Research Reflection Report

This research reflection report discusses the business plan for the development of online banking system in Malta. It explores the advantages and challenges of online banking, as well as strategies for its implementation. The report also provides insights on gathering primary and secondary data for evaluating the feasibility of the business plan. Subject: Research Methods & Processes

RESEARCH REFLECTION
REPORT

Research Methods
& Processes
The business plan for the development of Online banking system in
Malta is taken into consideration. The primary reason for creating a
business strategy for people is that it is a creative and innovative concept
that aims to boost online banking sector opportunities. Its main aim is to
achieve development by providing consumers with better service. From
the COVID-19, people are not ready to go banks and also face the
financial transactions issues. To resolve the issue, developing the online
banking system is more effective in Malta so that people can make the
financial transactions in an easy manner.Idea to grow the online banking
for potential growth inside the Malta. Through this report, I have learned
more knowledge about Malta and also benefit from start-ups in
Malta. To gather data that are true and accurate in sense of goods,
service, industry, sector, organizational, and market feasibility. I used
primary and secondary data collection sources for evaluating the
workability and efficiency of the business plan. This plays crucial role in
assessment of project feasibility and viability. Major reason behind
using this method is that I have to challenge the viability of my
company plan and also to develop an appropriate understanding of
future practice that will help the business of online banking development
to achieve development.
Literature &
sources
My main goal is in the business plan of the online banking system to
build online banking transactions to achieve a great number of
advantages and a high level of income. In this development plan, I have
analyzed the efficiency of primary and secondary data collection source
in the proper collection of dependable or relevant information. The
primary way for gathering data is efficient, since the data is first
collected in order to carry out business operations in an important
manner. On other hand, secondary data collection methods are suitable
and effective for detailed development.Both data collection sources have
been properly used to allow me to effectively build my views or
opinions on project viability. In addition to this, I used best theories in

the literature review section such as disruptive innovation to explain my
own inquiry mostly on basis of a particular topic. Other than this, there
has been business canvas model used. This is a lean start-up or strategic
management framework to build new business models and existing
ones. This consists of a visual chart with the components that describe
the value proposition, the financial, the infrastructure and the user. I
have presented a realistic view regarding the concept, which company
will be established, through the application of the business canvas
model. The main reason why this model should be developed is to
analysis basic data regarding the online banking system so that ideas
about the establishment of starting the online banking system in Malta
can be presented to stakeholders.
Your Knowledge I analyzed many aspects during the project, which helped me
successfully take this project. Project helped me acquire and acquire
new skills and understand concepts required to improve my skills, such
as decisions, training and trust. In addition, I learn about different types
of business plans and know to build one to start up my company. This
research helps me understand the different risks that exist and benefit
from business. This helped to know various studies for a business
research for market study or feasibility study. I am aware of my
strengths and weaknesses in process of creating one business. Online
banking sector is a modern concept which provides greater opportunities
to build an efficient marketing strategy identify key sources and use
efficient key tools to improve customer awareness. Under present
project I have studied various things for example marketing, ethics,
finance, research, business and economics that have helped me
accurately to build this project by maintaining the subject and making it
realistic. I learnt how profit can be generated and loss reduced. Main
objective of project is to enhance the knowledge area in realistic
manner.
Your Learning Theoretical knowledge of various areas for example accounting ,

marketing, analysis, analyzes of information, economics, operations
management, skills for leadership, consumption, and a large number of
other fields I can study and learn is key lessons I learned from my
master's program. The program assessed me learn about a variety of
subjects, but greatest shift in myself was attitude. I should have more
knowledgeable and optimistic views about myself. Through thinking
positive, I can make better decision. This helped me to sort out my
thoughts effectively about issues. At other hand, to strengthen my idea,
it is important to build stronger framework for practical and also
theoretical knowledge. This project helped us to understand the industry
structure on the market. Online banking transaction will succeed in
carrying out a thorough investigation for this project. This study follows
market research, industry investigation, feasibility studies, customer
segmentation, feasibility study and segmentation.
All of these insights help me locate the Online financial system better.
Through innovating something fresh and special, it enabled deeper
understanding of consumer demand. This is important to analyze blue
print as the business model framework, which includes all the critical
information such as marketing strategies, division of finances, capital
structure, etc., in order to build it. This is important to have appropriate
expertise in all aspects of marketing in order to analyze these segments.
Critical Thinking
and your ideas
This initiative is focused on review of current strategy, which helps
businesses step in right direction. Idea for the growth of the online
financial transaction in Malta has a broader scope. An idea of creation of
business in online banking is better in terms of opportunities and in
Malta. I gained a better understanding and knowledge of project
development for new business by this new development plan. I have
greater ability to study literature through secondary sources to improve
my theoretical knowledge. The key motivation behind project's
implementation is to create with a new concept the best business model.

At the beginning of this project it wasn't simple for me, but I did try best
to carry out many models that support the idea and also turn this into
planning. I managed to enact them. Through academic investigation, I
considered that main motive of the every business in to conduct its
business operations at global level for enhancing growth of business.
With the help of conducting literature review, it set up new business
model that emphasis on gaining more profit through develops positive
relationship with consumers. At end of research, I decided to create new
model by including strength of the applied strategies n reliable way in
context to overcome overall firm costing. This project helped me in
gaining effective idea for using the better marketing tools in business for
better development.
Barriers met My experience throughout this project was great. I did it better as I have
been able to develop specific abilities that are perfect for me. Besides
that, I have been faced with some issues that hamper my work while I
understand the project. Due to several factors involved, time was not
enough to carry out this project. For example, Online banking
sector suppliers in Malta were less and more expensive. If I had the time
to find solution and find right supplier, who will supply me with right
raw materials in the right time and at the right period.
The other thing is that I couldn't find the best answer for my
competitors. There were several competitors in Malta because I didn't
analyze them properly. I have only online banking and people like do
the many online finance transactions, main downside in my business.
This entire research is focused on qualitative and quantitative data. The
collected information is focused on the secondary and primary data for
the production of this inquiry. Interviews, questionnaires, observations,
etc. are not useful to improve this project from a variety of sources of
primary data gathered.Proper knowledge of region is important for the
completion of project. To address this problem, the field information

must be properly solved and primary and secondary data used.
Your Professional
Development
I have extensive experience from my training that helped me
successfully complete the project. Some things were helpful to me, but
some of the important areas that could be learned and explored can be
mentioned below:
Business Plan: A business development plan was built successfully as
the key part of this project. Theory has been studied in the area but can
never be used in realistic fields. I was capable of learning many things
while undertaking this project and also to do them abroad.
Communication:This is one of components needed for each
organization to use. Employers, employees and stakeholders should
have good communication. Good information flow can boost the
operating atmosphere and hinder work of the dysfunctional team. So the
importance of contact to the success of business needs to be recognized
by the client.
Managing Problems: Businesses have to understand that every day
there will emerge many problems and that minimal monitoring is
required to minimize them. Management would also focus on finding
and addressing issues better.
Objectives Major purpose of project should be to give advantage of people to an
online banking system in order to achieve profitability and business
growth. The main objective of online banking system is to improve the
offer and attract consumers. This provides various types of online
banking transactions based on customers. Another goal of online
banking system is, on the other hand, to make the production of on-line
financial transaction in Malta more efficient by applying the unique
concept. A suitable framework should be developed for design projects
that represent business idea, feasibility of analysis, and an effective
business model which helps the project move in the right direction. I

collected data or information from various sources like primary and
secondary in order to obtain better information during this research. This
is why the primary source is used for gathering new data to be stored for
a very short time. Data have been gathered from primary data by
knowledge of local people's perspectives in Malta. Secondary sources
like reviews, posts, books and websites are helpful for the creation of the
effective knowledge.
Various factors that can be done in present period have an effect on
business profits due to seasonal variations and raising the number of
customers. This particular project is focused on company start-up
strategy. With a unique concept, Online banking system would
demonstrate affordable price for a online transactions penetration. I was
anxious at the start of my project, because I didn't know about the
business plan. Only at time project was conducted, I realized that my
trust and performance improved, helping me to improve skills and
abilities to do job effectively.
Developing knowledge helped me in MBA programme by support me in
specific areas. I have carried out many tasks in the project, such as
market analysis, model canvas, feasibility analyzes etc. This helped to
develop my awareness and the capacity for systematic conduct of
project.
Findings &
outcomes
Through a summary of the overall project, this has been investigated
that this is academic project that allows me to improve their skills,
expertise and core competence. This project provides a short
understanding and idea of a business development scheme that assist me
develop my personal and professional skills. This has helped me to
develop management skills that helped me image has a positive my
tasks, through an efficient and successful knowledge of business plan.
The concept for business improvement is a concept that there is no plan
in place that can be pursued successfully by an organization to improve

its business activities. After investigation, I realized that experience
allows me to build knowledge base for managing business situations
through using techniques and methodologies.The company's primary
objective is to evaluate market situation and available policies already
implemented by rivals in the development of the new enterprise.
Although it takes less time to formulate business strategy plan, it is not
simple for me to gather more information from different sources. I found
secondary sources where the marketing mix is an effective instrument
for a business plan may provide information related to market
competition, resources available and marketing techniques.