondon SW177EN United Kingdom Aftab Currency Exchange Limited 357 Abbey dales RoadSheffield S7 1FS United Kingdom Overseas offices Aftab Currency Exchange Limited 42 Lr Clanbrassli street Dublin 8 republic of Ireland Aftab Currency Exchange Limited Blackens Val 441281 Oslo Norway Aftab Currency Exchange Limited VIA Guglielmo alimented 12/B 00176 Roma Itly Aftab Currency Exchange Limited Calls sant pali 115, local-1 08001, Barcelona Spain Aftab Currency Exchange Limited 44 Boulevard Jules Guesde 93200 saint Dens France Aftab Currency Exchange Limited West kruiskade 37B 3014 Rotterdam Netherlands Aftab Currency Exchange Limited Pozellanhostrabe 6, 60313 Frankfurt am Main Germany

1.3.4 Introduction of all departments Every organization either national or multinational has different department to perform their basic services in efficient way. As we know ACE is very large services type organization, it accommodates different departments. Following departments are basic departments that involves in delivering its services.

1.3.4.1 Finance Department The finance department is the most essential department in any financial institution. All financial strategies are developed by this department. The main purpose of this department is to decide from where to collect the funds and most important is that to take decision for the generation of high revenue.ACE also has a finance department that makes financial decision for the growth of the company. It also make regulation how to makes agents and whom to their agents .Finance department is also responsible for showing good financial statement at the end of the year.1.3.4.2 Marketing Department This is the responsibility of marketing department to show the positive image of any financial and non-financial institution. This department make strategies for the promotion of new products and services. For the promotion purpose print media as well as electronic media is used, like newspaper, different types of magazines, pamphlets, and brusher and now most important source for marketing is internet.ACE has a good name in marketing. They all conventional method of marketing as well as they also use telephone calls to introduce the new product to their customers. They also use television commercial to introduce their product.1.3.4.3 Human resource management Department HR department is the most important department in all big organization especially in multinational companies. ACE has well organized HR department. There is well designed HR committee lead by Naveel Ahmed is working as Human resource manager. The responsibility of this department is to hire the new employees, train these new as well as existing employees and evaluate the performance of the employees. They also announce employee of the month.1.3.4.4 Customer care Department Each and every one of us serves customers, whether we realize it or not. Maybe you're on the front lines of a company, serving the people who buy your products. Perhaps you're an accountant, serving the employees by producing their pay checks and keeping the company running. Or maybe you're a company owner, serving your staff and your customers.

1.3.5 Comment on organization structure An organization structure defines how job tasks are formally divided, grouped and matched. The basic purpose of organization structure is to create an environment for human work performance. It is a management tool. There are six key element that manager need to address. When they designed their organization structure. These six element are used in analysing the organization structure of Aftab Currency Exchange. After analysing ACE structure I conclude my finding as;Work specialization To what degree are activities subdivided into separate jobs is known as work specialization, during my internship when I examine my office at this point I conclude that ACE does strongly stressed on work specialization.Departmentalization This mean the basis by which job in an organization are grouped together. If I talk about this concept relative to ACE. I conclude that there is great departmentalization view in operation of ACE.Chain of command The chain of command is a line of authority, which mean to whom do individual and groups report, by analysing the organizational structure of ACE it can be found that each and every person known to whom he should report.Centralization and decentralization Centralization and decentralization decision making mean where decision making authority lie? By analysing organizational structure of ACE it can be found that the structure at ACE is important. All the decision and policies are made at the top management level and the subordinate have to follow and act upon these decision. This trend shows a centralized decision making pattern of inflexibility in structure of ACE.

Formalization The degrees to which the job within an organization is standardized are called formalization. This also includes that how much role and regulation within organization to direct employees and managers. As we already knows that ACE enjoys year experience so in its long time operation it developed well formal rules and regulation to operate his business efficient way.

Internees Work 1.4 Internee work I have completed internship in ACE G.T road kharian. This office facilities their customer and agents by providing the quality services. The provided different services to their to their customers and agents. To fully satisfied their customers and agents and doing efficient working. They assign different services to different department. Few of these given below ACE Remit ACE Blink ACE Wire ACE Speed Deposit ACE Online ACE Customer Care Centre

ACE Remit Without any bank account receive money over the counter forms banks was not easy for customer before. But now its possible through ACE Remit that enables their customer to enjoy this service around the globe to receive their money next day from any of their partner Bank without any bank account. They provide fast, secure and smooth services through a world range of our partner banks. Receivers just need a payment number, and identity. It is just that simple.

ACE BlinkInstant Transfer In this fast paced and timed poor world. Mandatory needs have to be fulfilled immediately. Now send your money within 10 minutes through our Instant payment services.ACE instant payment is such a facility that allows you to send home money so fast and smooth with their reliable and wide range of network in Bangladesh, India, Pakistan, Romania, Gambia , Kenya, Nigeria. Cameroon and UAE. These services are furnished through: southeast Bank Ltd & partners, Muthoot&mannapuram , MCB , JS , NIB , KASB, smith& Romanian Commercial banks, Zenith & GT Bank Airtel , Al- Ansari Exchange.

ACE WireTelegraphic transfer Telegraphic transfer is a hassle-free way to send money directly into receiver accounts. Enjoy our services through a wide range network of our partner banks. Now send money to any account anywhere within 3-5 workingdays.They reliable, secure and state of the art technology enables you tomake this happen.

. Ace speed DepositInstant to a bank Account It empowers their customer to transfer their amounts within 3-4 hours through areal-time credit system (IBFT). they state of the art network includes MoneyTransfer agreements with popular banks and highly reputed financialinstitutions that allows us to provide their customers an array of MoneyTransfer options and an unmatched value.

ACE Online New Offer! No need to carry cash anymore. Simply bring in your debit card and send money wherever you desire.It is easier than ever to transfer money through our new service. Just bring in your debit card with you and proceed with your transaction. Your banking would be done through your debit card giving you piece of mind and a smooth transaction.

ACE Customer Care Centre Each and every one of us serves customers, whether we realize it or not. Maybe you're on the front lines of a company, serving the people who buy your products. Perhaps you're an accountant, serving the employees by producing their pay checks and keeping the company running. Or maybe you're a company owner, serving your staff and your customers.

1.4.1 Brief Introduction of internees office/branch I completed my 6 week internship period in Aftab currency Exchange G.T Road Kharian ( A brief introduction of branch is given below Name of Branch Laision Office G.T Road Kharian

Region Kharian

Name of Manager Ali raza

Number of employees60

Phone Number0537535599

StatusOnline

Email [email protected]

Starting date of internship05/07/2013

Ending date of internship17/08/2013

Current Department Manager of branch according to qualification

Name Qualification Designation

Naveel Iqbal MBA ( HR ) HR Manager

Habib Ullah MBA Operational Manager

Ahtisham Zaheer M.com (Finance ) Compliance Manager

Muhammad Adeel MBA (Marketing) Customer Care Manager

Beenish Qamar MCS Media Manager

Zeshan Imtiaz B.com Product Manager

Shahbaz Ahmed MBATreasury Manager

Shahzad J. Chattha CA Finance Manager

1.4.2 Details of Supervisors During my internship I did multiple activities in various departments. My training supervisors very cooperative with me in my learning process, and also try my best to serve him in good manner. A complete schedule of my training supervisors given below

Name of departmentSupervisorDesignation

General banking departmentHabib ullahOperation Manager

Remittance departmentZubair AhmedManager

Bank deposit Ali Assistant

1.4.3 Weekly timetables: Week 1Nida IrshadLaision Office G.T Road KharianDepartment FinanceSupervisor: Zubair Ahmed

S.#DateDayActivities

108-07-2013 Monday

Introduction to general banking department.

209-07-2013Tuesday

Learn about all vouchers used mostly in this department.

310-07-2013WednesdayIntroduction to all Ace websites.

411-07-2013Thursday

Repeat the same work, and making some discussion with other employee of bank

512-07-2013

Friday

Repeat the same work, and making some discussion with other employee of bank.

613-07-2013SaturdayRepeat the same work, and making some discussion with other employee of bank.

Week 2 Nida IrshadLaision Office G.T Road KharianDepartment FinanceSupervisor: Zubair Ahmed

S.#DateDayActivities

115-07-2013 Monday

Introduction to customer care department.

216-07-2013Tuesday

Learn about how to satisfy customer according to their needs.

317-07-2013WednesdaySolves the agents complains and satisfy them.

418-07-2013Thursday

Discus with other department members.

519-07-2013

Friday

Same work repeated

620-07-2013SaturdaySame work repeated.

Week # 3 Nida IrshadLaision Office G.T Road KharianDepartment FinanceSupervisor: Zubair Ahmed

S.#DateDay Activities

122-07-2013 Monday

Fill up form for new agent.

223-07-2013Tuesday

Discussion about opening of new agents account with my supervisor.

324-07-2013WednesdayCheck customer and agents balances.and match with Barkley Bank.

425-07-2013Thursday

. Same work repeated

526-07-2013

Friday

Same work repeated

627-07-2013SaturdaySame work repeated



129-07-2013 Monday

Fill the documents of customers for payment.

230-07-2013Tuesday

Fill the documents of customers for payment.

331-07-2013WednesdayLearn how to deal the customers for foreign payment.

401-08-2013Thursday

Helping my supervisor in completing forms and other relating vouchers.

502-08-2013

Friday

Helping my supervisor in completing forms and other relating vouchers. Same work repeated

603-08-2013SaturdaySame work repeated



105-08-2013 Monday

Introduction to remittance department. In charge of department Sir Ahmed Hussain tells me about working of this department

206-08-2013Tuesday

Work on TT making and prepared it. Make discussion with my supervisor

307-08-2013WednesdayHoliday

408-08-2013Thursday

Holiday

509-08-2013

Friday

Holiday

610-08-2013SaturdayGive the rate to all countries. Same work repeated



112-08-2013 Monday

Introduction to cash department. My supervisor told me about working of this department.

213-08-2013Tuesday

I attend cash department and observe my supervisor how to manage cash payments, and receipts.

314-08-2013WednesdayMy supervisor told me about the necessary files that use in cash department. For confidentiality there is no proper learning take place.

415-08-2013Thursday

Match their balances with all countries, and website.

5

16-08-2013

Friday

I make some good discussions at that day with all my seniors I also give some suggestions.

6

17-08-2013

SaturdayIt is my last day in branch as internee. A grand party is arranged for me. Branch manager tells me about my performance and finally gives me internship letter with their best wishes and prayers.

1.4.4 Detailed description of the departments you worked in during your internship ACE has a number of departments that perform various services to serve its large number of customers. During my internship I try to learn basic functions of departments. These departments are discussed one by one in which I have worked during my internship. There are six main departments in any branch of ACE

ACE Remit ACE Blink ACE Wire ACE Speed Deposit ACE Online ACE Customer Care Centre

ACE Remit Without any bank account receive money over the counter forms banks was not easy for customer before. But now its possible through ACE Remit that enables their customer to enjoy this service around the globe to receive their money next day from any of their partner Bank without any bank account. They provide fast, secure and smooth services through a world range of our partner banks. Receivers just need a payment number, and identity. It is just that simpleACE Blink In this fast paced and timed poor world. Mandatory needs have to be fulfilled immediately. Now send your money within 10 minutes through our Instant payment services.ACE instant payment is such a facility that allows you to send home money so fast and smooth with their reliable and wide range of network in Bangladesh, India, Pakistan, Romania, Gambia, Kenya, and Nigeria. Cameroon and UAE. These services are furnished through: southeast Bank Ltd & partners, Muthoot&mannapuram, MCB, JS, NIB, KASB, smith& Romanian Commercial banks, Zenith & GT Bank Airtel, Al- Ansari Exchange.ACE WireTelegraphic transfer Telegraphic transfer is a hassle-free way to send money directly into receiver accounts. Enjoy our services through a wide range network of our partner banks. Now send money to any account anywhere within 3-5 workingdays. They reliable, secure and state of the art technology enables you tomake this happen.Ace speed DepositInstant to a bank Account It empowers their customer to transfer their amounts within 3-4 hours through areal-time credit system (IBFT). they state of the art network includes MoneyTransfer agreements with popular banks and highly reputed financialinstitutions that allows us to provide their customers an array of MoneyTransfer options and an unmatched value.ACE Online New Offer! No need to carry cash anymore. Simply bring in your debit card and send money wherever you desire.It is easier than ever to transfer money through our new service. Just bring in your debit card with you and proceed with your transaction. Your banking would be done through your debit card giving you piece of mind and a smooth transaction.

ACE Customer Care Canter Each and every one of us serves customers, whether we realize it or not. Maybe you're on the front lines of a company, serving the people who buy your products. Perhaps you're an accountant, serving the employees by producing their pay checks and keeping the company running. Or maybe you're a company owner, serving your staff and your customers. 1.4.5 Summary of learning During my internship the main aim of my study was to learn general Money Exchange procedures and to get a complete knowledge of practical work with the help of my bookish knowledge. Aftab currency exchange Kharian is a place which provides a great opportunity to achieve my aim finally. The following points show my learning summary in detail that I have gained during internship.

1.4.5.1 Skills and qualifications gained from the internship I get many experiences in working of different departments and while doing many operations. These operations include. ACE Remit ACE Blink ACE Wire ACE Speed Deposit ACE Online ACE Customer Care Centre After joining the ACE for internship initially it was so difficult for me to get the attention of the employees, everybody was engaged in their own activities, and nobody was having time to accommodate me. This is very important for me to get the attention of ACE management and get their valuable information that is so much necessary for the up gradation of my knowledge and for the completion of the task which was assigned to me by the institution. But very soon I succeeded in making relationship with everyone and with the help of these people I started gaining basic skills and qualifications during my internship.This was my first task and with the passage of time they also realized that they can utilize my efforts in a productive way to minimize their burden of working. They provided me their time and information which helped me to enhance my knowledge and they also shared their experiences with me which I believe that it would be helpful in my practical life. First two weeks I worked in ACE Remittance department where I get a skill to how interact well with customers, how I represent my organization and its basic values in achieving desired goals.I worked with Manager where I learned lot of things including how to deal with customers, how to manage employees and how well a manager create links outside the branch.During the internship session I got the chance to represent myself as spokesperson on behalf of my branch to get useful information from clients and convey their required information on their door step.

In performing my duties I learned how to behave with seniors, how to judge customer need and help them, how to cooperate with my officers and how to be supportive with my co internees. 1.4.5.2 Responsibilities undertaken during the internship period Internship certainly a basic requirement of my MBA program. The main purpose and objective of this training to get know how about practical working of financial institutions, reputable organization either national or multinational and manage with theoretical study. Our department is performing their responsibilities very well in this regard to help students in achieving that objective. Through internship program I able to understand how to develop good relations with others that help me in completion of my future plans. During internship I learned how to manage my tasks and responsibilities in short timing during internship. My supervisor gives me responsibility to take backup of all countries during working of day and satisfy their agents. In internship it is responsibility on me to prepare peon book and maintains record up to date. Through internship I got temperament of working long hours.1.4.5.3 Influence of internship on future career plans As a student of business administration at the present stage I need to be aware of my future plans and upcoming scenario of possible opportunity of jobs and requirements of those jobs in market. Internship definitely influence my future plans because this is a stage where I have chance to learn, to develop my personality characteristics according todays world requirements. Internship is such activity that enables a student to learn the practical knowledge, that how to work well in todays competitive organizations. Internship activity motivates me, that necessary in struggling hard in future plans. With the help of internship I learn some sort good communication skills that also help me in future.

1.4.5.4 Correlation of internship activities with classroom knowledge As mostly of us think that internship or training is a boring task and just a source of time consuming, acquiring more burden on mind, and this internship does not benefit us in our study. But I think that thinking is totally wrong and internship is very helpful in taking practical experience that is very useful in our future professional life. We all know that every employer wants such person as an employee who is educated and well experienced.Internship is such activity that enables a student to learn the practical knowledge, that how to work well in todays competitive organizations, how to behave in organizations, and how to manage good relationships with others. Now a days work requirement is changing rapidly, as competition increases between organizations. These organizations also require such employees which are well experienced, having good communication skills, and which are more innovative and creative mind.Internship certainly provides me a great opportunity to develop such skills in myself. Internship helps me in correlating my class room knowledge with practical experience. Internship activity motivates me in my learning process that gives me opportunity to grow more rapidly in that challenging world. I studied different concepts in books but I am confused that how these things matter in our actual life. But when I did my internship I have a chance to apply all such concepts in real life and check out these concepts that certainly matter in our life.When a person himself observe, judge and experiment anything any concept or any assumption then he learn a good experience that is more long lasting. So finally I personally believe that internship activities that I performed highly interlinked with my studies and support myself in future success.

2 Conclusions of the report2.1 Summary of key conclusions: ACE Limited(Formerly Aftab Currency Exchange Limited) has a solid foundation of over 10 years in United kingdom, with a network of over 30000 branches, their 350,000 Customers around the globe to send & receive their payments through 30,000 locations ACE's operations continued to be streamlined with focus on rationalization of expenses, re-alignment of back-end processing to increase productivity, enhancement of customer service standards, process efficiency and controls. ACE has taken the lead in introducing the innovative concept of centralizing Trade Services in the countries by providing centralized foreign exchange services to branches with a purpose to improve efficiency, expertise and reduce delivery cost.During the course of internship I learned about different functions performed by Remittances, and Customer Service Office department and exchange as a whole. I also learned banks correspondence with their customers and within branches. I learned about documentation requirements and record keeping for different activities and processes, especially the documentation requirement for different kinds of financing facilities.2.2 General observations about institution I did my internship in Aftab Currency Exchange Liaison office Kharian. My internship sector is banking and financing sector that performs valuable services for their customers. When we look in past some 10 to 15 years, we observe that although there is involvement of banking sector in economy growth of Pakistan. But in last decade the performance of that industry was very incredible. State Bank of Pakistan actively participates in creating more banks and regulating them in well manner also. SBP and other exchange companies fulfil the Govt. needs at the time of difficulties. Aftab currency Exchange industry participates in creating more jobs that lower the rate of unemployment.They provide a close opportunity to every young graduate to join it, as they opened a number of branches. Exchange companies play very important role in circulation of money that helpful in implementation of monetary policy. Banks provide loan facilities.

2.3 SWOT Analysis

In SWOT analysis evaluate overall ACE strength, weakness, opportunities and threats.

Strength

Services which are provided by ACE is the main strength. But there are different strengths which are ACE reputation, technical management skills, customers satisfaction, effectiveness in promotion, team oriented, continuous improvement, best quality, respect of employees, dignity, good corporate citizenship. These are the strengths of the ACE which make it one of the best Currency Exchange of the countries. Currency Exchange cannot compromise its strength and fully utilize their strengths. ACE give some incentive to its employees on base of performance and also remove the conflict between lower and higher officers. All employees have access to officer so that if any problem with him he can communicate it. Friendly environment created so that no one feel shyness and properly communicate. Their employees are their strength, they also declared employee of the month every month. For the enragement of their employee they also give them shield and cash prize.

Weakness Ace has few weaknesses in which competition pressure which are very difficult for Currency Exchange to handle. Currency Exchange company has very well reputed and established competitors. That deal with the same community and also providing good services. Like Money gram, western union.

Opportunities Aftab currency exchange has big opportunity to grow in the market. By extra advertising support ACE improve their services. ACE has opportunity to attract new customers and agents give them better services. ACE customer care services also make opportunity for bank growth.

Threats ACE face few threats in which weak economic condition of country. Unregistered business concerns also threat for Currency Exchange. In threats most of the competitors provides good services ACE should follow the continuous improvement process for satisfaction of their customers. 3 RECOMMENDATION

3.1 Shortage of staff

Shortage of staff is very common problem which is faced by ACE. Few employees are there who are the entire whole branch are resulting in burden of work. Main idea behind is that there is shortage of staff in any firm because of lot of work and people working over there feel like that they can do whatever they feel like so they are bothered about the rules by head office and most of result in corruption.

3.2 Adequate training of staff

Staff in ACE branches is mostly not adequately trained. ACE is the pioneer of new products including, mobile banking and online banking but they dont trained staff according to these innovations. ACE has one staff colleges in Kharian. These gives aware staff about innovation but not gives proper training.

3.3 Online banking

ACE is pioneer of the online banking but problem is that they cannot trained there all staff about online system so they cannot satisfied there customers and agents needs. Because the authority of checking online banking have very few people. 3.4 Improvement suggestions

Following are my suggestion and observation to improve the efficiency of bank.

3.4.1 Staff Training Staff training is one of the important steps which lead ACE to more profitable. Because customer satisfaction is only when staff provides all facilities to them it is only when possible when staff is properly trained.

3.4.2 Short Courses

ACE also introduces short courses for betterment of the employees. These courses are important because of new innovations which are take place in very short period.4 REFERENCES 1. http://aftabcurrency.net/2. http://aftabcurrency.net/services.php?pages=804009953&token=13&redic=821135118&red_y3. http://aftabcurrency.net/services.php?pages=962131983&token=7&redic=187023258&red_y4. http://aftabcurrency.net/services.php?pages=549759361&token=8&redic=224225783&red_y5. http://aftabcurrency.net/services.php?pages=248263220&token=9&redic=926018254&red_y6. http://aftabcurrency.net/services.php?pages=284531980&token=10&redic=903831017&red_y7. http://aftabcurrency.net/company.php?pages=851915322&token=47&redic=443861864&red_y8. http://aftabcurrency.net/company.php?pages=978450965&token=54&redic=578866083&red_y9. http://aftabcurrency.net/company.php?pages=608279844&token=52&redic=349276022&red_y10. http://aftabcurrency.net/company-profile.php11. http://aftabcurrency.net/company.php?pages=136544540&token=53&redic=991231124&red_y12. http://aftabcurrency.net/team.php13. http://aftabcurrency.net/global-partners.php?pages=547623399&token=15&redic=560700856&red_y

Aftab Currency Exchange Internship Report

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