Digital Enterprise Improvement & Enhancement Report - Suncorp Bank - Role of Digital Enterprise in Banking Sector - Management Assignment Help

Assignment Task:

Introduction  

The ongoing digital advancements and technological transformations are altering the way of conducting different types of businesses in the market. The industries fostering digitalization for their business sectors set up a tough competition in the target market. This is because of the benefits and opportunities served by digitalization. These include improved efficiency, enhanced business continuity and growth plan, staff flexibility, analytical advantages, operational cost reduction, improved response time and high customer satisfaction, increased accessibility, reduced communication chains, enhanced consistency and quality, and so on (Parviainen, Tihinen, Kääriäinen & Teppola, 2017).  
The present report is set to critically analyse the Suncorp Bank, Australia in order to discuss the present condition of play of electronic business in the banking sector. The report will cover a critical discussion of the organisation and its business environments. Moreover, various emerging trends, practices, and future directions will also be highlighted to encourage the improvement of the organisation. 

About Suncorp Bank

The Suncorp Bank, established in the year of 1902, is a part of the Suncorp Group which is a leading financial services provider with more than nine million customers and has assets of $99 billion. The main head office of the organisation is located in Brisbane, Australia. The Suncorp Bank, earlier known as the Queensland Agricultural Bank, provides customers with the financial products and services and ranked fifth largest bank of Australia. According to the annual report of 2018, the total number of employees working in the organisation was 13,815 (Suncorp Group Limited, 2018, p. 40).  
The organisation assures to promote trust, governance, and transparency within the workplace to address major social, environmental, and economical opportunities and risks. Besides, it encourages fair, appropriate, and ethical code of conduct, behaviour, and culture within the organisation. The data of the customers is ethically used to facilitate customer privacy protection . More to the point, it makes sure a regulatory change continues to foster effective growth.

Role of Digital Enterprise in Banking Sector

Digitization is referred to as the alteration of data into a digital form with the support of technology (Bloomberg, 2018). The digital enterprise has an imperative role in the banking sector as it encourages enhanced customer service and client satisfaction. This is because people are served with round-the-clock access to banks with the help of online banking system. As a result, this also helps managing larger amounts of data in a much easier and effective manner. With the digitization, customers are benefitted with the services such as cashless transactions that eventually shorten the time to complete the same manually. This derives faster processing and accurate functioning which grabs its demand from the banking sectors (Seethamraju & Diatha, 2019). Therefore, the usage of computerized accounting and online systems with the technological support is increasing to manage all the activities and tasks required to be done in a valuable manner.  
The emerging practices and trends may also influence the future of banking sectors. Some of these trends and patterns of advanced technological market include usage of data and Artificial Intelligence (IT) for personalization, cloud-based solutions, block chain tipping point, threat of big tech, cyber security, digital-only banks, open banking, and voice-first banking (Rousku, 2019). These technological practices might derive the customer preferences to choose service options accordingly and thereby would significantly impact the entire banking sector. This is because of the convenience offered by the digital systems and platforms. As a result, this would lead the future directions of the banks in the target marketplace.   

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