Banking in a Digital Age - Free Essay Example

Sample details Pages: 6 Words: 1921 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Q1. What types of Information Systems and business processes were used by NTUC before migrating to the new digital systems? What were the problems associated with the old systems? Before migrating to the digital systems, NTUC Income relied on EBao Technology. This consisted of: HP3000 mainframe hosted the core insurance applications as well as the accounting and management information system. The COBOL program maintained by Incomeà ¢Ã¢â€š ¬Ã¢â€ž ¢s in-house IT team. One of the issues observed with the old system was the Business process, transaction processing for policy Underwriting was a batch process and information was not available to agents and advisors in real time. Voluminous documents were manually sorted and stored in warehouse, retrieval of same took days to accomplish resulting in lost opportunities and cross sales. Another concern with COBOL was launching new products ranged from a few weeks to months resulting in decreased productivity and revenue and wasted manpower hours. The HP 3000 frequently crashed coupled with hardware failures resulted in many downtime days. Incomplete daily data was a costly and tedious process. The biggest difficulty faced was the many possible breaches in data protection resulting from their systems reliance on paper forms and manual storage and retrieval of all documents. Q2. Describe the digital systems capabilities at NTUC after migrating to the new system. How did the systems resolv e their problems? Explain. NTUC was in a crisis and needed to change. In order to power engines forward, they used Digital Systems. Best energy is a crisis. (Stapleton, Digitial technology in financial services, 2015) Income switched to the Java-based eBao Life system in 2003. This new software comprised three subsystems. Policy Administration, Sales Management and Supplementary Resources. This change from paper to digital systems immediately solved the problem of agents accessing clientsà ¢Ã¢â€š ¬Ã¢â€ž ¢ files in real time. This resulted in the many cross sell opportunities that were previously lost, being opened up. (See fig 1)[1] It also allowed Tan to push his company forward in terms of generating business as à ¢Ã¢â€š ¬Ã…“telecommuting staff members had faster access to information, almost as fast as those in the office.à ¢Ã¢â€š ¬Ã‚  (Stapleton, NTUC Income, 2015)This push forward by Tan is a prime example of good customer relationship management as it addresse s all their marketing sales and services with their customer at the core. (see fig 2)[2] (Laudon and Laudon, 2014) The improved methods for generating business had an instantaneous effect on NTUCà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability as is evident in the case study. The new digital system vastly improved the process of developing and launching new products. The company moved from waiting weeks or months for a product launch to just a few days with the new system. Coupled with accessing customer information in real time this allowed targeted smart selling practices, selling the customer what they needed rather than product pushing. (Bibby, 2012) The HP 3000 systems meant agents of NTUC were frequently experiencing system failures resulting in lost revenue and a loss of trust in their system. The eBao technology solved two of the issues NTUC were facing. Firstly a real à ¢Ã¢â€š ¬Ã¢â‚¬Å" time hot back up disaster recovery centre was implemented, meaning in the event of a system failu re operations could be switched quickly to the disaster recovery site without the need to rely on the restoration of previous day data (Stapleton, NTUC Income, 2015). Secondly, with the destruction of paper forms and storage systems in favour of online alternatives and a hot back up recovery centre, the company are less likely to breach data protection laws. Q3 Speculate on how the new digital systems provided a basis for the à ¢Ã¢â€š ¬Ã…“Orangeà ¢Ã¢â€š ¬Ã‚  strategy. Could Orange have been possible with the old systems? Explain. The new digital systems provided an opportunity for Income that Tan Suee Chieh seized with both hands. He had foresight to realise Big Data is what a company needs to provide tailored products to its consumers (Brad Brown, 2011). Although what NTUC had access to would not be considered Big Data in todayà ¢Ã¢â€š ¬Ã¢â€ž ¢s digital world, it was a major step up from the paper based system they had. Tan began the transformation to digital systems by first introducing what he called à ¢Ã¢â€š ¬Ã…“cultural revolution.à ¢Ã¢â€š ¬Ã‚  In response to the success of his company he responded à ¢Ã¢â€š ¬Ã…“it rested on cultural change, and by culture I mean peopleà ¢Ã¢â€š ¬Ã¢â€ž ¢s attitudes and behaviour. We were extremely strong in values like trust, but we needed to be much better in terms of professionalism and adopting a more dynamic or commercial approach towards running the business.à ¢Ã¢â€š ¬Ã‚  (Bibby, 2012) Tan understood that as a leader he needed to change the culture within his organisation, however he realised in order to do this he could not look at à ¢Ã¢â€š ¬Ã…“changing cultureà ¢Ã¢â€š ¬Ã‚  instead he needed to focus on a business problem and then assess how culture within the company would help or hinder this (Schein, 1985). With Income, the problem was obvious, their dated storage and paper based systems were holding them back from becoming the world leading insurer Tan envisioned. Tan used his four yearsà ¢Ã¢â€š ¬Ã¢â€ž ¢ experience from Incomes board of directors and his twenty yearsà ¢Ã¢â€š ¬Ã¢â€ž ¢ experience with Prudential to aid his assessment of culture within the company (Bibby, 2012). Once the Cultural Revolution had been well established, Tan began his Orange revolution. This was about à ¢Ã¢â€š ¬Ã…“doing things differentlyà ¢Ã¢â€š ¬Ã‚  and à ¢Ã¢â€š ¬Ã…“changing the rules outside the company, and change the way the game is played in the insurance industryà ¢Ã¢â€š ¬Ã‚  (Bibby, 2012) Orange Force was one of the first à ¢Ã¢â€š ¬Ã…“Orange momentsà ¢Ã¢â€š ¬Ã‚  Tan had. These brightly coloured motorbikes were only made possible because of the introduction of the wireless technology system brought in to replace paper based ones. The introduction of these technologies meant systems were always accessible, a crucial feature for Orange Force who required access to customers insurance records at the roadside. Orange Speak is centred on putting customer needs first and ensuring customers get a à ¢Ã¢â€š ¬Ã…“fair dealà ¢Ã¢â€š ¬Ã‚ . This aspect of the orange revolution focuses on customer centricity, a factor that is still promoted on the Income website. They promote the fact their 7 branches assist 1,400 walk in customers and 2,500 phone calls on a daily basis. These interactions are aided by the fact any advisor can access customer records quickly and securely to deal with each customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s individual need. Orange Speak is another aspect of orange revolution that would not be possible without digital systems. The implementation of these digital systems meant information became available to advisors in real time. This allowed for opportunities to cross-sell according to consumer needs and only target products consumers needed not the ones that helped agents meet their sales targets. Income were now able to become smart in the way they handled their data, they could now pair advisors and customers according to need and specialism, a chore that would have been arduous with a paper based system. In recent years, orange revolution has focussed on expanding its value added services such as the motor service centre and their new born gift initiative (Income, 2015). The abolishment of paper in favour of digital has clearly improved profits at Income (Stapleton, NTUC Income, 2015). By reinvesting some of these profits back into his company in the form of Value Added Services, Tan is ensuring his company remains a global leader and maintains their reputation of putting the customer first. Q4. Set out three important lessons for Irish retail banking can be drawn from the NTUC case study. What are the implications of these lessons for your bank? Don’t waste time! Our writers will create an original "Banking in a Digital Age" essay for you Create order CUSTOMER CENTRIC. Clearly evident from the Case study, prior to the migration to the digital web-based system, NTUC customer care was low priority. From inception to execution the customer process was tedious, lengthy and impersonal. The client profile was minimal resulting in staff being unable to ascertain whether the prospect was new or existing. NTUC had the foresight to acknowledge that change was needed to ensure success. In a recent recorded lecture on the topic of CRM, Dr Larry Stapleton said à ¢Ã¢â€š ¬Ã…“what we want to be able to do is track and analyse how the firm interacts with its customers.à ¢Ã¢â€š ¬Ã‚  NTUC has provided us with the evidence that this methodology is something that must be considered to the highest degree by businesses in todayà ¢Ã¢â€š ¬Ã¢â€ž ¢s environment. (Stapleton, Digital Systems and the Customer: Customer Relationship Management Systems 1, 2015) The implications of this for our Bank are that in order to survive and gain the competitive edge, we need to prioritise the customer each time every time. Our competitors can offer similar products and price and promote online switching deals, however, ità ¢Ã¢â€š ¬Ã¢â€ž ¢s through service and anticipating their needs that will gain us the edge and win. We need to have a deep understanding of our customers and have the ability to analyse vast amounts of data on their behalf. DIGITALISE By moving from paper based HP3000 to the online digital systems of Ebao, NTUC have significantly improved the security of their clients data. All forms are now stored digitally and are backed up electronically reducing the risk of loss and misplacement. A study by Galliher et al in 2008 gives strength to the argument that NTUC are now less at risk of security breaches by using digital forms. Galliher compared results of 60 volunteers, 30 completing paper forms and 30 completing electronic, the results showed only 3% of those gathered electronically had errors, compared to 35% of those gathered on paper. (James M. Galliher, 2008) Currently, our bank still relies on paper based lending applications prior to submission for approval. These forms then have to be manually filed into binders by advisors. This provides numerous opportunities for error, omission and misplacement. The department for finance has since 2009 been promoting paperless banking, heralding the work of Danske B ank who went completely paperless in 2006 and reaped the rewards in terms of cost saving and improved customer satisfaction. (Finance, 2009) INTREGATION OF SYSTEMS By moving to their new platform Income clearly had set a strategy to achieve Competitive advantage and by applying Michael Porterà ¢Ã¢â€š ¬Ã¢â€ž ¢s competitive forces we can undoubtedly understand the importance of the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s environment. (Fig 3[3]) The single view approach facilitated more products and coupled with the customer centric design ensured New Entrants and Customer forces were complied with as now the profiling could distinguish whether the clients were new of existing. By providing a platform for New Orange strategy, this gave the very important competitive edge and improved customer service. Through the integration of NTUCà ¢Ã¢â€š ¬Ã¢â€ž ¢s systems, they were successful in irradiating Porters five forces. This is a lesson we could look into in our bank as the threat of substitution, new entry, competitive rivalry and supplier power are still a very real issue for us. Bibliography Bibby, A. (2012). Profile of a chief executive. Voice Magazine. Brad Brown, M. C. (2011). Are you ready for the era of big data? McKinsey Quarterly. Department of Finance. (2009, 06 05). Finance gov ie. Retrieved from https://www.finance.gov.ie/sites/default/files/NIBrespon09_0.pdf James M. Galliher, T. V. (2008). Data Collection Outcomes Comparing Paper Forms With PDA Forms in an Office Based Patient Survey. Annals of Family Medicine, 154-160. Kennetch C. Laudon, J. P. (2012). Management information systems. Harlow: Pearson. NTUC Income. (2015, Apr 01). NTUC Income. Retrieved from https://www.income.com.sg/ Schein, E. H. (1985). Organizational Culture and Leadership. San Francisco: Jossey-Bass Inc. Stapleton, D. L. (2015). Digital Systems and the Customer: Customer Relationship Management Systems 1. Banking in a Digital Age. Dublin: Institute of Bankers. Stapleton, L. (2015, February Sat 7th). Digitial technology in financial services. Dublin: Institute of Bankers. Stapleton, L. (2015). NTUC Income. Dublin: Institute of Bankers. [1] Diagram taken and adapted from Laudon and Laudon, 2014 page 385 [2] Diagram taken and adapted from Laudon and Laudon, 2014 page 382 [3] Diagram taken and adapted from Laudon and Laudon, 2014 page 124 and 125

Examples of Z-score Calculations

One type of problem that is typical in an introductory statistics course is to find the z-score for some value of a normally distributed variable. After providing the rationale for this, we will see several examples of performing this type of calculation. Reason for Z-scores There are an infinite number of normal distributions. There is a single standard normal distribution. The goal of calculating a z - score is to relate a particular normal distribution to the standard normal distribution. The standard normal distribution has been well-studied, and there are tables that provide areas underneath the curve, which we can then use for applications. Due to this universal use of the standard normal distribution, it becomes a worthwhile endeavor to standardize a normal variable. All that this z-score means is the number of standard deviations that we are away from the mean of our distribution. Formula The formula that we will use is as follows: z (x - ÃŽ ¼)/ ÏÆ' The description of each part of the formula is: x is the value of our variableÃŽ ¼ is the value of our population mean.ÏÆ'Â  is the value of the population standard deviation.z is the z-score. Â   Examples Now we will consider several examples that illustrate the use of the z-score formula. Suppose that we know about a population of a particular breed of cats having weights that are normally distributed. Furthermore, suppose we know that the mean of the distribution is 10 pounds and the standard deviation is 2 pounds. Consider the following questions: What is the z-score for 13 pounds?What is the z-score for 6 pounds?How many pounds corresponds to a z-score of 1.25? Â   For the first question, we simply plug x 13 into our z-score formula. The result is: (13 – 10)/2 1.5 This means that 13 is one and a half standard deviations above the mean. The second question is similar. Simply plug x 6 into our formula. The result for this is: (6 – 10)/2 -2 The interpretation of this is that 6 is two standard deviations below the mean. For the last question, we now know our z -score. For this problem we plug z 1.25 into the formula and use algebra to solve for x: 1.25 (x – 10)/2 Multiply both sides by 2: 2.5 (x – 10) Add 10 to both sides: 12.5 x And so we see that 12.5 pounds corresponds to a z-score of 1.25.

Analysis of The Road Not Taken, by Robert Frost Essay

Thesis Robert Frosts â€Å"The Road Not Taken† is more symbolic of a choice one must make in their life in attempt to foresee the outcome before reaching the end, than it is about choosing the right path in the woods. Describe the literal scene and situation. The literal scene of Robert Frost’s â€Å"The Road Not Taken, is described as a â€Å"yellowed wood† (Arp Johnson, 2009). Use of this description could be that fall is upon the wood or the trees perhaps once white have yellowed with age. Before the traveler is a road split into two different directions, he has no idea where each road leads. In trying to imagine, where each one might lead he tries to â€Å"look down each path† (Arp Johnson, 2009), but to no avail as he can only see as far as the†¦show more content†¦It could just be symbolic for a choice that he must make in his life. As college students, our â€Å"road† is what major we will choose and this will help decide the outcome of our future. When one decides to follow God a divided path becomes the focus of our lives, do we continue down the path we have been on our whole lives, and is well known but will surely lead to death? On the other hand, do we choose the path God would have us take not only changing our lives, but in the end instead of an eternity spent in the cold grip of death, we find eternal life? Why does the title emphasize the road not taken? The emphasis on â€Å"the road not taken† is Frost’s way of making us think as we read this poem that no matter which way the speaker chose to go a road would always stay not taken. The speaker intended to complete his journey on the chosen path, then at another time go back, and take the other direction. What are the rhythm patterns that Frost uses in the poem (include the scansion and technical methods: alliteration, assonance, and consonance)? Frost uses both masculine rhyme and end rhyme. The masculine rhyme is the rhyming sounds that contain only one syllable such as wood, stood, and should. The end rhyme pattern that Frost uses is, A, B, A, A, B C, D, C, C, D E, F, E, E, F and G, H, G, G, H. (Arp Johnson, 2009). There are lines of this poem that show the alliteration method, two examples are found in line 6-â€Å"then took the†, and line 8- â€Å"wanted wear† Assonance alsoShow MoreRelatedAnalysis Of The Road Not Taken By Robert Frost1409 Words   |  6 PagesThe analysis of â€Å"The Road Not Taken† by Robert Frost has been up for debate since the poem release in 1916. It is known to be one of the most frequently misinterpreted poems of all time, and even Robert Frost himself has said the poem is â€Å"tricky† to comprehend (The). When analyzing th is poem many readers tend to focus only on the last lines of the poem and get caught in a trap of selective-interpretation. Quite a few people after reading Robert Frost’s poem firmly conclude that this poem is aboutRead MoreThe Road Not Taken By Robert Frost Analysis1475 Words   |  6 PagesThe poem â€Å"The Road Not Taken† by Robert Frost, is a poem that has many meanings depending on the reader. The poem was published in 1916 and it is a very interesting poem. It’s a fairly short poem consisting of only 20 lines, and it is full of metaphors and imagery and it has many ways that it can be interpreted. The poem’s use of imagery leaves the reader trying to figure out what Frost meant when he wrote the poem. Since it is a poem, it generally has no correct way to interpret it, but it usuallyRead More Analysis of The Road Not Taken by Robert Frost Essays860 Words   |  4 PagesAnalysis of The Road Not Taken by Robert Frost ?The Road Not Taken? (1916) tells of someone faced with two of life?s decisions however only one can be chosen. Whichever road is taken will be final and will determine the direction that their life takes. Frost drives this poem by a calm and collective narrative, spoken by the traveler of the diverged roads. Who is speaking with himself trying to convince himself of which road is the better choice. Frost wrote this poem using standard, modern languageRead MoreThe Road Not Taken by Robert Frost: An Analysis811 Words   |  3 Pagesï » ¿The Road Not Taken Robert Frost Introduction On the surface of it, The Road Not Taken by Robert Frost presents a narrator who is remembering a journey through the woods, and the person making this journey came into a position where two roads were diverging. So the challenge presented in the poem is, which road should the narrator take, and why? Frost claimed that his poem was a parody of a poem by his friend, poet Edward Thomas, but others have had very different explanations for The Road NotRead MoreAnalysis Of The Road Not Taken By Robert Frost803 Words   |  4 Pages Poetry And I The poem The Road Not Taken by Robert Frost relates to my personal life because both the narrator and I had to make a decision. My decision was having to chose between playing volleyball or football in fifth grade. I thought about my previous experiences in both sports. I was a decent player in volleyball and I wanted to get the â€Å"All Sports Award† that our school awards to eighth graders who participated in all of the sports that St. Dominic offers; however, St. Dominic did not offerRead MoreAnalysis Of The Road Not Taken By Robert Frost1244 Words   |  5 PagesIn â€Å"The Road Not Taken† by Robert Frost, a traveler discovers a fork in the road, and after thorough examination of both paths in the â€Å"yellow wood† he chooses one to proceed on (1). The speaker intended to save the other road for another day of traveling; however, he knew that his path in life would drift far away, preventing him from ever returning to the other road. When the future arriv es, the speaker plans to tell of his travels, and alter the truth by explaining that the path he chose was lessRead MoreEssay Analysis of The Road Not Taken, by Robert Frost854 Words   |  4 PagesIn the Robert Frost poem ‘’The Road Not Taken’’ there is a pervasive and in many ways intrinsic sense of journey throughout. In such, the poem explores an aspect associated with human decision, or indecision, relative to the oxymoron, that choices with the least the difference should bear the most indifference, but realistically, carry the most difficulty. This is conveyed through the use of several pivotal techniques. Where the first such instance is the use of an extended metaphor, where the poemRead MoreAnalysis OfThe Road Not Taken, By Robert Frost1011 Words   |  5 PagesRobert Frost, a renowned American poet, is regarded as one of the most influential and successful poets of the twentieth century. Frost’s popularity is derived most notably from the colloquial, descriptive language he uses in his poems and the impactful themes he portrays throughout them. The popularity of Frost’s poems also emerges from the interest that is sparked by his ability to â€Å"fool† the reader and hide the true meaning behind his words. One of the most acknowledged of Frost’s poems is â€Å"TheRead MoreAnalysis Of Michael Gow Will Be The Road Not Taken By Robert Frost1020 Words   |  5 Pagesand spiritual. So, the question is, does self-discovery only work within an individual or can it be influenced by others around us? Morning, teachers and fellow class mates. My prescribed related text to away by Michael gow will be the road not taken by Robert frost. Away explores the concept of self-discovery and transformation through the characters as they change. By encountering a physical journey, it provides the character with new perspective on life and an understanding attitude away fromRead MoreRobert Frost s Writing Style1589 Words   |  7 Pages Robert Frost once said, â€Å"The figure a poem makes. It begins in delight and ends in wisdom... in a clarification of life - not necessarily a great clarification, such as sects and cults are founded on, but in a momentary stay against confusion† (Robert Frost Quotes). This same kind of thinking opened the door for metaphorical poetry that helped to show the poets transparency. His love for the social outcast and the struggles of his life are exhibited greatly in his poems. Robert Frost helped

Leonardo Da Vinci Essay Example For Students

Leonardo Da Vinci Essay Leonardo Da Vinci was an Italian Renaissance painter, sculptor, architect, engineer, and naturalist. He was born in Vinci, Tuscany and was the son of a notary. He studied painting with Verrocchio in Florence. He worked at Ludovico Sforzas court in Milan as an architect, military engineer, inventor, theatrical designer, sculptor, musician, scientist, art theorist, and painter. Leonardo wanted his paintings to express the laws of light and space and of sciences like anatomy, botany, and geology. He often accompanied condemned criminals to their execution to study the expressions on their faces and he dissected thirty cadavers to perfect his knowledge of anatomy. He was fascinated with the dynamic movement to be found in nature. He was considered a genius and a very handsome man and is still thought of as on e of the most gifted men in the human race. The Italian Renaissance is the time period when Italy was the center of the Renaissance. He was born to unmarried parents who were Seer Piper dad Vinci (he was an official who certifies legal documents) and a nearby woman named Catering. There isnt much to say about Leonardo childhood except that when he was 15 his father introduced him to Andrea Del Veronica. He was a painter, sculptor, goldsmith and a magnificent craftsman. He wanted to make sure that his work was perfect regarding the way he portrayed the human body. The elements that Veronica had were important to Leonardo because he admired Veronicas artistic traits. After Leonardo completed his apprenticeship he continued his Job as an assistant at Veronicas workshop. Leonardo first well-known painting in displayed in Veronicas Baptism of Christ. In about 1478 Leonardo set up his own studio. Three years later he received a church contract for an altarpiece (the sculpture in front of a church) called the Adoration of the Magi. The Magi altarpiece was left unfinished because Leonardo left Florence to accept the Job of a court artist for the Duke of Milan. Leonardo presented himself to the Duke of Milan as a skilled worker in crafts but more particularly in military engineering. Leonardo first Melamine painting was titled Virgin of the Rocks. It is from a respected tradition that the Holy Family is presented inside a cave. The setting that this piece reveals shows Leonardo interest in representing nature with dimmed lights. Some advice that Leonardo gave out to artists was to draw at dusk in courtyards with the walls painted black. Another famous painting from Leonardo was the Last Supper. Instead of painting this piece with water color paints on fresh plaster he tested an oil- based medium. His experiment with the oil base was unsuccessful. His painting began to fall off of the wall and within 40-50 years the painting had spots on them. He left Milan when the Duke of Milan was overthrown by The French Invasion. From there he visited Venice for a short period of time. While he was there he had consulted with the Senate on some of his military projects and then went to Mantra. In 1500, Leonardo returned back to Florence. Immediately the Florentine painters of that generation began to follow Leonardo because they were thrilled by his modern methods. They were familiar with the methods in his unfinished artwork of the Adoration of the Magi. Leonardo also served as a military engineer for Cesar Boring in the year 1 502, and he completed the most amounts of projects during this time in Florence than at any time period in his life. In his works of these years he mainly concentrated on portraying the human vitality such as the Mona Lisa. The Mona Lisa is a portrait of a Florentine citizens young third wife. Her smile in the painting is called mysterious because it represents the process of either appearing or disappearing. Another one of Leonardo fantastic painting was a cavalry battle scene (when soldiers fought on horses) that the city hired him to decorate the newly built Council Hall of the Palazzo Vehicle. The work known for that today is some roughly sketched groups of horsemen, carefully drawn single heads of men, and some copies of the whole thing. He began to paint the artwork but was called to go back to Milan so the work was left uncompleted. Leonardo da Vinci in our life Analysis EssayHe left hundreds of projects unfinished, and the mystery of his knowledge for people to find. Think if he had lived to be eighty, or ninety what other great things he would have discovered. Dad Vinci is my, as well as many others, favorite philosopher, scientist, and artists. To this day no one can compare to the way he mastered numerous fields of study and made history for being a genius. It makes you wonder what else is possible in this world if a man as smart as him could of lived. Leonardo Dad Vinci is the most studied, interesting and cherished of all the scholars who have lived.