Portfolio Project This Week Discuss A Current Business Proce ✓ Solved

Portfolio Project This Week Discuss A Current Business Process In A S

This week discuss a current business process in a specific industry. Note the following: -The current business process itself. -The industry the business process is utilized in. After explaining the current situation, take the current learning from the course and: Explain a new technology that the business should deploy. Be specific, don’t only note the type of technology but the specific instance of technology. (For example, a type of technology is smart automation a specific type of automation is automated light-dimming technology). Note the pros and cons of the technology selected.

Note various factors the business should consider prior to deploying the new technology. The companies with cases in the text - you can't use the same subject matter of those cases. As such no case content within the text is to be used for this assignment. The purpose is for you to do research not to restate a case in the text book. As well, no content from any of your prior work is to be reused including your Residency paper.

In a nutshell, content must be new and unique as well as the business (so if you wrote on Amazon in any of your papers, you need to select a different company). Remember that the text as well as your former papers are all in the SafeAssign data repository and will bring back a high percentage rate indicating plagiarism from your former work which is not acceptable. SafeAssign should be below 25% and your subject matter for this assignment needs to be new. The above submission should be three pages in length. Remember the total length does not include the APA approved cover page or the references.

There should be at least three APA approved references to support your work, one being your text. I would expect to see approximately 4-8 intext citations.

Sample Paper For Above instruction

The retail banking industry has traditionally relied on manual and semi-automated processes for customer onboarding, transactions, and account management. These processes often involve extensive paperwork, in-person interactions, and several steps that can delay service delivery and impact customer satisfaction. With the advent of digital transformation, banks are looking for innovative ways to improve efficiency, security, and customer experience. One such process is the customer onboarding process, which has significant room for enhancement through technology deployment.

Currently, many retail banks employ manual verification and document collection processes for onboarding new customers. Customers are required to visit branches, fill out physical forms, and submit physical identification documents. Bank employees then manually verify these documents, often leading to delays, errors, and customer dissatisfaction. The industry trend is moving toward fully digital onboarding, leveraging biometrics and AI-driven identity verification tools. This transition aims to streamline the process, reduce fraud, and enhance user experience.

Based on current course learnings, deploying biometric facial recognition technology for identity verification presents a promising solution. Specifically, implementing NEC’s NeoFace facial recognition system could offer benefits such as faster verification, reduced fraud, and improved customer satisfaction. This technology uses highly accurate facial recognition algorithms to confirm identities swiftly and securely using live camera feeds or uploaded images.

The advantages of NEC NeoFace include rapid processing times, high accuracy rates, and the ability to integrate with existing banking systems. It minimizes the need for physical document handling and reduces onboarding time from days to minutes. Additionally, it enhances security by making identity theft and impersonation more difficult. Despite these benefits, challenges include privacy concerns, data protection requirements, and potential bias in facial recognition algorithms, which could lead to misidentification, especially among diverse customer demographics.

Before deploying this technology, financial institutions must consider several factors. These include compliance with data protection regulations such as GDPR and CCPA, ensuring secure handling and storage of biometric data. They should also evaluate the technology’s accuracy across various demographic groups to prevent bias and ensure fairness. Costs associated with procurement, integration, staff training, and ongoing maintenance are also significant considerations. Furthermore, customer acceptance and trust in biometric verification need to be assessed, emphasizing transparent communication about privacy and security measures.

In conclusion, adopting NEC NeoFace facial recognition technology could revolutionize customer onboarding for retail banks by significantly increasing efficiency and security. However, careful evaluation of privacy implications, regulatory compliance, and technological robustness is critical to successful implementation. This strategic deployment aligns with industry trends aimed at digitizing traditional banking processes, ultimately enhancing customer experience and competitive advantage in the financial sector.

References

  • Chen, T. (2020). Digital transformation in retail banking: The role of biometrics. Journal of Banking Technology, 12(3), 45-59.
  • NEC Corporation. (2022). NeoFace facial recognition technology. Retrieved from https://www.nec.com/en/global/solutions/biometrics/neoface.html
  • Smith, R., & Lee, K. (2019). Challenges and opportunities of biometric authentication in finance. International Journal of Financial Innovation, 8(2), 103-118.
  • European Commission. (2018). General Data Protection Regulation (GDPR). Regulation (EU) 2016/679.
  • Johnson, M. (2021). Future trends in banking digitalization. Banking & Finance Review, 15(4), 23-30.

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