Running Head: ORGANIZATIONAL INTERGRATION 1
Organizational Integration
Name
Professor
Institution
Course
Date
ORGANIZATIONAL INTERGRATION 2
0.0 Executive Summary
The report concerns the application of virtual assistance technology, which improves the
efficiency of banking endeavors in BankVic Corporation. The virtual assistance technology
incorporates natural conversation, smarter learning, seamless integration, and secure banking
options using an AI technique in enhancing efficient customer experience. Apparently, the bank
requires establishing compatible strategies, objectives, and mission and vision statements, which
enhances the purchase, installation, and maintenance of virtual assistance technology. The
strategic planning scheme requires following the MVP requirements, which incorporates low
inputs in production of a high output. Long-term strategies demands that the AI adopted should
enhance the future decision making aspect that deals with bank’s performance, profitability, and
competitive concepts. Short-term strategies deals with daily operations of AI equipment adopted
that deals with customer experience and satisfaction. Additionally, cost analysis benefit seeks to
determine the ability of AI investment endeavors to meet expected and desirable rate of returns
over a given period. The MVP roadmap discusses the issues related to purchase and installation
of virtual assistance technology in BankVic Corporation. Moreover, the report highlights
recommendation and conclusion that seeks to commend the bank to utilize the virtual assistance
technology that are compatible with the unique nature of the bank.
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Table of Contents
0.0 Executive Summary...................................................................................................................2
1.0 Strategy......................................................................................................................................4
1.1 MVP Validation with Short-term Strategy............................................................................5
Mission.....................................................................................................................................6
Vision.......................................................................................................................................6
Objectives and Goals................................................................................................................6
Hypothesis................................................................................................................................6
Cost-benefit Analysis...............................................................................................................7
1.2 Long-term Strategy................................................................................................................7
Mission.....................................................................................................................................8
Vision.......................................................................................................................................8
Objectives.................................................................................................................................8
Goals.........................................................................................................................................9
Strategies..................................................................................................................................9
Tactics......................................................................................................................................9
Hypothesis................................................................................................................................9
Cost-benefit Analysis.............................................................................................................10
2.0 MVP and Process Roadmap....................................................................................................10
3.0 Integration of Virtual Assistance technology in BankVic.......................................................11
4.0 Recommendations and conclusion..........................................................................................12
4.1 Recommendations................................................................................................................12
4.2 Conclusion...........................................................................................................................12
5.0 Bibliography............................................................................................................................14
ORGANIZATIONAL INTERGRATION 4
1.0 Strategy
The strategy part embroils choosing the desirable alternative on handling banking
undertakings and results in reduced human errors, reinforced customer experience, reduced costs,
and enhance efficiency. Moreover, it requires adoption of an alternative option that optimizes
profitability potential and competitiveness of a bank as well as employs less input (Peppard &
Ward, 2016 p.120). Effective strategy application requires the bank to conduct a SWOT analysis
and discover its uniqueness. This will help to choose a bank strategy that complies with the
entire banking endeavors and endorse banking relationship to entire departments within the bank.
Short-term strategy deals with daily liquidity provision, individual performance, working
environments that affect the adoption of AI technology (Neary & Chen, 2017 p.16). The virtual
assistance technology requires a clean working environment to produce and deliver efficient and
reliable services to the clients. Moreover, the technology should indicate an enhanced
improvement on replacing human activities such as reducing human-oriented errors as well as
improving accuracy and integrity concept on banking information systems. Therefore, it is
important that BankVic should adopt a short-term strategy that suitably complies with daily
operations of the banking in promoting accuracy and efficiency in banking service delivery.
Virtual assistance technology designs the bank with the capability to enhance customer
satisfaction. This marks a long-term strategy adoption that seeks at raising the profitability level.
In this regard, the technology incorporates a natural conversation option that personalizes
responses basing on the contextual situation, improving accurate enquiry services and providing
24/7 banking services. Moreover, the technology has the capability to employ conversational
strategies that troubleshoots issues on answering social queries as well as reacting appropriately
during client frustrations.
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1.1 MVP Validation with Short-term Strategy
MVP approach requires conducting SWOT analysis to establish weaknesses, strengths,
opportunities, and threats of BankVic Corporation. This helps in identifying the uniqueness
nature of the bank and develops short-term strategies that are compatible with organizational
endeavors and capable of meeting the expectation on efficient customer delivery. Additionally,
short-term strategy seeks at employing fewer inputs with reduced human errors and wastages to
achieve a high output levels (Bruun-Jensen & Hagel, 2015 p.100). Development of effective
short-term strategies helps to endorse the MVP approach through application of less inputs and
high output productivity. Moreover, the approach helps the strategies to eliminate potential risks
and constraints while conducting banking service delivery. To enhance competitive ability of the
strategy, it requires exploring competitors’ additional features on virtual assistance technology
that helps to identify new methods to handling banking services. This method complies with the
MVP requirements on reduction of errors and maximization of accuracy and integrity aspect.
The MVP framework results in identification of competitors weaknesses on adoption of AI
technology, which acts as an opportunity for BankVic Corporation to develop attractive and
competitive features.
Short-term strategies development within the banking sector mainly favors the AI
technology adoption. Innovation based strategies complies with advanced technology as well as
MVP framework requirements (Charter and Tischner, 2017 p.456). Therefore, current banking
technologies demands the application of virtual assistance AI equipment that results in increased
efficiency and boosts competitive edge of the bank with an increased market share of customers.
ORGANIZATIONAL INTERGRATION 6
Mission
To deliver quality and personalized banking services via real-time and AI systems that enhances
banking efficiency.
Vision
To be the leading global bank that offers ideal customer experience through effective application
of AI technology.
Objectives and Goals
Linking appropriate information systems that provides real-time information concerning
customer banking endeavors
To reduce the size of workforce as well as the overall operating costs
To utilize Chabot AI technology that provides convenient and responsive customer
replies concerning customer service
Hypothesis
Currently, banking undertakings have adopted the online banking scheme, which exposes
customer’s information to cyber insecurity risks. In this regard, application of virtual
assistance technology incorporates a secure information system option that employs
biometric voice recognition criteria that delivers services via taking a selfie or means of
speech for identification (Glymour, Scheines & Spirtes, 2014 p.453). This method aligns
recognition means and existing customer information to eliminate insecurity and fraud issues
in an aim to identify and delivery efficient customer service. Solving confidentiality and
security issues of customer banking information perfectly meets their needs and satisfies Pros
and digital-based customer expectations.
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Cost-benefit Analysis
This criterion evaluates the capability of an investment to meet expected rate of returns
over a period. In this regard, it seeks to determine whether the cost of purchase, installation,
maintenance, and development of desirable features meets increased profitability potential of
the bank (Ferwerda, 2014 p.1). The methods to determine cost benefit attached to acquisition
of virtual assistance technology includes return on investment (ROI), payback period (PBP)
and net present value (NPV).
ROI= (Net operating income/ total operating costs)
ROI=
NPV= Summation of net benefits- initial costs of investment
NPV=
PBP= initial investment costs / annual cash flows
PBP=
ORGANIZATIONAL INTERGRATION 8
1.2 Long-term Strategy
Long-term strategies requires top management perspective since they has relevant
knowledge concerning future issues that affects the bank. This strategy deals with large
factors affecting the bank that requires effective decision-making. In fact, it conducts the cost
benefit analysis determining the ability of the investment to improve on overall banking
efficiency. Acquisition of virtual assistant technology requires deciding on the developer
services alternatives concerning recruitment of experts or outsourcing programming services.
These aspects mark the maintenance feature relating to performance and service delivery
efficiencies. Therefore, long-term criterion strategies help to identify competitive
characteristic of the bank that positively affects the net income ratio (Grinblatt and Titman,
2016 p.234). However, adoption of virtual assistance technology results in termination of
staffs who handle the type of tasks the technology is entitled to handle. This has a negative
impact on the social responsibility due to unemployment issues, which breaks the
relationship between the bank and society. In this regard, the bank requires employing the
ORGANIZATIONAL INTERGRATION 9
publicity strategy that seeks to build a positive reputation to the society such as giving
scholarship to less fortunate students in the society. This establishes a positive relationship
between the bank and society and results in increased customer base. Apparently, the
publicity strategy should involves the AI and online promotion arena that promotes the
adoption of virtual assistance technology in other banks and affect their acceptability in the
banking service delivery.
Mission
To enhance banking efficiency via application of virtual assistance technology
Vision
To be a principal Australian bank whose endeavors provides reliable and convenient banking
services as well as eliminates potential information systems insecurities.
Objectives
Increase the utilization of AI technology by 23%
Boost the overall banking operations by 67%
Goals
Incorporating personalized banking services
Utilizing biometric authentication technology to eradicate the information insecurity
issues
Boost the level of BankVic competition within the Australian banking industry
Strategies
Application of virtual assistance technology
Utilizing publicity to boost the reputation of the bank
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Conducting research on competitors’ service advantage and developing new features
that boost the banks competitive advantage
Tactics
Reducing the operating costs through adoption of technology that results in reduction
in the size of workforce
Personalizing banking services to yields customer satisfaction
Hypothesis
Utilization of virtual assistance technology in banking results in excellent banking
process. It requires the bank to conduct research operations that seeks at developing new
features and programs in AI service delivery. For instance, developing a program that
enables the Chabot agent to identify customer emotion-based behaviors and frustrations and
employing strategies that suitably meets the customer expectations and result in customer
satisfaction. Additionally, it is important to identify customer frustrations and determines
customer interests and requirements by gathering relevant data via research undertakings
(Glymour, Scheines & Spirtes, 2014 p.783). The virtual assistance technology helps in
gathering relevant information from the customers and determines customers’ expectations.
Meeting the customer’s grievances and complains helps to deliver services that satisfied their
banking needs thereby, increasing the market share.
Cost-benefit Analysis
This evaluation deals with the determination of future capability of the bank to produce
enhanced performance (Ferwerda, 2014 p.1).
ORGANIZATIONAL INTERGRATION 11
PBP=
NPV=
ROI=
PBP graph
2.0 MVP and Process Roadmap
The concept of roadmap focuses on the entire process required by the customer to
complete banking services. In our case, it refers to the steps required to use virtual assistance
ORGANIZATIONAL INTERGRATION 12
technology that results in fully customer satisfaction. Apparently, application of the AI
technology facilitates delivery of quality banking services since it applies the MVP approach
that assures of effective customer service (Johannsen, leist & Zellner, 2015 p.400). To
enhanced quality service delivery, the client requires provision of necessary information
represents steps that results in increased efficiency in banking services. The messenger
options should ensure that all customer have the right information on the requirements in
service delivery. Moreover, it should provide all vulnerabilities that expose customers’
banking information to cyber insecurities. Therefore, it requires MVP framework
consideration that eliminates errors such as information system’s risks and constraints
(Olsen, 2015 p.345). In the long run, the bank enhances its productivity potential due to its
capability to meet information security requirements.
ORGANIZATIONAL INTERGRATION 13
3.0 Integration of Virtual Assistance technology in BankVic
BankVic organization has embraced virtual assistance technology to address the
information security needs of its customers. One notable feature is the utilization of biometric
authentication, which effectively eliminates potential hacking endeavors. This proactive
approach not only ensures the security of customer data but also fosters a sense of trust and
reliability in the banking services provided by BankVic.
Furthermore, the integration of virtual assistance technology has facilitated the
optimization of operational costs for BankVic. By leveraging automation and artificial
intelligence, the bank has been able to streamline its processes and reduce the reliance on manual
intervention. This, in turn, has led to a decrease in the size of the workforce required to manage
operations, thereby lowering the payment ratio and overall operating expenditure for the bank
(Banks & Bova, 2014, p.234).
The financial implications of this optimization are significant, with the reduced operating
costs contributing directly to an increase in the bank's net income. By enhancing efficiency and
productivity through virtual assistance technology, BankVic has effectively boosted its
profitability potential. This not only benefits the bank itself but also translates into better value
propositions for its customers.
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Moreover, the implementation of virtual assistance technology enables BankVic to
personalize its services according to the individual needs and situations of its customers.
Through advanced data analytics and machine learning algorithms, the bank can gain valuable
insights into customer preferences, behaviors, and financial habits. This allows for tailored
interactions and recommendations, ultimately leading to a heightened level of customer
satisfaction (Martins, Oliveira & Popovic, 2014, p.13).
The strategic application of virtual assistance technology aligns perfectly with BankVic's
customer base, which consists predominantly of tech-savvy individuals and digital customers. By
meeting the expectations of this demographic, BankVic can position itself as a forward-thinking
and customer-centric financial institution. The convenience and security offered by features such
as biometric authentication and cardless withdrawal options further enhance the appeal of
BankVic's services in an increasingly digital world.
In today's fast-paced world, technological advancements have revolutionized the banking
sector, reshaping traditional practices and enhancing customer experiences. One such innovation
that has gained prominence is Virtual Assistance technology. BankVic, a leading financial
institution, has embraced this technology to cater to the evolving needs of its customers while
also ensuring robust information security measures.
One of the key benefits of integrating Virtual Assistance technology into BankVic's
operations is the bolstering of information security. With cyber threats on the rise, protecting
sensitive customer data is paramount for any financial institution. By employing biometric
authentication options, such as fingerprint or facial recognition, BankVic can significantly
reduce the risk of unauthorized access and potential hacking endeavors. This not only safeguards
customer information but also enhances trust and confidence in the bank's services.
ORGANIZATIONAL INTERGRATION 15
Furthermore, the adoption of Virtual Assistance technology enables BankVic to
streamline its operations and optimize resource utilization. By automating routine tasks and
inquiries through virtual assistants, the bank can reduce its workforce size, leading to lower
payroll expenses and overall operating costs. As a result, BankVic can allocate resources more
efficiently, focusing on value-added services and strategic initiatives to drive business growth.
Moreover, the implementation of Virtual Assistance technology contributes to enhanced
profitability for BankVic. With reduced operating expenses and improved efficiency, the bank
can maximize its net income, thereby boosting its financial performance and competitiveness in
the market. This, in turn, creates value for shareholders and stakeholders, reinforcing BankVic's
position as a sustainable and profitable institution.
Beyond financial gains, Virtual Assistance technology also plays a pivotal role in
enhancing customer satisfaction and experience. By leveraging advanced analytics and artificial
intelligence, BankVic can personalize interactions with customers based on their preferences,
behavior, and situational context. Whether it's providing real-time account updates, offering
personalized product recommendations, or resolving queries promptly, virtual assistants enable
BankVic to deliver seamless and tailored services that meet the diverse needs of its clientele.
The application of Virtual Assistance technology is particularly advantageous for
BankVic, given its customer demographics and market positioning. As a bank catering to a
higher percentage of tech-savvy and digitally-oriented customers, the integration of virtual
assistants aligns with their expectations and preferences. By offering innovative solutions such as
biometric authentication for cardless withdrawals, BankVic enhances convenience and
accessibility for its customers while also driving cost savings compared to traditional ATM-
based transactions.
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Additionally, Virtual Assistance technology empowers BankVic to stay ahead of the
curve in a rapidly evolving industry landscape. With competition intensifying and customer
demands evolving, technological innovation is key to maintaining relevance and
competitiveness. By embracing virtual assistants, BankVic demonstrates its commitment to
innovation and customer-centricity, positioning itself as a forward-thinking leader in the banking
sector.
In conclusion, the integration of virtual assistance technology has proven to be a highly
effective strategy for BankVic. Not only does it address the critical need for information security,
but it also delivers tangible benefits in terms of cost optimization, profitability, and customer
satisfaction. By leveraging the power of automation and artificial intelligence, BankVic is well-
positioned to thrive in an ever-evolving banking landscape. the integration of Virtual Assistance
technology in BankVic represents a strategic investment that yields numerous benefits across
various facets of its operations. From enhancing information security and reducing operating
costs to improving profitability and elevating customer satisfaction, virtual assistants play a
pivotal role in driving value and innovation within the organization. As technology continues to
evolve, BankVic remains poised to leverage Virtual Assistance technology to its fullest potential,
ensuring continued growth, resilience, and success in the dynamic landscape of modern banking.
4.0 Recommendations and conclusion
4.1 Recommendations
The bank should conduct rigorous research to develop new features of virtual
assistance technology that boosts the competitive advantage of the bank.
ORGANIZATIONAL INTERGRATION 17
The bank should adopt a simplified customer journey as well as provide relevant
information concerning the banking product or service.
The bank should outsource developers’ operations to enhance effective maintenance
as well as development of new features
4.2 Conclusion
Virtual assistance technology facilitates personalized banking service delivery. It
eliminates security exposure issues of using online mechanism in banking endeavors.
Through biometric authenticable options, hacking operations are reduced to facilitate
effective delivery of banking services. It requires the bank to adopt the MVP approach that
complies with virtual assistance technology requirements in achieving increased productivity.
The roadmap process requires integration of both long and short-term strategies to attain the
vision, goals, and objectives of the bank. Moreover, the integration concept of AI technology
in BankVic indicates the uniqueness of the bank that increases the compatibility of the bank
with the virtual assistance technology.
ORGANIZATIONAL INTERGRATION 18
5.0 Bibliography
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Come of Age, pp.91-101.
Charter, M. and Tischner, U. eds., 2017.HSustainable solutions: developing products and services
for the future. Routledge.
Ferwerda, J., 2014. Cost-benefit analysis.HChapters, pp.1-1.
Glymour, C., Scheines, R. and Spirtes, P., 2014.HDiscovering causal structure: Artificial
intelligence, philosophy of science, and statistical modeling. Academic Press.
Grinblatt, M. and Titman, S., 2016.HFinancial markets & corporate strategy.
Johannsen, F., Leist, S. and Zellner, G., 2015. Implementing six sigma for improving business
processes at an automotive bank. InHHandbook on Business Process Management 1H(pp.
393-416). Springer Berlin Heidelberg.
Neary, M.A. and Chen, S.X., 2017. Artificial Intelligence: Legal Research and Law
Librarians.HAALL Spectrum,H21(5), p.16.
Olsen, D., 2015.HThe Lean Product Playbook: How to Innovate with Minimum Viable Products
and Rapid Customer Feedback. John Wiley & Sons.
Peppard, J. and Ward, J., 2016.HThe strategic management of information systems: Building a
digital strategy. John Wiley & Sons.
