The Financial Times-Stock Exchange 100 Index is a group of the United Kingdom-based companies which have come together to capitalize on markets. The 100 Financial Times-Stock Exchange are listed in London stock exchange(Bason &Anagnostopoulos, 2015, Pg.235). The Financial Times-Stock Exchange 100 Index is also known as the blue-chip companies. Usually, the company’s performance is indicated by the index. The 100 companies’ performance is generally calculated weekly. The Financial Times-Stock Exchange 100 index companies indicate both international and economic events in terms of the market falling around the globe(Bason & Anagnostopoulos, 2015, p.235).
Among the companies of The Financial Times-Stock Exchange 100 index include Unilever, Standard Chartered Bank, Tesco, Scottish and Southern Energy, Scottish and Newcastle, Rolls-RoyceGroup and British American Tobacco among others. This paper is going to analyze the manner in whichdisruptive digital tools have tools that have been employed at Standard Chartered Bank(Bason &Anagnostopoulos, 2015, Pg.235). In 1969, the Standard Chartered Bank was founded in Britain as a multinational banking and financial services whereby London, England is it’s headquartered. Standard Chartered Bank has grown to occupy more than 70 countries with approximately 1200 branches and outlets(Bason &Anagnostopoulos, 2015, Pg.235). Also, the company has employed about 8700 individuals across the globe. Standard Chartered Bank has experienced tremendous growth in revenues courtesy of its excellent reputation. The digital technology has catapulted its reputation making it one of the leading banks in terms of customer satisfaction(Bason &Anagnostopoulos, 2015, Pg.235).
A Presentation and Analysis of the Disruptive Digital Tools Used by the Company
Among the Standard Chartered Bank’s digital disruptive tools is the tablet-based sales-and -service tool. The tool was launched in six markets including Kenya, Nigeria, Bangladesh, UAE, and Malaysia. The tablet-based sales-and -service tool’s primary purpose was to help their clients in delivering smooth services. The platform is also known as the retail workbench. The Standard Chartered Bank’s structure is integrated with the tablet-based sales-and -service tool thus facilitating opening of a client’s bank account and operating it from any location. Furthermore, the tablet-based sales-and -service tool aligns the bank processes to ensure smooth, fast and straightforward banking processes such as credit card insurance and loan approvals. The tablet-based sales-and -service toolthe turns bank processes into paperless thus improving cost efficiency. Similar to the tablet-based sales-and-service toolis another tool known as banking on an iPad. The tool eliminates a paperless form of data storage and distribution in the standard chartered bank.
Another disruptive digital tool by the standard chartered bank is video banking. The tool is used by the standard chartered bank in countries such as Taiwan, India, Hong Kong, China, UAE, Kenya, and Bangladesh. The platform creates a clear connection for clients to converse directly with banking consultantsfrom the connection of their choice through the use of simple gadgets such as a laptop and tablets. The video simplifies while sparing clients unnecessary costs associated with physical visiting of the branch as all the transactions can be done online.Therefore, clients can seek ‘face to face’investment advice and explore new wealth management opportunities. Video banking also allows clients to connect via both audio links and web chat on the bank’s website.
Standard Chartered bank has also adopted digital management systems on data storage to aid in creating security. The databases can store a lot of information pertaining to both standards chartered bank while maintaining its security. Also, the data could be accessed in every location as long as the customer has got the right credentials and authorization details. The database is reliable as the information can be obtained from another source as long as it is within the same computer cloud. The database is protected with secure passwords and pins to lock out bothillegal and malicious individuals from accessing information. Another tool is theuse of standard chartered bank Automated Teller Machines (ATM)(Robertson& Samy, 2015, p.199). Automated Teller Machines are designed to satisfy customer demands by bridging customers who are unable to reach banks or branches with services (Robertson & Samy, 2015, p.199). The Automated Teller Machines have made bank processes efficient, convenient and fast. Furthermore, the Automated Teller Machines technology is very secure as there are authorization codes for one to be accorded any service. The technology further eliminates the paperwork tradition of the standard chartered bank (Robertson & Samy, 2015, p.199).
A Discussion of the Advantages and Focus of the Usage of the Disruptive Digital Tools
The disruptive digital tools streamline organizational processes (NYOIKE,2015, p.65).The technology used in the standard chartered bank helps enhance efficiency, effectiveness, and speed. For instance, the Automated Teller Machine and video banking speed up banking processes as they avoid congestions in the bank.The processes also enhance loan processing in the standard chartered bank (NYOIKE, 2015, p.65).
The disruptive digital tools reduce costs hence increasing revenues in a standard chartered bank. The paperwork which is generally viewed as traditional is expensive due to the manual materials used to print information. On the contrary,digital processes such as ‘bank on an iPad’ are paperless thus sparing the bank of paper expenses (Rahman, 2018, p.134). Besides, the video banking saves clients of unnecessary costs that are involved during physical visiting of both banks and their branches (Rahman, 2018, p.134). The expenses eliminated through video banking include traveling expense among others. The digital video banking as well saves clients of their precious time which they would alternatively have maximized in other ways. The delays and congestions associated with the ever-increasing number of clients visiting standard chartered bank branches to be served are eliminated (MWANGI, 2018, p.145).
The disruptive digital tools accord standard chartered bank a competitive edge against other banks.Most of the disruptive digital tools adopted by the standard chartered bank are expensive to implement thus making it unbearable for other banks to implement (MWANGI, 2018, p.145). For instance, Automated Teller Machines and the tablet-based sales-and -service tool needs extra management which creates additional expenses on the standard chartered bank. The databases are safely helping store information as they provide security through the use of passwords and pin locks. There is much vital information which may get lost if stored in paperform. However, the database can store an enormous amount of data without risking losing it (Müller, 2014, p.970).
With the vastly changing world in terms of technological advancements, most of the processes are digitalized to enhance their acclimatization. Therefore, the standard chartered bank’s digital disruptive tools make them fit the current world(Chambers, 2014, p.198).
Recommendations on Standard Chartered Bank
The disruptive digital tools are of fundamental importance to the standard chartered bank. Standard chartered bank should increase its database storage to the extent that it can comfortably accommodate all the data available in the organization(Bason & Anagnostopoulos, 2015, p.235). Standard chartered bank should link every process with technology, from its security to processing. This linking shall make the company continue gaining a competitive edge over its competitors as the current world is digitalized. Standard chartered bank should continue distributing the Automated Teller Machines to various new market nichethuscontinuing to enhance customer satisfaction(Bason&Anagnostopoulos, 2015, p.235). There are cases of malicious computer experts who illegally hack standard chartered bank’s online systems such as the ‘bank on an iPad’ and video banking hence sabotaging clients through unwarranted withdrawals and transfer of funds. Therefore, security of the online platforms should be enhanced to make its clients invest in them without fear(Bason& Anagnostopoulos, 2015, p.235).
Standard Chartered bank has been one of the most successful banks around the globe. Its success has been greatly influenced by embracing of various disruptive digital tools such asthe tablet-based sales-and -service tool and ‘bank on an iPad’ among others. The disruptive digital tools make standard chartered bank’s clients satisfied. However, despite the significant contributions brought about by the bank’s disruptive digital tools, there are recommendations and amendmentson the tools. The recommendations help improve the standard charted bank’s performance and revenue generating while reducing unnecessary expenses. For instance, the security of online platforms should be enhanced.
List of References
Bason, T. and Anagnostopoulos, C., 2015. Corporate social responsibility through sport: a longitudinal study of the FTSE100 companies. Sport, Business and Management: An International Journal, 5(3), pp.218-241.
Müller, V.O., 2014. The impact of board composition on the financial performance of FTSE100 constituents.Procedia-Social and Behavioral Sciences, 109, pp.969-975.
MWANGI, A.W., 2018. INFLUENCE OF SERVICE DIGITALIZATION ON THE PERFORMANCE OF COMMERCIAL BANKS IN KENYA (Doctoral dissertation, SCHOOL OF BUSINESS, UNIVERSITY OF NAIROBI).
NYOIKE, C.W., 2015. Expansion strategies used by the standard chartered bank to enhance competitive advantage in the East African market (Doctoral dissertation, SCHOOL OF BUSINESS, UNIVERSITY OF NAIROBI).
Rahman, M.M., 2018. The Impact of Digitalization on Customers Satisfaction in Bangladesh Banking Industry (Doctoral dissertation, Daffodil International University).
Robertson, F.A. and Samy, M., 2015.Factors affecting the diffusion of integrated reporting–a UK FTSE 100 perspective.Sustainability Accounting, Management and Policy Journal, 6(2), pp.190-223.
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