An evaluation of digital transformation with specific emphasis on
Art der Uni-Arbeit: Masterarbeit
Management & General Management
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
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.
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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