The revolution of financial technology (fintech) is now rapidly spreading around the world and affecting a multitude of processes in the sector, including customer service, financial advice, payments and transactions, lending, insurance services and account management.
Assessment 1 Information
Subject Code: FINM4100Subject Name: Data Analytics in Accounting, Economics & Finance
Assessment Title: Case Study 1
Assessment Type: Group and Individual Case Study
Weighting: 25 %
Total Marks: 25
Submission: Face to Face Students: In-class; Online Students: On Webinar and Via Email
Assessment Description
Activity 1: Group Case Study (5%)
• Students must form groups of 4 - 5 before Week 6.
• At the beginning of class (webinar) in Week 6 the lecturer will distribute a set of case study questions to each group (based on the article on the next page).
• The questions will be based on Weeks 1 to 5 and on the article below.
• You will then be given 60 minutes to complete the questions in your group (you may wish to allocate a question to each group member).
• The answers to the questions must typed into a Word document and uploaded to Turnitin on MyKBS.
• The assessment is open book.
Activity 2: Individual Case Study (20%)
• The individual case study will take place after the group case study. The test consists of a number of application questions based on the article below.
• The individual case study is based on Topics 1 to 4.
• To prepare, make sure you review workshop questions from Weeks 1 to 5.
• Students will be given 60 minutes to individually complete this activity
• The answers to the questions must typed into a Word document and uploaded to Turnitin on MyKBS.
• The assessment is open book.
Online Students
The Group Case Study will be run in the webinar in Week 6 for online students. All instructions will stay the same and it will run as follows:
o Activity 1:
? Groups will work in breakout groups on zoom during the webinar.
? After 60 minutes the group will upload the completed document to Turnitin.
o Activity 2:
? Students will stay on camera to complete the individual case study.
? After 60 minutes the student will upload the completed document to Turnitin.
The following article will be used in Activities 1 and 2. Please make sure you read this article (carefully) when preparing for your assessment item in Week 6.
5 Ways Fintech is Reshaping the Financial Services Industry
Caterina Bassano — August 23, 2019
The revolution of financial technology (fintech) is now rapidly spreading around the world and affecting a multitude of processes in the sector, including customer service, financial advice, payments and transactions, lending, insurance services and account management.
• 85% of banks have made of digital transformation a business priority
• 3 out of 4 global consumers are using fintech services for money transfer
• 77% of financial institutions want to innovate more
• 60% of traditional banks would team up with fintech startups, and 82% expect these partnerships to expand within the next 5 years
In the new digital era where customer-centricity is the focus, fintech is innovating with solutions that can better respond to customer needs in terms of accessibility, convenience and personalisation. Here are … ways in which the fintech revolution is disrupting the financial services sector:
1. Omni [Multi]-channel customer experience
As digital channels continue to dominate the way customers connect with businesses, there’s been a quick shift in user interactions, and banks have progressively moved away from traditional procedures and branch-based activities to operating almost entirely in digital ways.
An omni-channel experience that meets new consumers’ demands involves not only mobile, but social media and multiple messaging channels – email, live chat and SMS. The need to facilitate customer communication through any channel is marking the path forward for companies aiming to achieve true customer-centric operations.
Fintech startups are fiercely emerging in line with this trend, as they can provide the software for financial institutions to adopt multi-channel messaging, combined with AI, machine learning and automations to streamline communication between business and consumers – a winning formula to boost sales and customer engagement.
2. Customer service chatbots
Some of the main advantages that chatbot technology offers for financial services include speedy response in support delivery for simple queries, pointing customers in the right direction (relevant web pages or service departments), and automating data collection. From the customer’s perspective, chatbots are handy bits of software because – unlike human interactions – they can provide assistance 24/7. Even though some people still prefer human contact for a number of processes, a digital hybrid approach seems now easily viable and most likely to become the ‘new normal’ for financial services.
….
5. Automations for financial advice
Robo-advisors or virtual assistants have taken the world of financial advice by storm, imposing a significant threat to traditional operators. These automations are implemented in the form of automated messaging through live chat and other communication channels, as well as workflows that can be built around specific company needs and triggered by consumer behaviours – to power sales and customer engagement. … Automation can help financial advisors and agents in wealth and asset management to capture leads, build relationships with customers, and deliver a more comprehensive service offering
Fast-forward to the future
Digital banking expectations are evolving, forcing the banking industry to reimagine how products and services must be delivered. At the same time, advances in fintech are now encompassing all stages of the customer journey with chatbot technology, machine learning and AI, co-browsing, modern messaging and automation, with more developments are in the way.
The focus for banking institutions and financial services must be to keep a strategy that puts the customer at the centre of their processes, in order to ensure a more seamless and omni-channel experience. Traditional retail banks will need to monitor the digital revolution steered by fintech startups and challenger players in the industry, and consider opportunities for partnerships, open innovation and strategic investments that can considerably improve their operations in line with the digital revolution.
Source: https://www.business2community.com/finance/5-ways-fintech-is-reshaping-the-financial-services-industry-
02228834
Marking Rubrics
Activity 1 will be marked using the following rubric
Group Answers for Case Study
Students will be given a mark for their group answers to the case study questions. A majority of the marks will go to analysis and discussion. 5 marks
Activity 2 will be marked using the following rubric
Individual Answers for Case Study
Students will be given a mark for their individual answers to the case study questions. A majority of the marks will go to analysis and discussion. 20 marks
Important Study Information
Academic Integrity Policy
KBS values academic integrity. All students must understand the meaning and consequences of cheating, plagiarism and other academic offences under the Academic Integrity and Conduct Policy.
What is academic integrity and misconduct?
What are the penalties for academic misconduct?
What are the late penalties?
How can I appeal my grade?
Click here for answers to these questions:
http://www.kbs.edu.au/current-students/student-policies/.
Word Limits for Written Assessments
Submissions that exceed the word limit by more than 10% will cease to be marked from the point at which that limit is exceeded.
Study Assistance
Students may seek study assistance from their local Academic Learning Advisor or refer to the resources on the MyKBS Academic Success Centre page. Click here for this information
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