Contemporary Digital Tools and Software 9.1.1

• What is the main purpose of electronic transfer and filing of documentation?


  To simplify record-keeping, reduce paperwork, and make documentation easily accessible.
• How does HMRC in the UK utilize electronic documentation?


  It allows individuals and businesses to submit tax returns electronically, saving time and reducing errors.
• What is the purpose of Deloitte’s electronic filing system?


  To manage extensive client data, making documents accessible globally across its offices.
• Name two key benefits of electronic transfer and filing of documents.


  Minimizes manual errors and reduces costs associated with physical storage.
• How does electronic filing save time for organizations?


  By reducing the need for manual record-keeping and providing easy access to documents.
• What is the purpose of finance loyalty programs?


  To reward customer loyalty and encourage the purchase of additional products.
• How does the American Express Membership Rewards program work?


  It offers points for every dollar spent, which can be redeemed for travel, merchandise, and other services, promoting customer retention.
• Describe Bank of America’s “Preferred Rewards” program.


  It encourages clients to bundle products like credit cards and investment accounts for extra benefits.
• Name two key impacts of finance loyalty programs.


  They drive customer engagement and retention, and facilitate cross-selling, boosting company revenue.
• How do loyalty programs benefit companies financially?


  By increasing customer retention and promoting cross-selling of additional products.
• What is the primary function of a Management Information System (MIS)?


  To store, organize, and analyze business data, aiding in strategic planning and risk management.
• How does SAP ERP serve as an example of an MIS?


  It is used by companies like Nestlé for inventory management, customer data, and real-time insights to support business decisions.
• How does JPMorgan Chase use MIS?


  To analyze customer data, assess risks, and improve customer service.
• Name two key benefits of using an MIS.


  Supports informed decision-making and helps monitor financial performance and potential risks.
• How does an MIS aid strategic planning?


  By providing organized data and insights that help businesses make informed decisions.
• What is the main purpose of automated case management?


  To enhance efficiency by automating routine tasks like processing customer service requests.
• How does Zendesk serve as an example of automated case management?


  It’s used by banks and financial institutions to reduce response times and improve customer satisfaction.
• How does Salesforce Service Cloud benefit clients like Bank of America?


  It automates service requests and enables customer tracking, handling cases quickly.
• Name two key benefits of automated case management.


  Ensures quick and consistent responses and reduces employee workload.
• How does automated case management impact employee workload?


  It frees time for employees to focus on more complex tasks by handling routine cases.
• How does commoditization benefit individual investors?


  It democratizes access to complex financial products, making them available without the need for advanced expertise.
• Name two key impacts of the commoditization of financial services.


  Increases market liquidity and allows more investors access to financial products without specialized knowledge.
• How do companies like Vanguard and BlackRock contribute to the commoditization of financial services?


  By offering index funds that provide broad access to the stock market.
• Give an example of a commoditized financial service involving mortgages.

  Mortgage-Backed Securities (MBS), which are pooled mortgage investments popularized by firms like Lehman Brothers in the early 2000s
• What is the commoditization of financial services?


  The standardization of professional services, making them widely available as “commodities.”
• What is the main purpose of supplier onboarding and relationship building?


  To streamline the onboarding process, strengthen business relationships, and foster collaboration.
• How does Amazon handle supplier onboarding?


  Through automated onboarding, allowing vendors to self-register and maintain profiles for quicker partnerships.
• How does Walmart’s digital onboarding process benefit its supplier network?


  It manages a large supplier network efficiently and builds stronger partnerships.
• Name two key benefits of streamlined supplier onboarding.


  Faster onboarding process and enhanced trust and cooperation between businesses and suppliers.
• How does automated supplier onboarding impact business partnerships?


  It enables quicker and more efficient formation of partnerships
• What defines a digital firm?


  A company that operates without physical offices, relying on digital tools for service delivery.
• How does Zapier exemplify a digital firm?


  It is fully remote, with employees working from various locations and offering workflow automation tools online.
• How does Revolut operate as a digital firm?


  As a digital bank without branches, it serves customers entirely through an app.
• Name two key impacts of being a digital firm.


  Reduces overhead costs and provides flexibility for employees and clients.
• How does operating digitally benefit firms like Zapier and Revolut?


  It allows them to operate remotely, cutting costs and offering flexible services.
• What is the main purpose of financial technology (FinTech)?


  To drive innovation in the financial sector, improve services, and reduce operational costs.
• How does Stripe contribute to the FinTech sector?


  It provides a payment platform that enables businesses to integrate secure online payments.
• How does Lemonade use AI in FinTech?


  It speeds up the insurance process with quick claims resolution and transparent services.
• Name two key features of FinTech.


  Faster product development and market delivery, and cost reductions through AI-driven efficiencies.
• What are two main types of FinTech users?


  B2B, such as banks using AI-driven risk assessment, and B2C, like small businesses using PayPal for payments.