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Case Study Of The NTUC Income

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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 …show more content…

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 …show more content…

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

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