This assignment will discuss the NTUC Income Case Study and in particular the Information and Process systems of the company prior to their transformation into the digital age.
This case study will also discuss how Irish retail banking are currently going through their own transformations in order to enhance their own customer journeys in this new age of digitisation. 1. What types of Information Systems and business processes were used by NTUC Income before migrating to the new digital systems? What were the problems associated with the old systems?
Despite NTUC Income being one of Singapore’s largest insurers, its decade old Information Technology Infrastructure and its processes were in serious need of a “digital” transformation to
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Describe the digital systems capabilities at NTUC Income after migrating to the new system. How did the systems resolve their problems?
Once the new IT systems were implemented, NTUC had a faster more reliable system that did not pose as many threats as the legacy systems.
Breakdowns now did not have as great an impact due to the increase in servers and DR sites – reconciliation and previous day back up only were a thing of the past!
Paperless technology eliminated couriers and paper storage warehouses.
The author of the case study indicates that “NTUC Income’s life and general insurance operations now ran on one integrated platform, providing efficient straight through processing workflow, high flexibility and customer centric view.” (1)
Technology is both a cost of doing business, and an opportunity to do more business and NTUC Incomes changes did not come without a price. Technology has a cost not just in euros, but also in the time you and your employees need to spend adapting to it.
A shift in mind-set was required by all involved. Work would be easier for the agents meeting clients but the work for back ground staff completely changed and would obviously have potentially reduced the required FTE when the new systems were introduced – the new Orange Strategy would have alleviated these reductions in FTE due to increase in
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Three important lessons for Irish Retail Banking which can be drawn from the NTUC Case Study. What are the implications of these lessons for your bank?
There are many learnings to be taken from the NTUC Income case study. The top three that I would personally glen from it are:-
Importance of investment in digital technology. The private business investment spend on IT Technology consisting of hardware, software and communications equipment grew from 14% in 1999 to 33% in 2013 (2) This upward trend has been driven by customer’s and their use of digital technology via smartphones, tablets and computers. What are the benefits of technology for a business? There are many, some of which are outlined below:
• Reach more existing customers and develop a business relationship with potential customers
• Streamline operations, reduce costs, improve efficiency, maximize profit, minimize waste, devote talent to core business
• Provide better service to customers
• Allow customers to better guide the business
In 2017 customers no longer need to physically visit a branch unless they really want or need to. They now can conduct their everyday banking requirements 24/7, 365 days of the year via mobile banking apps and in most cases it is cheaper for them too, as banks are promoting their online options by reducing fees and charges when these channels are
Key Issues At NAF, delivering value with IT is about more than delivering projects on time and on budget or having a good IT development shop. They have all this but theres still not enough value getting delivered. This case explores the questions of who is responsible for delivering value with IT and when IT value is delivered. It emphasizes that value delivery should be a business-IT partnership responsibility and will require change in the business over time. The first part of this case looks at the relationship between business strategy and IT development projects. It makes it clear that enterprise business strategies need enterprise solutions and a procedure for matching these. It also introduces the concept that investing in IT
Case Study Assignment KL Worldwide Enterprises Inc.: Putting Information Technology to Work Submitted by Mark Lemoine September 14th, 2012
1) How did information systems and the organization design changes implemented by Knudstorp align with the changes in business strategy?
Lots of the information they need can be found online instead of going to a library and reading through books that are probably out of date. The internet makes the business much more efficient and Rob was quoted saying, “The internet is an information super highway.” However while the pros of internet are massive all the information does come at a price though but they say it is definitely worth it. As well as the internet other technology such as computers and printers are very useful to the business as it increases efficiency and saves but they do require an investment however they are vital to any business in the 21st
At the time where competition became a reality for banks, Jyske Bank decided to make a major personality transformation from a traditional bank to a unique and different one. The new concept emerged from the values of society and the changing economy, and its main goal was to make banking more fun and less pretentious. This report will discuss the case study of “People, Service & Profit at JYSKE Bank” and will provide a detailed analysis of their marketing mix and how they modernized the 7 P’s to suit the changing customer needs.
Technological advances over the next ten years are projected to grow at an astronomic rate. As business owners you must consider carefully all of the affects the different forms of technological advances will affect your business.
As we have learned throughout this course, the value of information technology has been one of the most influential aspects of conducting business. Information technology is used on a daily basis at all organizations, and it has grown exponentially throughout the course of history. Organizations purchase and implement information technology to gain a competitive edge over their competitors. This dates all the way back to the invention of the steam engine, in the mid-1800s, which allowed finished products to be mass transported by the railroad system. The companies and corporations that used the rail system gained a competitive advantage over smaller companies that used other modes for transporting their
Over the past few years technology has caused significant changes in the way enterprises conduct business.
According to the most recent Federal Reserve study; most of us haven’t set foot in a banking hall in ages. It is a lost battle to banks that opt to use traditional methods to conduct their banking transactions (Gup 2003). By December of last year, close to half of all smartphone users in the United States had transacted some or all of their banking on their phones and iPhones. In the United Kingdom alone, rates of mobile banking transactions doubled over the course of a single year (Scn Education 2001). A banking business that invests in this type of technology gets assured of increasing their customer base.
Over the years, technology has become a major part for a business and for an individual as well. Technology has become so advance that it has made a major effect for the staff as well as for the customers. New technology has helped in many areas such as data and information storage, advertising, transportation and communication.
Innovations in technology can force a business to change just to keep up. Employees who have never used computers need to be trained to operate the new computer system. A business also can benefit by implementing a technological change. According to the Hotel Online website, the airlines
National Computer Operations (NCO) was an internal, monopolizing computer support entity that was faced with a challenge which was presented by the new banks chainman. The change, which was to take effect in 2 years, was that NCO could now market externally and all the internal departments could buy computer services from outside firms (Spector, 2013, p. 73). How was the company leader, Gar Finnvold, going to overcome these changes? The following essay will discuss a step by step diagnosis for the organization, as well as, who and what tools will be utilized. Additionally, the essay will describe who and what tools will be utilized.
1. How did the information systems and the organization design changes implemented by Knudstorp align with the changes in business strategy?
1. How did the information systems and the organization design changes implemented by Knudstorp align with the changes in business strategy?
In 1996, Citibank was an emergent banking institution attempting to increase its market share in the competitive Los Angeles area. In order to do so, the bank’s strategy was to focus slightly less on their financial growth, and much more on providing “a high level of service to its customers”. Management viewed this paradigm shift as “critical to the long term success of the franchise”.