Topic: Impact of emerging technology on financial service delivery; Internet as a strategic business tool; Channel banking strategy

DigiCash Ltd a new microfinance company has developed a unique mobile application (App) that enables customers to register, make deposits, and withdrawals. The App is also used to grant small loans to customers and for the collection of loan repayments. The company has also installed a toll-free hotline that enables customers to make enquiries and for various forms of customer services. Thus, customers do not need to visit the offices of DigiCash. The owner and Chief Executive Officer (CEO) of the business, Joe Maxwell, and other executives can remotely log into the systems to monitor operational activities and track employeee performance. The App is also used for internal communication, meetings, and various forms of collaboration since the App has a direct interface with the firm’s accounting and HR systems. The employees use the App as the main medium for exchanging both corporate and personal files. The CEO is concerned that customers and other service providers may not patronize the App. He is also concerned about security risks.

a. Describe five (5) technology-related challenges that DigiCash Ltd is likely to encounter with the introduction of the App. [10 Marks]

b. Discuss five (5) measures that the company can implement to improve patronage of App and DigiCash’s services. [10 Marks] [Total: 20 Marks]