INTERNAL ASSESSMENT (IA)

School: Wolmer’s Boy’s High School

Centre #: 100128

Territory: Jamaica

Candidate names:

Conroy Foster-1001280757

Micheal Bradford-1001280293

Brian-charles Largie-1001281230

Benjamin Griffiths- 1001280951

Teacher: Miss Johnson

Year of exam: 2024

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 Table of Contents

Introduction .......................................................................................3

Literature Review...............................................................................5

Methodology Employed.....................................................................7

Presentation of Data..........................................................................9

Analysis of Data……………………………………………………14

Interpretation of Results....................................................................16

Conclusions…………………………………………………………18

Recommendations............................................................................19

References ........................................................................................20

Appendices...................................................................................….23

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 Introduction

Thesis Statement

To what extent has technology affected VM Bank Liguanea branch productivity and its

efficiency of operation?

Background of project

The study examines the impact of technology on VM Bank Liguanea branch productivity

and operational efficiency. According to (Jamaican Gleaner) Victoria Mutual underwent a five-

year transition in 2019 postponed by the coronavirus outbreak, using the extra time to refine

strategies and implement necessary adjustments. Technology enhances communication,

collaboration, and streamlines processes, crucial for a company's success. The UNSW Blog and

The Impact of Technology on Consumer Behaviour highlights its effects on businesses,

including customer discovery and purchase, easier connection building, and relationship

building. The findings were gathered from primary sources like questionnaires and interviews, as

well as secondary sources like blog posts and articles.

Justification of project

The study examines the impact of technology on VM Bank's Liguanea branch

productivity and operational efficiency justified for numerous reasons. Firstly, understanding its

impact is crucial for VM Bank's competitiveness in the modern banking landscape. Secondly,

the branch's technology integration efficiency assessment will reveal potential improvements for

improving customer service and help stay updated with industry best practices. Lastly, this

project aligns with the banking sector's digital transformation trend, necessitating VM Bank to

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evaluate and optimize its technological strategies for sustained success. The researchers were

interested in the role of technology in optimizing productivity and efficiency for firms. They

chose this topic to understand how technological improvements benefit firms and how these

improvements can be applied when entering the business industry.

Research Objectives

This study investigates the impact of technology on the productivity and efficiency of the VM

bank Liguanea branch, with the researchers aiming to:

● To identify the technological improvements done by VM bank.

● To assess how the advancement of technology to VM’s bank minimizes common errors.

● To analyze how the advancement of technology affected consumer behaviour.

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 Literature Review

The VM Liguanea foundation, established in 2018, is a non-financial corporation

responsible for strategic philanthropy programs. It has contributed over $200 million to

initiatives promoting healthy lifestyles, financial literacy, academic achievement, leadership,

youth development, mentoring, and crime prevention.

The theory of efficiency suggests that when the marginal benefits of resource allocation

outweigh the marginal social costs, an action is most beneficial. Technology can enhance

productivity and efficiency in businesses, such as VM bank, by reducing common errors,

influencing consumer behavior, and ultimately boosting business success. Technology,

including mobile banking and ATMs, can enhance business operations. (Pilcher), “financial

technology and the technology used in banking is more inclusive and will only increase in

progression." People agree that technology boosts progression and are willing to learn the new

mechanics to make the technology effective. Implementing said technology may be difficult or

expensive but once done the firm would experience higher efficiency and overall better

performance.

Human error is a significant issue in hiring labourers, but technology can help eliminate

this factor, leading to improved quality and efficiency. Although the initial cost may be higher

than human labour, over time, technology becomes cheaper, making it more efficient in both

quality and cost. Implementing technology can reduce common errors that can negatively impact

a business's quality, and this positive change can increase consumer confidence in the firm. The

consumer’s behaviour is often what makes the firm change their operations or stick with what

they are doing as it is the consumers who they are selling their product or service to. The

consumer, so it is said, is a king. Each is a voter who uses his or her money as votes to get the

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things he or she wants done Paul Anthony Samuelson (2009). VM banks however aren’t the only

bank that benefits from technology so does NCB. According to Nadeen Matthews, NCB's chief

digital and marketing officer, with the company's online and digital solutions, customers take

less than 10 minutes to complete a transaction. With more than 97 percent of NCB customers

expressing satisfaction with the company's online solutions, Matthews is encouraging other

customers to make use of the digital options that are available to them.

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 Methodology

Research design identified and justified

Researchers obtained permission to conduct research on the organization through a letter,

which was accepted by Michelle Senior, the Senior Manager for Business Services. They used

both primary/quantitative and secondary/qualitative data collection techniques to ensure accurate

data collection for the project. According to (What is quantitative research?) quantitative

research is a methodology used by researchers to test theories about people's attitudes and

behaviours using numerical and statistical evidence, such as questionnaires. Qualitative research,

on the other hand, uses non-numerical means and direct observations, such as interviews, to gain

deep contextual understanding of users. Both methods are essential for data collection.

The research instruments chosen include questionnaires for large-scale data collection

and are cost-effective. Interviews for in-depth information gathering because its suitable for

lengthy questions and provides first-hand knowledge. Secondary sources, such as articles, offer

original insights into the research problem and often stimulate new questions.

Research Methodology

The questionnaire consists of 12 questions, 6 open-ended and 6 closed-ended questions,

providing appropriate and reliable information. Closed-ended questions limit responses, while

open-ended questions allow respondents to provide more insight.

The researchers conducted an interview on January 3, 2024, with a questionnaire issued

on January 4, and participants returning it on January 14, 2024. Despite the time-consuming

nature of the interview, even though there were only 2 questions, it allowed the interviewer and

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interviewee to develop respect, as the interviewer observed their facial expressions and body

language.

The secondary means of gathering data was the internet using articles posted. The

intention of the study is to gain a comprehensive understanding of how technology has impacted

the VM Bank Liguanea branch's productivity and operational effectiveness.

Description of Research Instrument

Please see appendix for images for relevant secondary sources used in this research.

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 Presentation of data

Figure 1- what are the Technological tools and Softwares currently in use?

Drive thru teller

Microsoft Office 360
Digital platform
Microsoft teams. New on boarding, signature 10 (core banking)
On boarding, Service Portals
Vm Appy, ICBS, ABMs
Online banking
Office 365
Digital tools for self-service such as online banking, member portals, appointment scheduling.

Figure 1 above shows the respondents answers to question 4 of the questionnaire, stating

the tools and software that they think are enhancing VM Banks Liguanea Branch productivity

and efficiency by the current employees.

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Figure 2- Has operational efficiency and productivity increased?

Figure 2 reveals that 10% of employees at VM banks Liguanea branch strongly disagree

with the increasing productivity and operational efficiency through the use of current

technological software's and tools, while 30% strongly agree,10% agree, and 50% have a neutral

feeling.

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Figure 3- Has customer attraction to the branch increased since the new implementations?

Figure 3 reveals that 40% of respondents believe the new implementations have increased

customer attraction to the branch, while 40% have a neutral opinion, and 20% strongly agree.

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Figure 4- has there been a reduction in manual errors through technology automation?

Figure 4 indicates that 30% of respondents are neutral about the reduction in manual errors due

to technology automation, 20% strongly agree, and 50% agree.

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Figure 5-Have digital banking platforms improved customer experience and reduced the need for

in-person transactions at the branch?

figure 5 shows 30% of respondents strongly agree VM Liguanea branch digital banking

platforms are improving customer experience and reducing in-person transactions, with 50%

agreeing, 10% neutral, 10% disagreeing, and 0% strongly disagreeing.

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 Analysis of Data

VM Banks Liguanea Branch is modernizing workflows by utilizing diverse technological

tools such as drive-thru teller, Microsoft Teams, and Signature 10. The branch is also focusing

on digital platforms, service portals, and innovative self-service tools like VM Appy, ABMs,

online banking and member portals reflecting a customer-centric and forward-thinking strategy.

Leveraging Office 365 for communication and workflow management enhances the operational

landscape, aligning with contemporary industry trends and meeting customer expectations for

seamless and convenient banking experiences.

Figure 2 shows that technology tools like Microsoft Teams and Digital Platforms have

positively impacted employees' perceptions of productivity and operational efficiency.

According to Villanueva, technology keeps communication lines open, ensuring distributed

workforces have the necessary resources to stay connected and productive. The adoption of tools

like Microsoft Teams has made the VM Banks Liguanea branch more productive, keeping

personnel constantly linked.

The implementation of new technologies has led to a positive impact on customer

attraction, with 40% of respondents agreeing, 40% neutral, and 20% strongly agreeing. This

suggests a positive impact on customer engagement, although neutral responses may suggest

room for further investigation into the factors influencing customer attraction. According to (The

impact of technology on consumer behaviour) “technology facilitates increased consumer

connection to businesses, allowing more chances to interact with both new and existing

customers, as per the impact of technology on consumer behaviour.

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 The study shows that 30% of respondents were neutral about the reduction in manual

errors, while 20% strongly agreed and 50% agreed. This is due to the fact that technology allows

better concentration and uninterrupted work (Villanueva). The branch saw improvements in

productivity and operational efficiency through less paperwork, waste elimination, simplified

cash access, improved communication, information storage, and reporting.

Figure 5 shows employees' opinions on digital banking platforms enhancing customer

experience and reducing in-person transactions. A majority of respondents (16 out of 20)

strongly agreed, indicating a positive perception of digital tools' impact on customer experience.

VM banks Liguanea branch is on track with customer satisfaction, with only two respondents

stating digital platforms are not improving customer experience.

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 Interpretation of results

The interview respondent was asked about the impact of technological tools like VM

Appy, ABMs, and Online Banking on consumer behaviour. The response showed that

technology has significantly impacted consumer behaviour, as it allows customers to access bank

services anytime and anywhere, eliminating the need to physically visit a branch for services.

This shift has allowed customers to enjoy banking without specific closing hours. These

strategies are what ‘Pilcher’ was referring to, (see Literature Review) as not only will technology

probe to be more efficient but will also help in making the consumer comfortable.

The interview asked if technological tools have helped attract new customers and

encourage existing ones to use services beyond simple deposits and withdrawals, such as VM

Money Transfer, VM Investment Limited, and VM Wealth Management. The response showed

that customers are using the bank's tools and software to take advantage of more offerings,

indicating how technology has altered consumer behaviour. This shows that the consumer is

truly king’s as stated in the literature review as it is important to make sure that the consumer is

satisfied in all factors not only in terms of quality but also when it comes on to attraction.

VM Banks Liguanea branch is becoming more productive thanks to the adoption of tools

like Microsoft Teams, which keeps the personnel constantly linked. From this it can be seen that

VM Liguanea branch aims to continuously increase its efficiency and productivity by making its

employees life easier through technology which will facilitate better and more efficient work and

also make employees more inclined to want to complete tasks.

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 This study compared with the report NCB's chief digital and marketing officer gave

stating that more than 97 percent of NCB customers express satisfaction with the company's

online solutions, shows that VM banks Liguanea branch is on the right track with customer

satisfaction as there was only 2 respondents believing that digital banking platforms not

improving customer experience.

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 Conclusion

The data and interviews highlight the transformative impact of technology on

organizational productivity and consumer behaviour, with 30% of respondents affirming its

positive influence. Tools like VM Appy, ABMs, and Online Banking have revolutionized

consumer interactions, providing convenience and accessibility.

Another conclusion drawn from this research is that technology mitigates human errors in

labour, improving overall efficiency and quality, albeit with initial costs. Ultimately, embracing

technology emerges as a strategic investment, fostering positive changes in operations, customer

satisfaction, and the overall competitiveness of businesses in the contemporary landscape.

There are weaknesses that can be concluded that will be further explained in the

recommendation factors such as technological infrastructure, and resistance to change, which are

impacting technology adoption and effectiveness at VM Bank's Liguanea branch.

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 Recommendations

The analysis of technology's impact on VM Bank's Liguanea branch reveals its crucial

role in enhancing productivity and operational effectiveness. To maximize its benefits, the

following suggestions are proposed.

Training staff on software and technological tools, this can boost the company's output and

operational efficiency more. Because, as Figure 2 shows, 2 out of 20 respondents strongly

disagree that technology has improved the company's output and efficiency. Therefore, more

training on how to use these tools and software may be necessary to increase productivity and

overall firm productivity.

The 30% neutral opinion in figure 4, states, some errors still occur, suggesting that

companies should encourage staff to be creative and adaptable to utilize technology effectively

in their daily work to decrease the manual errors that are still occurring.

The VM Liguanea branch must prioritize customer privacy by regularly updating security

procedures to address new threats and weaknesses, as most services are now offered online,

demonstrating the company's commitment to protecting customer information, showing

customers that the business takes their privacy seriously which can attract new clients.

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 References
About Us. Victoria Mutual Foundation. (2023, September 22).

https://vmfoundation.myvmgroup.com/about-us/ Retrieved on February 16, 2024

Pilcher, J. (2022, July 29). 28 of the most influential voices in banking. The Financial

Brand. https://thefinancialbrand.com/news/banking-trends-strategies/top-25-influencers-

leaders-finserv-banking-51541/ Retrieved on February 20, 2024

The impact of technology on consumer behaviour. Keenfolks. (n.d.).

https://www.thekeenfolks.com/blog-article/the-impact-of-technology-on-consumer-

behaviour Retrieved on February 20

Villanueva, M. S. (2022, December 12). 6 ways technology increases productivity

[updated]. Intelligent Technical Solutions. http://www.itsasap.com/blog/6-ways-

technology-increases-productivity

Wednesday, 23 August 2023. (n.d.). UNSW Blog. How can technological changes affect a

business? | UNSW Online. https://studyonline.unsw.edu.au/blog/how-can-technological-

changes-affect-business

Interaction Design Foundation. (2024, April 8). What is quantitative research? - updated

2024. The Interaction Design Foundation.

https://www.interaction-design.org/literature/topics/quantitative-research

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 Appendix

Questionnaire

1. Name:
(Short answer text)

2. Position/Role at VM Banks Liguanea Branch:

(Short answer text)

3. Has VM banks Liguanea Branch productivity and operational efficiency increased through
the current technological software's and tools?
● Strongly agree
● Strongly disagree
● Neutral
● Agree
● disagree

4.What technology tools and software currently being used at VM Banks Liguanea Branch are
enhancing its productivity and operational efficiency?

(Short answer text)

5. Since the VM Groups overall 5year transition starting in 2019 how as the transition been for
employees to adapt to the new technological changes implemented at the branch?

● Strongly agree
● Strongly disagree
● Neutral
● Agree
● Disagree

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6. In what ways has the new technology influenced the overall productivity of employees at
VM Banks Liguanea Branch?

(Short answer text)

7. Has technology positively impacted the speed of customer service at VM Banks Liguanea
Branch?

● Strongly agree
● Strongly disagree
● Neutral
● Agree
● disagree

8. Has there been an increased customer attraction to the branch since the new
implementations?
● Strongly agree
● Strongly disagree
● Neutral
● Agree
● disagree

9. Has technology automation led to a reduction in manual errors in banking operations?

● Strongly agree
● Strongly disagree
● Neutral
● Agree
● Disagree

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10. Have digital banking platforms improved customer experience and reduced the need for in-
person transactions at the branch?

● Strongly agree
● Strongly disagree
● Neutral
● Agree
● disagree

11. Has the new technological improvements facilitated improved communication and
collaboration among staff members within the branch and with other branches or departments?
if yes, how so?

(Short answer text)

12. Have there been cost savings due to the improved technology integration? If yes, please
provide examples of areas where costs have been reduced.

(Short answer text)

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Interview questions

● How has the current technological tools and software such as vm apply, abms and
online banking affected consumer behaviour ?

Ans - “Consumers now have new channels to communicate for the various banking
services and products that they want (2) consumers have unlimited access to banking
information and products anytime,”

● Has the technological tools helped persuade more consumers to join and current
customers to do more than just deposit and withdraw and start to use other services
offered like VM money transfer, VM investment limited and VM wealth management?

Ans - “ Yes. Digitization of the banking services has increased the relevance of banking
services to fulfil financial needs at any time. Customers are able to complete multiple
banking transactions across the banking group in a short space of time e.g. access to
loans ; investments and transfer of funds.”

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