Challenges Faced by Revolut LTD and Solutions Using Change Management and Six Sigma Models

This report discusses the challenges faced by Revolut LTD, a British financial technology company, and the solutions they implemented using change management and six sigma models. The challenges included technical issues, problems with card payments, and customer service. The solutions included training and development programs, health and safety measures, and satisfying customer needs and wants. The report also explains the Kotter's change management model and the six sigma model in detail.

Integrated Case Study

Table of Contents
INTRODUCTION ..........................................................................................................................1
MAIN BODY...................................................................................................................................1
Challenges faced by the organisation...................................................................................2
Use of models and theories in order to support the explanations..........................................4
CONCLUSION................................................................................................................................6
REFERENCES ...............................................................................................................................7

INTRODUCTION
It is a British financial technology company which offers the banking services to its
customers. The company was founded in 2015 by Vlad Yatsenko and Nikolay Storonsky and this
was headquartered in London, UK. The company offers various services of banking such as debit
card, apple pay, currency exchange, virtual cards, commission free stock treading, commodities,
crypto and various other services. It has a vision to digital alternative to traditional big banks,
build a sustainable. It builds the world's first truly global financial super-app in order to help the
people to get more from their money (Arslanian and Fischer, 2019). In this report, it will be
discussed the various challenges that Revolut company faces and the solutions will be provided
by using the models that is change management model and six sigma model.
MAIN BODY
Solutions:
Training And Development Programmes:
The Company need to provide the regular training and development programmes in order
to increase the productivity and efficiency of the employees. It will help the company to increase
the market share, profitability and sales of their products by optimum utilisation of resources. It
will going to motivate the employees and their efficiency. By providing proper training to the
workers they can easily handle and provide good services to their customers effectively. It will
reduce the chances of the employees to leave the job or disappointment among them. Through
this communication become stronger and people will easily attract with each other.
Health And Safety Measures:
The Revolut company need to take all the safety and health measures in order to ensure
the employees safety. For which the company can hire the specialised cleaning companies and
allow for the physical distancing so that employees would not get infected by virus or any other
disease. Prepare shock protocols and increase efficiency the company can embrace industrial loT
concepts (Najaf, Schinckus and Yoong, 2020). In order to accelerate the shift when emergency
mode needs to be activated the company can establish the manufacturing resilience. It is
important for the company to take all the health and safety measures at the workplace. It is very
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important for the company to take care of their health at the workplace especially at the time
COVID crises.
Satisfy the needs and wants:
The company need to satisfy the needs and wants of the customers at an optimum level so
that the company can increase the market share and able to build the brand image among the
customers. When the company fulfils or satisfy the customers demands and wants then only
customers will going to recommend to others which benefit the company in ways. Such as
reputation of the company increases, profit margin of the company increases, attain the market
share, increase the efficiency of employees, proper utilisation of resources can be made. The
company need to provide good services to their customers and which should be fast and
application should not hang when the customers uses them (Yovanno, 2022). The company need
to take care of the privacy of their customers while making transactions so that they can feel safe
while using the applications.
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Challenges faced by the organisation
There are certain challenges faced by the Revolut app due to which company has to face
difficulties in terms of further growth and development as well. These challenges are defined
into the following manner:
Technical issues: Technical issues are those issues which are related to the unforessen problems
of equipment such as hardware failure or software bugs which makes it impossible to
perform the desired action into result oriented manner. Issues at technical level takes very
long period of time to resolve it but it needs to be resolved into fast pace manner(Arslanian
and Fischer., 2019). In context to Revolut app, it has been observed that customers has to
face issues into context of functioning of the app. While using the app, customers have to
face technical glitches due to which they can't enjoy the services provided by the company.
While using the app it has been observed that they have to wait for clicking on to a
particular option due to which it becomes challenging for the consumers to use the app into
efficient manner. The app does not provide compatibility into context of screen size due to
which it becomes challenging to overcome the problems into positive manner. Within the
app, it has been observed that company can't reach up to that extent where performance can
be into excellent manner due to which company has lost the brand image into market.
Customer Service: Customer service refers to the provision of services to customers before,
during and after service as well. It act as an important part of the value chain of clients.
Customer service is very important within the business and organisation as well because it it
retains the customers for longer period of time and extracts value from them as well. Within
the business, their reviews and performance is also dependent on the Customer services
given by the company so its very important to make first priority for their customers rather
than any other parameter into the market(Moysan and Rudnicki., 2019). It has been
observed that each industry need different levels of customers services due to which it
becomes challenging to mange services into result oriented manner. In context to Revolut
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app, the company can't provide the excellent services to their customers due to which it
becomes challenging to maintain its position into the market. From the point of view of
customers and company as well they have to maintain themselves into proper manner in
order to retain customers for longer period of time. It is very necessary for the company to
improve its services into positive manner so that they can't loose their market share on a
larger scale. That's why its very important to consider the services of customer into serious
manner so that they can provide best services to their customers in order to make them
happy and satisfied as well.
Problems in card payment:
Card payment is a very important method into financial terms because it not only provide their
services on the online basis but it is all about their technical performance as well. Payment
of cards basically offered by financial institutions which enables the owner to access the
funds in the customers designated bank account(Sharma., 2019). In context to revolut app,
they have to face difficulty into context of card payment due to which customers can't
maintain their trust on this app for longer period of time. This is a situation where company's
brand image into the market is at a very higher stake due to which its necessary for the
company to protect their image into market into positive manner.
These are the main challenges which has been faced by the company in their app due to which it
becomes difficult for the company to make their stand into this competitive world. These
challenges not only act as problematic condition from the point of view of customers but also act
as serious condition for the company(Torgal., 2018).Revolt is a company which has to resolve
their challenges into fast pace manner so that they can give tough competition to their customers
into positive manner. From the perspective of business, It has been observed that its very
important for the company to maintain their position into ahead manner so that no one can come
with their unique idea into the market.
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Use of models and theories in order to support the explanations
In reference to the above challenges, these can result in affecting the entire organisation
in the drastic manner and could lead to impacting the performance and operations of the
company. For the purpose to resolve these challenges and issues faced by the organisation there
are various theories and model that can help in supporting the various challenges of the
company (Paquibut, R. and Al Naamany, A., 2020).
Change management model: In context to organisation, for the purpose to deal with the
challenges and issues of the organisation and also to make the employees of the organisation to
have better understanding of the goals and objectives of the company, it is very important to use
the change management model. In context to organisation, the inspiring and driving change is
considered to be challenge that the various companies are usually facing today. In order to deal
with the various changes the Kotter's change management model is used. The Kotter's change
management model is one of the most adopted and the widely used change management model.
In context to this model, it comprises of total eight stages and each of them focus on the
employees response to change (Larsson, M., 2018).
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Building the team: In context to organisation, it basically helps in determining the right set of
personalities and skills for the team who will be responsible for the purpose to drive change in
the company.
Increases urgency: In context to organisation, it is very important to create a sense of urgency
among the various employees for the purpose to engage and motivate them during the entire
process.
Getting the vision correct: In context to organisation, it is very important to take into
consideration the various strategies but also keeping in mind the objectives of the projects,
creativity of the employees and their emotions.
Communication: In context to organisation, the process of communication plays a very important
role in being frequent and transparent and also communicating with the individuals about the
various changes being implemented.
Getting things moving: In context to organisation, it is very important to solve the issues with
the help of getting support, collection of the feedback in the most constructive manner and
removing the roadblocks.
Focus on the short term objectives: In context to organisation, it is very important to not just
focus on the final results but it is very important to set the small goals and also focusing on the
recognizing the small achievements with the help of boosting the morale of the employees.
Incorporating the changes: In context to organisation, it is very important to make and reinforce
the part of the workplace culture.
Six Sigma: In context to organisation, the six sigma model is basically a process improvement
methodology which was developed by Motorola in the 1980s for the purpose to deduct the defect
in the process. In relation to organisation, for the purpose to deal with the challenges, the six
sigma model helps in improving the quality of the products and services offered by the company.
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With the help of six sigma method, it helps in understanding the requirements of the customers
and also focusing on the elimination of the waste and defects (Isaksson, R., 2019).
With the help of this model, it helps in improving the services and products of the
organization, development of the robust process and products, enhancement of the competitive
position and focusing on the continuous improvement. In context to organisation, the method
helps in improving the systems of the company, enhancing the performance of the company and
better understanding of the requirements of the customer. With the help of these approaches and
model, the organisation can easily and effectively deals with the challenges faced by them and
can also focus on having deep and depth understanding about the needs and requirements of the
customers and also focusing on developing effective strategies for the company.
CONCLUSION
From the above report, the company faces many challenges such as technological
challenges, problems in card payments and customer services. As it affects the company's
profitability and create dissatisfaction among the customers. The company used various solutions
which helped the company attain the customer satisfaction at an optimum level. In order to
overcome from these challenges the company used six sigma model and change model of
management which helped the company to gain the market share, builds brand image and
increase the profitability for the future run effectively and efficiently in an organisation. V
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REFERENCES
Books and Journals
Arslanian, H. and Fischer, F., 2019. The future of finance: The impact of FinTech, AI, and crypto
on financial services. Springer.
Arslanian, H. and Fischer, F., 2019. The future of finance: The impact of FinTech, AI, and
crypto on financial services. Springer.
Isaksson, R., 2019. Creating a sense of urgency for sustainable development–Testing two system
models. Journal of Cleaner Production, 227, pp.1173-1184.
Larsson, M., 2018. Circular business models: Developing a sustainable future. Springer.
Moysan, Y. and Rudnicki, M., 2019. Open banking: Towards platform and modular banking.
Journal of Digital Banking, 4(2), pp.131-143.
Najaf, K., Schinckus, C. and Yoong, L. C., 2020. VaR and market value of fintech companies:
an analysis and evidence from global data. Managerial Finance.
Paquibut, R. and Al Naamany, A., 2020. Managing organizational change to meet the research–
teaching nexus standard: The case of an HEI in the Sultanate of Oman. International Journal of
Educational Management.
Sharma, P., 2019. Impact of Technology and Regulation on Financial Services: Opportunities
and Challenges for the Banking Sector.
Torgal, G. A. G. D. R., 2018. Challenges and opportunities of implementing a, mobile bank in
Portugal by Altice Group (Doctoral dissertation).
Yovanno, D. A., 2022. The Partnership Economy: How Modern Businesses Find New
Customers, Grow Revenue, and Deliver Exceptional Experiences. John Wiley & Sons.
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