Effectiveness and profitability of Virtual Personal Assistant model in the banking sector in the UK

Dissertation - effectiveness and profitability
of the “Virtual Personal Assistant
(PA)model” inus on Human Resources
(approaches like motivation, couching,
recruiting etc the banking sector in the UK

Table of Contents
CHAPTER 1: INTRODUCTION....................................................................................................3
Background of the topic.........................................................................................................3
Research aim..........................................................................................................................3
Research objectives................................................................................................................3
Research questions.................................................................................................................4
Research rationale..................................................................................................................4
Value of the research..............................................................................................................4
Structure of the report.............................................................................................................4
LITERATURE REVIEW................................................................................................................6
Examine the influence of outsourcing projects on the selected organisational types?...........6
What are the advantages and disadvantages of the outsourcing projects in the organization and
its stability as well as credibility to expand into a product that can be utilised in larger
companies as well?.................................................................................................................7
What is the position and credibility of an organization owing to the outsourcing projects in
project management?..............................................................................................................9
RESEARCH METHODOLOGY...................................................................................................11
RESULTS AND DISCUSSION....................................................................................................17
Introduction..........................................................................................................................17
Summary...............................................................................................................................21
CONCLUSION..............................................................................................................................22
RECOMMENDATION.................................................................................................................24
REFERENCES..............................................................................................................................27

CHAPTER 1: INTRODUCTION
Background of the topic
Virtual assistant is defined as the self-employed worker who is specialised in
administrative services to clients from remote locations. This is a software agent which can
perform different task in which business objectives can be satisfied (Yang and Lee, 2019). Using
virtual assistant different automation devices can be instigated within the workplace so that
critical business decision is taken in appropriate manner. In the context of banking industry this
has been analysed that using virtual assistant administrative decisions can be taken. For banking
industry using such technology assistance can be given to customers so that easy access can be
made by the customers.
The current research report is related with assessing the effectiveness and profitability of
the business in respect of using Virtual Personal Assistant in their organisation. The study is
going to examine the impact of outsourcing projects into the domain of project management
(Knote and et. al., 2019). With the help of effective outsourcing projects to virtual assistants, this
will lead into earning of higher profits by the organisation in which different challenges by the
organisation can be mitigated in terms of customer satisfaction and customer service. The
banking industry is directly related with interacting with customers so that using virtual assistant
the organisation may understand needs of their customers in appropriate manner.
Research aim
To assess the effectiveness and profitability of the “Virtual Personal Assistant
(PA)model” in the BANKING SECTOR in the UK. A study in HSBC
Research objectives
 To analyse and investigate the influence of outsourcing projects on the selected
organisational types.
 To distinguish between the advantages and disadvantages of the outsourcing projects in
the organization and its stability as well as credibility to expand into a product that can be
utilised in larger companies as well.
 To investigate the position and credibility of and organization owing to the outsourcing
projects in project management.

Research questions
 Examine the influence of outsourcing projects on the selected organisational types?
 What are the advantages and disadvantages of the outsourcing projects in the
organization and its stability as well as credibility to expand into a product that can be
utilised in larger companies as well?
 What is the position and credibility of and organization owing to the outsourcing projects
in project management?
Research rationale
The major rationale behind this research is to examine the information related with
Virtual assistant and their role with the organisation in respect of customer engagement and
business performance (Honig and Oron-Gilad, 2018). The research is based on banking industry
so by executing the current research the researcher will be able to gather knowledge in respect of
the method in which virtual assistant can be used in the organisation for increasing organisational
functions and capabilities. This is cost effective method so that can be used by banking industry
in order to manage all the business dimensions. The current research is based on dual perspective
of the researcher such as personal and professional. In the respect of personal perspective the
researcher will develop different skills within research such as communication skills, research
skills and many other (Shareef and et. al., 2018). Whereas in terms of professional perspective
the current research would lead into providing assistance to the researcher in which future
researches can be carried out by the researcher in most appropriate manner.
Value of the research
The current research is of high value which means that the research is going to contribute
to the organisation in such a manner that they can instigate virtual assistant in their organisation
so that to meet business objectives (Amin, 2016). Using information from the current research
different organisation can be encouraged in order to use virtual assistant in their organisation so
that to deal with their customer's needs and demands.
Structure of the report
In this section researcher identify the chapter which were conducted in the above investigation so
that readers can know about the section which will be covering in the research. This part in short

provide short summary of the parts of the whole dissertation. Chapters which are covered in the
investigation are as follow:
Introduction: This is the very first chapter in the dissertation which holds very important
part. This section provides the all the detailed information which is necessary for conducting the
overall investigation in right manner. This part shows the research aim and objectives on which
the total investigation is carrying on. The components which are included in this part are as
research aim, objective, research question, background on the topic and company, resech
rational, importance of the study and many more. In short this section tells about the importance
of the study and why the project is being carried out.
Literature review: The second chapter of the dissertation is literature review which
assist in collecting the secondary information for the topic. This part address the research
question so that detailed knowledge on the selected topic can be acquired. The main advantage of
literature review is to understand the study by enhancing the knowledge of the researcher so that
past research gap can be knowing. The information which is used in this is gathered from various
secondary source which are books, journal, online site and many other.
Research methodology: One of the vital chapter of the dissertation is research
methodology. In this chapter various method and strategies are chosen by the investigator in
order to gather and analyses the information in right manner. Research methodology is one of the
systematic process which helps the investigator to acquire exact data as per the topic. This
section also justifies the reason behind choosing the approach, philosophy, strategy, research
choice etc.
Data analysis and finding: Next important chapter of the dissertation is data analysis
and finding chapter. This section is vital because in this part all the collected raw data is being
measured so that beneficially information for the study can be obtained. Data analysis is the
technique through which aim and objective are attained by evaluating the gathered facts and
figures of the topic.
Conclusion and recommendation: The last chapter of the research project is conclusion
and recommendation. This chapter provide the short summary of the overall investigation so that
conclusion of the study can be gained. In this section researcher also suggest some ways or
approaches which can be used by the organisation or the industry as per the study.

LITERATURE REVIEW
Examine the influence of outsourcing projects on the selected organisational types?
As per the perspective of Fedorova (2021), outsourcing projects generally means when
bank hires third party to handle their task and perform business operation and provide services
for company. The major reason for outsourcing is to cut the cost and also it helps in releasing
capital for investment in business. There are various best practices in outsourcing projects such
as building relations between key managers, defining clear project scope and schedule, taking
portfolio seriously and many others. Through outsourcing projects, bank no needs to hire more
employees to perform their function and operational activity. When bank outsource the projects
they have to pay to contractors which allows them to avoid brining new employees within
workplace and saves their money. The money of bank saves as they don't need to provide
training to its employees which also helps in reducing the time. Outsourcing projects influence
bank by offering them access to large talent pool. Outsourcing project creates an impact on the
bank by lowering their labour cost as they don't need to hire highly skilled employees within
workplace as outsourcing allows bank to gain expertise employees with right cost that can
contribute their productive outcomes in accomplishing bank work (Dibbern and Hirschheim,
2020). Due to the regulatory framework, bank faces various challenges such as financial
reporting, issues of capital and corporate governance requirements. There are various benefits
which can be availed by bank due to outsourcing projects such as accelerating in digital and
technology adoption, push to up skill talent, increase in strategic partnership and diversification
in delivery footprint. Outsourcing projects mainly includes trained processors with accumulative
knowledge so that they can originate and fund more loans and bring stability within bank. It also
involves highly skilled team that helps in managing the excessive task which helps in giving
relief to the lenders like bank as they delegate excessive work to other company or people.
Outsourcing projects also helps lenders and brokers to adapt the new generation of home buyers
and manage their unique demands. They mainly focuses on making their customer feel satisfied
by keep strong relationship with them due to which customer give excellent ratings. Outsourcing
project is increasing rapidly as it helps in reducing cost and also strategic aims can be achieved
in effective and efficient manner. The impact of outsourcing project can be seen across the
business activity of bank, specific operation and contract function.