Team Project Part 2

PART C

As technology keeps on growing day in day out, the company has to strive to be upto date with the advamcements in order to attract more customers.  Bank of Montreal aims to be a leader in the banking and finance industry at large, especially in Canada. Therefore it has to be constantly updated from day to day.

But with the increasing technology, Bank of Montreal is modernizing to an HSPA (High Speed Packet Access) system, which could lay the basis for future upgrades to the better 5G LTE wireless connection. The 5G network is the future of wireless as well as multimodal internet data for digital devices.

To leverage on potential outcomes, BCE has committed its resources towards promising sectors. These potential possibilities include the rapidly expanding broadband high-speed internet industry. The FTTN and panels are increasingly being rollout to establish an HPSA network with EVDO. The market for DTV is also expanding and Bank of Montreal already plays a major role in this sector. BCE has extensive servers that extend its connectivity throughout Canada (BCE Annual Report, 2020). It also purchased The Source, a system that distributes electronic products across Canada with over 650 high-traffic sites.

THE SOFTWARE

Bank of Montreal has been using reinforcement learning technology — a type of machine learning in which a system learns to make decisions in complex, unpredictable environments based upon external feedback —to provide a more personalized experience for customers who use the Bank of Montreal ® mobile app. Bank of Montreal uses LSNav software which is a very intuitive Electronic Point of Sale (EPOS/POS) system from LS Retail company based out of Iceland. LSNav software now called LS Central. LSCentral is the popular all-inone software solution for retail and hospitality management developed by LS Retail and built on Microsoft Dynamics NAV. LS Central allows for in-cloud, on-premises, and hybrid implementations.

OPERATIONAL SECTION

Information systems used at Bank of Montreal

There are different types of technologies used at Bank of Montreal, which are.

Transaction processing system- this system is responsible for the collection of any transaction data that has been done. It also uses this system in the quest of modifying retriving and brings data into electronic data interchange (EDI).

· EDI replaces paper documents with transaction data sent by telecommunication networks and provides communication from one computer to another without repeated data entry

SOFTWARE AND HARDWARE WORKING TOGETHER

The POS records all customer transactions in each store; the functions relate to customer service, sales, refunds, voids, and discounts.

· Point-of-Sale system (POS) - this a mixture of both the software and the hardware that is used for various transaction on a day to day basis. This comes with additional functions which may include inventory control and management of cash.

· Manager WorkStation (MW) - this ensures that data is stored, produces useful reports, charts, graphs. The system can be accessed through the Bank of Montreal intranet. Sometimes it can be defined as a computer system that compiles and makes reports of all store information to manage the whole store business for each physical store.

CUSTOMER RELATIONSHIP MANAGEMENT (CRM) AND USE OF INTERNET

The Bank of Montreal uses various social media services to communicate constantly openly with their customers and. Bank of Montreal also uses these services to hear their customers’ responses and ideas and show them Bank of Montreal cares about their opinion. Therefore, Bank of Montreal has established a strong feedback network (XI and Min, 2017).

● Twitter – MBS Framework (Mobile Broadband Service) that allows Bank of Montreal to reach out to customers via micro post. Bank of Montreal uses tweets to provide knowledge to customers and as a promotion tool. In return, Bank of Montreal gets relevant knowledge from customers who express their expectations about the organization.

· Facebook - this highly promotes interconnectivity among its customers in the Facebook world. Organization culture and locations to keep them updated about any changes. Bank of Montreal also directly asks its customers about their opinions, preferences, and feedback.

The company should strive to provide clients with sophisticated security solutions including malware protection, phishing and other cyber threats. Partnership with different telephone brands will facilitate the company and government to provide enhanced digital protection solutions to support its remote working programs and activate virtual office

This ERP company is the most suitable to partner with as they provide multiple services that would assist different company sizes. (Our company name), being a medium-sized company, would definitely benefit with Bank of Montreal.

Reference

Applicable, N., Hennessy, C., Cohen, H. R., Eitel, M. S., Gerlach, C. A., Fish, S., ... & Demmo, N. G. BANK OF MONTREAL.

XI, Y. P., & Min, C. H. E. N. (2017). Application of data mining technology in CRM system of commercial banks. DEStech Transactions on Engineering and Technology Research, (eeta).