Applications of Queueing theory in Banking
By forecasting customer flow, figuring out the ideal number of tellers or ATMs, and cutting down on wait times, queuing theory assists banks in enhancing customer satisfaction and efficiency. A more thorough description of the application of queueing theory in banking may be found here: Maximizing Teller/ATM Positioning: In order to ascertain the ideal number of tellers or ATMs required at various locations and throughout the day, banks employ queueing models to examine client arrival patterns and service hours. Reducing Wait Times: Banks can use techniques like virtual queuing systems, maximizing teller staffing, or installing self-service kiosks to cut down on client wait times by comprehending the dynamics of queues. Enhancing Customer Experience: Long wait times are less likely to irritate or inconvenience customers, which results in an improved customer experience. Resource Allocation: By ensuring that the proper amount of personnel and technology are on hand to meet demand, queuing theory assists banks in efficiently allocating resources. Demand Prediction: By using queuing models to forecast times of peak demand, banks may plan ahead and are ready for spikes in traffic, guaranteeing seamless operations. Virtual ticketing systems, which enable clients to remotely register for lines without physically visiting the bank, are likewise designed and implemented using queuing theory, which further improves efficiency and convenience. Queue Management Systems (QMS): To guarantee a seamless and effective banking experience, banks employ QMS to control client flow and waiting queues.
Teller Lines: Estimating how many tellers are best suited to manage heavy traffic. ATM Queues: Examining the consumer flow at ATMs to make sure there are enough machines available. Call Center Queues: Handling customer support calls to guarantee prompt responses and reduce wait times. Depending on the needs of the bank, several scheduling techniques may be employed when putting this into practice. Prior approaches that were put into practice concentrated on the tellers' efficiency, service time, and quality. A bank's primary goals are to satisfy its clients and earn a profit. The management of the bank must redesign it to remove the standard queueing system and install a machine to distribute tickets to clients in order to apply the scheduling methods for a banking scenario. Different scheduling techniques can be used to optimize the bank after it has been remodeled. To create a better simulation in reality, banking traffic should be tracked every day of the week. The study's conclusions may be applied to enhance banking models in the event that a real-time FPGA implementation is created. One of the current simulation model's limitations is that it only uses a small number of queueing algorithms. This presents a chance for further investigation into the potential effects of alternative queueing techniques on waiting times. Future research enables a feasible implementation that could be created that considers users as they arrive at the bank, sorting them into the appropriate queue with regard to the appropriate queuing strategy relating to their reason for visiting the bank, given the practical limitation to only simulate the banking model.