Impact of Digital Twin on Financial Services

This research proposal explores the impact of digital twin on financial services in organizations, specifically focusing on the concept, features, and challenges. It discusses the aim and objectives of the research, along with a literature review and research methodology. The proposal also includes a timeline for completing the project.

RESEARCH PROPOSAL

Table of Contents
INTRODUCTION...........................................................................................................................2
Background.............................................................................................................................2
Aims and Objective................................................................................................................2
Research Question..................................................................................................................2
Rationale.................................................................................................................................2
LITERATURE REVIEW................................................................................................................3
RESEARCH METHODOLOGY.....................................................................................................4
RESEARCH LIMITATION............................................................................................................5
TIME LINE......................................................................................................................................5
REFERENCES................................................................................................................................7
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INTRODUCTION
Background
In rapidly changing environment toward technology advancement. It is very difficult for
all the organization to maintain a good sort of customer relationship in the organization. For the
same reason Digital twin used to play a very crucial role in the organization. KPMG
International Cooperative is a multinational professional services network, and one of the Big
Four accounting organizations. Seated in Amstelveen, the Netherlands is also facing the same
issue in the organization for the same reason they are looking to have a idea of Digital twin on
the organization. This report highlights the same. This report highlights the Aim and objective of
the issue. After that proposal highlight the literature point of view on the project and different
sort of tools and methodology used to carry out the project for the business. Also proposal
highlights the time period require completing project in an organization.
Aims and Objective
Aim
To ascertain different impact which are brought by digital twin on financial service of an
organization. A Study based on KPMG.
Objective
 To understand the concept of Digital twin
 To ascertain different features of Digital twin in regards of financial services
 To find out different challenges occurs in financial services due to Digital Twin
Research Question
 What do you understand by concept of Digital twin?
 What are different features of Digital twin in regards of financial services?
 What are different challenges occurs in financial services of organization due to Digital
Twin?
Rationale
The biggest think which has drive to choose the current topic is to evaluate the
importance, impact which are brought by Digital twin on the performance of financial service in
the organization. Another reason for conducting the research was to gain the different
knowledge about the impact of digital twin on financial service.
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LITERATURE REVIEW
Tao and et.al., (2018) Highlights that digital twin is a digital replica of a living or non living
physical asset or entity. Author highlights that Digital twin is the duplicate of potential and
physical assets, processes, people, places, systems and devices that can be used for various
purposes. Boschert and Rosen, (2016) highlights that this twin are generally used by the
organization to analysis different data and monitoring of variety of system to overcome the
variety of the issue even before it used to occur in the organization. This eventually used to help
the company in preventing the issue of down time and opens up variety of new opportunity, this
eventually used to help the company in planning for variety of future activity.
There are many positive as well as negative impacts which are brought by the digital
twin to the financial service as well. Murphy and et.al., (2020) Highlight that digital twin in the
organization used to help the organization in improving the level of customer service in the
organization. As it has been analysed that customer shift toward using mobile and digital
platform for financial service used to create the variety of the issue for the organization in
fulfilment of different need of the customer in the market. Digital twin eventually help the
organization in satisfying the need of the customer in the market. On the contracting note
Martinez Hernandez and et.al., (2018) highlights that digital twin in the organization used to
increase the cost of the company in the market. As incorporating digital twin in the organization
ask organization to invest good sort of financial resources. This eventually used to impact the
efficiency of the organization in a long run.
Lu and et.al., (2017) Highlights that digital twin in organization used to help the financial
institute in improving the infrastructure of the company in long run. As digital twin helps the
organization in replacing the manpower with the Digital twin. This eventually helps the
company in enhancing the level of efficiency in the organization. As manpower generally used
to get tired more frequently as compare to digital twin in carrying out different financial
operation in the organization. On the contracting note Martinez Hernandez and et.al., (2018)
highlights that Digital twin in the organization generally used to create the situation where
organization is not able to understand the need of the customer that easily. As digital twin in the
organization do not able to make the bonding which is require to get variety of the financial
information of the individual, so that variety of different financial services can be performed in
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the organization. So it eventually used to impact the financial service of the business in negative
way.
Role of theory
This literature review will help in getting good basis of the information, so that on the basis of
the same different analysis can be performed in the organization. Also, Literature review will
help the scholar in getting variety of secondary data to perform research on different issue faced
by organization in real.
RESEARCH METHODOLOGY
Research Design: Research design is define as different framework of research method and
technique which are chosen by the scholar to carry out different operation of the business.
Descriptive design and phenomenology design. To carry out outcome of this research scholar
has taken help of phenomenology research design. This will eventually help scholar in getting
good sort of result in qualitative research design.
Research context: Context of a research gives the audience the picture of the research
which is conducted to overcome the different issue which is faced by the organization. Context
of this research is to find out the different impact which used to bring on the financial services of
the business due to Digital twin in the organization.
Procedure: To conduct the project for the organization, scholar has taken the consent of
variety of the respondent beforehand itself. Also, scholar has maintained a good sort of
confidentiality. Also, all the opinion of the respondent is maintain in better way to carry out the
outcome of the research in the organization. To conduct research for the organization scholar has
selected 30 respondent of organization. On which survey will be conducted to collect variety of
the primary data, so that on the basis of the same research can be conducted for the organization.
Data Collection: Data collection is the process in which scholar used to make the different
efforts in the organization to have different data, so that on the basis of which different research
can be conducted for the organization. Scholar will take help of both data collection tool to
collect data. To collect primary data, scholar will be taking help of the survey which will include
different type of questionnaire. This eventually help the scholar in getting information about the
situation which is prevailing in the organization. To collect secondary data, scholar has taken
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help of different journal related to the issue which is faced by the organization. This eventually
helps the scholar in finding out the good basis to carry out different operation in the organization
very efficiently.
Data Analysis: Data analysis is the element in which scholar used to interpret ate different
data in the organization in a way that it used to give a good result for the organization. For this
project researcher will be using thematic data analysis tool. In this tool scholar will be presenting
the different data with the help of different graph and table in the organization
RESEARCH LIMITATION
There are many type of limitation which was also seen in the process of conducting the
research for the organization. The biggest limitation which was seen was that the time allotted to
complete the research was very limited for the scholar but by taking help of team in the project,
scholar was able to complete the task on time in the organization. Another limitation which was
seen by the scholar was that it was getting tougher to get different data from source but by taking
help of different senior authority scholar was able to gather good amount of data related to the
research.
TIME LINE
Task
Mode Task Name Duration Start Finish Predecessors
Auto
Scheduled
Formulation of research aim and
objective 5 days Fri 2/21/20 Thu
2/27/20
Auto
Scheduled Project management plan 6 days Fri 2/28/20 Fri 3/6/20 1
Auto
Scheduled Research methods selection 8 days Mon 3/9/20 Wed
3/18/20 2
Auto
Scheduled Formulation of questionnaire 3 days Thu 3/19/20 Mon
3/23/20 3
Auto
Scheduled
Sending questionnaire for data
collection 4 days Tue 3/24/20 Fri 3/27/20 2,4
Auto
Scheduled Collecting of data 6 days Mon 3/30/20 Mon 4/6/20 5
Auto
Scheduled Data interpretation 10 days Tue 4/7/20 Mon
4/20/20 6
Auto
Scheduled
Conclusion and
Recommendation 4 days Tue 4/21/20 Fri 4/24/20 7
Auto
Scheduled Formatting 2 days Mon 4/27/20 Tue 4/28/20 8
Auto Taking feedback 4 days Wed 4/29/20 Mon 5/4/20 9
5

Scheduled
Auto
Scheduled
Doing changes as per the
feedback provided 6 days Tue 5/5/20 Tue 5/12/20 10
Auto
Scheduled Final submission 1 day Wed 5/13/20 Wed
5/13/20 11
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REFERENCES
Books and Journals
Tao, F and et.al., 2018. Digital twin-driven product design, manufacturing and service with big
data. The International Journal of Advanced Manufacturing Technology, 94(9-12),
pp.3563-3576.
Boschert, S. and Rosen, R., 2016. Digital twin—the simulation aspect. In Mechatronic
futures (pp. 59-74). Springer, Cham.
Murphy, A and et.al.,2020. Representing financial data streams in digital simulations to support
data flow design for a future Digital Twin. Robotics and Computer-Integrated
Manufacturing. 61. p.101853.
Martinez Hernandez, V and et.al.,. Service business model innovation: the digital twin
technology.
Lu, Q and et.al.,. From BIM Towards Digital Twin: Strategy and Future Development for Smart
Asset Management. InInternational Workshop on Service Orientation in Holonic and
Multi-Agent Manufacturing (pp. 392-404). Springer, Cham.
Kumar, R., 2019. Research methodology: A step-by-step guide for beginners. Sage Publications
Limited.
Ledford, J. R. and Gast, D. L., 2018. Single case research methodology: Applications in special
education and behavioral sciences. Routledge.
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