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Online Banking Strategy Analysis

The document discusses moving a bank's banking system online. It analyzes the feasibility, costs, benefits, and provides a recommendation. Some key points: - It evaluates if the bank has resources to set up online platforms and acquire licenses. Competition is also considered. - Development costs, IT staff costs, and license fees are potential costs to move online. - Benefits include appealing to more customers, reducing costs by needing fewer branches, and increasing customer loyalty and engagement. - The recommendation is that the bank should move towards digitization by outsourcing setup to professionals, which will improve their brand, expand their customer base, and bring in more revenue through new online banking revenue streams. Security is of utmost

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Anand Saptak
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68 views3 pages

Online Banking Strategy Analysis

The document discusses moving a bank's banking system online. It analyzes the feasibility, costs, benefits, and provides a recommendation. Some key points: - It evaluates if the bank has resources to set up online platforms and acquire licenses. Competition is also considered. - Development costs, IT staff costs, and license fees are potential costs to move online. - Benefits include appealing to more customers, reducing costs by needing fewer branches, and increasing customer loyalty and engagement. - The recommendation is that the bank should move towards digitization by outsourcing setup to professionals, which will improve their brand, expand their customer base, and bring in more revenue through new online banking revenue streams. Security is of utmost

Uploaded by

Anand Saptak
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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FEBRUARY 2019

Inside Sherpa – Digital Internship


Technology, Strategy & Architecture – TS&I
Work in Progress Module Tasks and Ideal Responses

Deloitte Virtual Intern


BUSINESS RECOMMENDATION
Feasibility VALUE ANALYSIS
• Does the bank have the resources to set up the online platforms?
• HOW MUCH MORE EXPECTED REVENUE
• how difficult is it to acquire licenses to move online?
WILL THIS BRING IN?
• What is the competition like on online platform?
• THIS WILL SET THE BANK UP FOR THE
• Could we lose customers if they are not satisfied with the online
FUTURE
offerings?

• How soon does the client want to enter this market?


• IT WILL REDUCE FUTURE COSTS AS THE
BANK WILL NOT HAVE TO OPEN A LOT
Costs OF PHYSICAL BRANCHES AS THEY
Benefits
EXPAND AS MOST OF THE SYSTEMS
• Development cost of building the online platforms in- • Moving the banking system online will help in appealing to a
house or outsourcing WILLbase,
much wider MOVE ONLINE.
especially young people.

• • It will help cut certain costs as less staff will be required in the
Cost of recruiting and paying IT staff
traditional transactional jobs.
• Cost of acquiring licenses or permissions to move • Customers who use online banking tend to use banking services
banking system online more often.

• Customers who use online services also feel a greater sense of


attachment and loyalty towards their respective banks.
RECOMMENDATION

MYBANK SHOULD CERTAINLY MOVE TOWARDS DIGITIZATION AS THIS WILL


HELP THIS IMPROVE THEIR BRAND LOYALTY, EXPAND CUSTOMER BASE
AND WILL BRING IN MORE REVENUE THROUGH THE NEW REVENUE
STREAMS THAT ONLINE BANKING WILL EVENTUALLY BRING. THEY SHOULD
TRY AND OUTSOURCE THE TASK OF SETTING THIS UP TO PROFESSIONALS
WHO HAVE ASSISTED OTHER BANKS AS THEY WILL HAVE BETTER
EXPERIENCE OF SETTING UP SECURITY PROTOCOL WHICH IS OF UTMOST
IMPORTANCE.

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