FIN8260-FinTech Assignment 4 Case Study Rules: 1) You will be working with a group. 2) There need only be one (1) submission per group. 3) Do not copy and paste any materials from online sources or straight from textbooks. 4) Any materials that you wish to use that are not your own must be cited and recorded in a bibliography. This includes any Instructor supplied resources. 5) This lab is all about creative freedoms and the removal of restrictions so feel free to take chances and demonstrate what you are capable of! Objective This lab is meant to understand how a company will apply the theoretical knowledge and understand the customer thought-processes that drive todays banks. With the complexity and depth of the work involved in this assignment, you will have an entire class to begin your research into how you will formulate a solution. Your Instructor is constrained in this assignment and cannot provide you with direct guidance but can serve as a logical sounding board to help you understand the need of a FinTech Plan. Your team will have a lot of freedom to decide the outcome of your final product. The format, style, and presentation of materials will be left completely to your groups discretion. It is expected that each team will submit a professional and cohesive report which can be taken directly to the client. Note there is no one set format for what a FinTech Plan looks like, as such no template has been provided, it will be up to your group to either track down these additional resources or build your own. Either option is acceptable as the goal of this assignment is to help you conceptualize the theory component of Social Media and apply this knowledge into a practical application. Scenario You work for a company called FinTech Newco, who specializes in helping banks expand and manage their business. FinTech Newco is submitting a services proposal to Westpac Banking Corporation. This is a competitive bidding process where one company (FinTech Newco) is bidding for the business of another company (Westpac Banking). Westpac Banking is based in Australia and looking to create a FinTech strategy to target its customers. Westpac Banking Corporation, one of the worlds leading commercial banks, was looking to differentiate itself in a prosperous and already digital-heavy economy. The bank wants to deploy an updated FinTech solution where 10 million consumers and nearly 1 million businesses manage their money through the bank. Enabling compelling digital services to one of the worlds most digitized economies is no simple feat. This is particularly the case in a wealthy economy where consumer expectations have been widely shaped by the pervasive access to advanced digital devices and consumerized digital services, such as Facebook, Amazon and Google. Westpac wanted to differentiate itself in what was already the worlds most advanced and invested in digital banking market and transform the number of customers who engage digitally, including what they do and how often they do it. Of particular importance was enabling a broad range of users to become digital-only end users They are unsure whom exactly they should target with this line. They believe their current customer based will be interested in a new FinTech solution but are wondering if there is a new customer segment they should also be targeting. They arent sure the best way to expand their FinTech reach to current and new customers. They may want to do a beta test with a smaller customer base before rolling the solution nationally. They are also nervous about how existing customer base will react to the new line. The client wishes to be able to incorporate new FinTech services for a new product that will enhance current customers services while attracting new customers looking for the latest technologies. Westpac Banking wants FinTech Newco to build a plan defining how to add more FinTech services, increase revenue and customer satisfaction. o Additionally, they heard about a type of FinTech known as crypto-currency and blockchain. The specific type of new services should include these FinTech tools. o Westpac Banking is planning on regularly running market analysis to see how people respond to the changes in the new service(s). Preliminary Planning Process To help guide you through the proper development of a FinTech strategy your group should go through the following steps and record your answers in point-form. Please note that the point-form responses will not be counted towards your grade. They exist to help keep your very soon to be complex strategy organized. Part 1: Roles and Stakeholders A. Team Roles Assign each team member a role on the team. Ensure someone is chosen as Project Manager. B. Stakeholders What stakeholders might be involved in your project from Westpac Banking. Part 2: Research Your team should research Westpac Banking (https://www.westpac.com.au/). Part 3: What are the goals? The client has specified that they know that their current banking services will not penetrate throughout the entire country, but they are hoping that they can gain notoriety with new services. What goals will FinTech Newco help Westpac Banking achieve? Part 4: Define your target audience! Current and new? Who will you be targeting with your services? o Can you describe these individuals? Be specific to who they are. o What makes them the target audience? o Why would they care about this product? o If you are creating a personas, you must write in your own words and not copy and paste from an online source. Part 5: Strategy Components FinTech Services Selection What services will you choose to sell to current and prospective customers? Are your efforts going to be online only? Or available in bank too? Part 6: Results The client needs a way to measure customer success with your plan. How are you going to measure success for Westpac Banking? Case Study Deliverables Your team is to bring all these elements together into a plan where you will have to make strong support for your FinTech services recommended to Westpac Banking. You will have to clearly convey the types of resources you will need, technology that will be involved in this project and define the major stages that will be completed along with milestones that will be utilized to determine success