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An evaluation of digital transformation with specific emphasis on transaction migration

An evaluation of digital transformation with specific emphasis on transaction migration

 

 

Art der Uni-Arbeit: Masterarbeit

Fachrichtung: Business Management & General Management

Autor/-in: Cornelius Lejeune-Bach

 

Executive Summary

 

Scotiabank Trinidad and Tobago Limited, one of the Country’s many financial institutions’ major focus is to make customers better off by providing exceptional service. In so doing, they adopted Scotiabank Toronto’s mandate of Digital Transformation. This transformation was focused on the entire Organization and even more closely on the customer. The vision was to promote efficiency and convenience for all customers via transaction migration and use of the alternate channels of banking.

 

In 2014, SBTT rolled out this strategic plan by digitizing transactions via online, mobile, ATM’s to name a few. However, since its launch, SBTT has been faced with many challenges including customers’ acceptance of transaction migration. In light of this, an evaluation needed to be done in order to identify the issues, relook its strategy and make recommendations.

 

This research offered the opportunity to conduct a high-quality evaluation of SBTT and its Digital Transformation strategy, namely Transaction Migration and use of the alternate channels of banking, to monitor its performance against its own projected goals, as well as to determine the cause for customer rejection to this new initiative.

 

The major research methodology employed within the context of this project was surveys/questionnaires, semi structured interview and review of documents which already exists. The results of the research indicated that SBTT has been more or less effective at the achievement of its projected goals, however, still have not been able to meet their targets as it relates to transaction migration and customers’ utilization of the alternate channels of banking.

 

With regards to the challenges faced, the survey revealed that demographics played a crucial role in the utilization of the alternate channels of banking. One of the major issues coming out from this was lack of computer literacy and knowledge of the alternate channels of banking.

 

Solutions and Implementations

There has been the identification of three major solutions which can be implemented within a one to eighteen-month period, which can assist the Organization in improving and achieving their goals as it relates to transaction migration and utilization of the alternate channels of banking.

 

1. Proper Communication Methods- Revamping the current communication strategy and implementation of an entirely new style of communicating the change to customers.

2. Branch Redesign- Changing the overall look of the Branch to reflect a Digital Bank and the Organization’s vision by installing digital kiosks and technological systems throughout the banking hall.

3. Contracting retired employees as Service Representatives- These retirees will be responsible for demonstrating the use of the alternate channels of banking to the population especially the aged customers. This will provide confirmation on how easy and effective it is to use no matter age and literacy.

 

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  • An evaluation of digital transformation with specific emphasis on transaction migration
  • 2020-12-31 00:07:58