Westford School of Management: Research Project on Trade Digitization

This project report, prepared for the Research Methods for Strategic Managers unit, explores the impact of trade finance digitization on customer experience, using Citibank Dubai as a case study. The report includes an introduction to Citibank, outlining the research aims, objectives, and questions focused on evaluating the relationship between trade finance digital services and customer experience. The literature review examines the existing research on digital services and customer experience, analyzing the impact of trade digital platforms and their relation to financial performance. The methodology chapter details the research approach, including the use of both quantitative and qualitative methods, such as questionnaires and face-to-face interviews. The report also includes data interpretation and analysis, recording the findings of primary and secondary data collection, along with conclusions, recommendations, and a gap analysis. The project adheres to specified structural guidelines, including word limits, formatting, and referencing using the Harvard style.

Project Cover Sheet
Course/Unit Information
Unit Name Research Methods for Strategic Managers
Instructor Information
Name
Phone
Email
Project Information
Full/ Part Project
Date Project Issued
Date Project Due
Turnitin Class ID
Turnitin Password
Student Information
(To be filled by the student prior submitting the project)
Name
Email
Date of Submission
Student Declaration
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I, Savio Francisco Afonso hereby confirm that this project is my own work and not
copied or plagiarized. It has not previously been submitted as part of any assessment for
this qualification. All the sources, from which information has been obtained for this
project, have been referenced as per Harvard Referencing format. I further confirm that
I have read and understood the Westford School of Management rules and regulations
about plagiarism and copying and agree to be bound by them.
Learning Outcomes and Assessment Feedback
Name of the Assessor Ashima Keluskar
Learning Outcomes Assessment Criteria (AC) Assessor Feedback
LO 1
AC MET
Understand how to select
a research question
1.1 - Select a research question
1.2 - Explain the factors that contribute to the
process of successful research question
selection
NOT MET
1.3 - Justify their choice of research question NOT MET
LO 2 AC MET
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Be able to conduct a
literature review
2.1 - Conduct research to find literature
relevant to the research question
2.2 - Undertake a critical review of the key
literature for inclusion in a research proposal AC MET
LO 3
NOT MET
Understand techniques
used to interpret data in a
research proposal
3.1 - Evaluate techniques for use with
quantitative data in a research proposal
3.2 - Evaluate techniques for use with
qualitative data in a research proposal NOT MET
LO 4
NOT MET
Be able to choose the
appropriate methodology
to research the question
4.1 - Evaluate appropriate research
methodologies in terms of the research
question
4.2 - Choose an appropriate methodology in
terms of the research question NOT MET
NOT MET4.3 - Justify the methodology selected in
terms of the research question
LO 5
Be able to present the
findings of a research
proposal
5.1 - Record findings on a research question,
literature review and methodology in an
agreed format
AC MET
5.2 - Summarise the findings using suitable
methods NOT MET
5.3 Present the findings using suitable
methods AC MET
5.4 Critically analyse the findings NOT MET
Internal Verification Report
Internal Verification Done By Date
Project Brief
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Over All Result/Grade REDO Date: 07/09/2019
Summative Feedback:
Overall Feedback on
current work with
emphasis on how the
student can further
improve in future.
Some of the answers seems missing. Also Recommendations seems
missing.

Assessors Decision
General Guidelines
(Please read the instructions carefully)
1. Complete the title page with all necessary student details and ensure that the signature of the student is
marked in the declaration form.
2. All projects must be submitted as an electronic document in MS Word to the LMS (Use 12 Times New
Roman script).
3. Project that is not submitted to the LMS by the prescribed deadline will be accepted ONLY under the
REDO and RESIT submission policy of Westford.
4. You will PASS the full project task only if you achieve “AC Met” in each of the Assessment Criteria.
5. The results are declared only if the student has met the mandatory attendance requirement of 75%
and/or a minimum of 50% under extenuating circumstances approved and ratified by the Academic
Director. The student has to repeat the module (with additional fees applicable) if the attendance is
below 50%.
6. The project should not contain any contents including references cited from websites like
www.ukessays.com, www.studymode.com, www.slideshare.net , www.scribd.com.
7. Students can refer Wikipedia as a source of information, but the references cited in Wikipedia
has to be mentioned.
8. Submit the project in a MS Word document with the file name being:
First Name Last Name_ abbreviation of the subject.
Example: John Smith_RMSM.
Quick reference Checklist for the Faculty/Instructor to accept/reject the project before evaluation:
1. Adherence to the deadline of submission date.
2. Original cover sheet and format retained.
3. Student information and signature intact.
4. Font style and size used as instructed.
5. Harvard Referencing System and Citations are strictly followed.
Task: Report covering LO1, LO2, LO3, LO4 & LO5.
Project title Research Methods for Strategic Managers
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Prepare a research project report based on a chosen area of study pertaining to any of the
management functions like HR, Marketing, Operations, Finance, Logistics, etc. Research report
can also be prepared on cross-functional domains or on any of the major contemporary issues of
management. You will choose your own company or a company of your choice and actually carry
out research based on collection of primary data, as well as secondary data pertaining to the area
of your research work. Following structural guidelines must be adhered to, while preparing the
research report:
Structural guidelines:
1. The word limit for report should be between 5000-6000, excluding cover pages, references and
appendices.
The report must contain a cover page with the topic title, table of contents, brief abstract, list of tables,
figures and diagrams specifying their numbers and respective page numbers.
The report should be concluded with a proper referencing, prepared on Harvard Referencing Style,
which must be reflected in in-text citations.
4. The appendices and/or annexures must provide the sample of the questionnaire, interview questions,
used to obtain data through feedback for the purpose of the research.
The report also must contain logical conclusions and recommendations in the end.
Project (Project Report)
Note1. The first chapter must contain a brief Introduction of the chosen company, including selection of
aim, objectives and research question(s).
1. The project report should start with the company particulars, leading onto specific issues/
problems the researcher wants to research upon. Draw out the main Aim of your research, give
out your main Objectives (approx. 3-4), and also select your Research Questions (one or two).
2. Explain the factors that contribute to the process of successful research question(s) selection.
3. Based on the factors enumerated above in 1.2, justify the choice of the research question(s)
selected by you in context of your chosen organisation.
Note 2. The second chapter must contain relevant literature pertinent to the research question(s) and the
same should be critically analysed by bringing out clearly the voids/ gaps observed from the available
literature and the research work objectives the researcher wants to accomplish, through his/ her basic
research question(s).
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4. The review of literature should comprise both academic and non-academic literature, and should
be a fair combination of literature available from academic sources such as published journals and
articles, as well as other non-academic sources like reports, manuscripts, publications, etc. A
proper research judgment must be applied by conducting research to find literature relevant to the
research question(s). The evaluation should undertake a critical review of the key literature for
inclusion in your research proposal
Note 3. The third chapter of the project will bring out the research methods and methodology chosen by
the researcher to justify how these methods and methodology will help him/ her to find answers to their
research question(s).
5. Evaluate appropriate research methodologies you could choose to help you find answers to your
research question(s), and thereafter choose the most appropriate methodology which will help
you to find answers to your research question(s), bringing out clearly the rationale and
justification of why have you chosen the said methodology.
Note 4. The fourth chapter of the project on the data collection should reflect the understanding of
techniques used which will help you to effectively interpret your data in a research proposal.
6. The process of research for collection of data can be Quantitative and/ or Qualitative. You will
carry out both Quantitative and Qualitative process of research during your research work.
Evaluate the techniques you will use for acquisition of quantitative and qualitative data in your
research proposal. Also, during collection of data, you must justify in terms of fundamental
judgments like how will you collect this data, as well as bring out the population involved,
sampling method and sample size you intend choosing.
Note 5. The fifth and final chapter of the project requires you to record your findings, critically analyse
the quantitative and qualitative data collected by you, and thereby help you to come to firm conclusions
and recommendations.
7. Based on the collection of your primary and secondary data, record the findings of your research
work with respect to finding answers to your research question(s), the literature review done by
you, and the methodology chosen by you. The findings will be recorded and presented with the
help of graphs, charts, tables and use of simple statistical tools like percentages, mean, median,
etc. The findings must be critically analyzed by highlighting similarities and dissimilarities with
the findings of other researches and the literature reviewed. The limitations of the present
research, implications of present research should also be highlighted in brief. Summarize the key
findings, come to firm conclusions and recommendations.
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1. Introduction................................................................................................................................9
1.2 Introduction to Citibank .......................................................................................................9
1.3 Research aims.......................................................................................................................9
1.4 Research Objectives..............................................................................................................9
1.5 Research Questions...............................................................................................................9
2. Literature Review......................................................................................................................10
2.1 To understand the relationship between Digital Services and Customer Experience in the context of a bank
..................................................................................................................................................10
2.2 To analyze the impact of Trade Digital platforms on Customer Experience........................11
2.3 To evaluate whether Trade Digitalisation has a relation with the Financial Performance of a bank 12
2.4 Gap Analysis from the reviewed literature..........................................................................12
3. Research Methodology...........................................................Error: Reference source not found
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3.1 Paradigm, Philosophy and Approach................................Error: Reference source not found
3.2 Type and Cayegory..........................................................Error: Reference source not found4
3.3 Measurement and Scaling Techniques in the QuestionnaireError: Reference source not found4
3.4 Face to Face interviews...................................................Error: Reference source not found5
4. Data Interpretation and Analysis..........................................Error: Reference source not found6
4.1 Compilation of the sample (respondent) feedback........Error: Reference source not found6
5. Conclusion and Recommendations...........................................................................................20
5.1 Conclusions.........................................................................................................................20
5.2 Recommendations..............................................................................................................20
1.2 Introduction to Citibank UAE
Citibank NA UAE is a branch of Citigroup Inc. or Citi an American multinational investment
bank and financial services corporation headquartered in New York City. Citibank NA Present in the
United Arab Emirates since 1964, when the bank opened its first branch in Dubai, Citi has been known
ever since for delivering excellence while consistently bringing world-class banking products and
services to the local market. Citibank, the consumer banking arm of Citi, is currently a major player in the
UAE's credit card market and a leading provider of Wealth Management and Consumer Credit services.
Citibank's branch network in the UAE includes and a network of 60 ATMS located at various commercial
centers across the UAE.
Citi works tirelessly to provide consumers, corporations, governments and institutions with a broad range
of financial services and products. We strive to create the best outcomes for our clients and customers with
financial ingenuity that leads to solutions that are simple, creative and responsible. Citi has been present in
the Middle East and North Africa since 1955 and conducts business in 16 countries in MENA of which 12
have in-country presence. It offers full scale corporate and investment banking services in Egypt, UAE,
Bahrain, Qatar, Kuwait, Lebanon, Jordan, Tunisia, Morocco, Algeria and Pakistan and maintains a
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representative office in Iraq. Citi's institutional capabilities in the region include Treasury & Trade
Solutions, Corporate & Investment Banking, Capital Markets Origination, Global Markets and Islamic
Banking
1.3 Research aims
This dissertation aims to evaluate the concept of Trade Finance Digitization in enhancing customer
experience at Citibank Dubai. This research will evaluate Trade Digitization concepts as a platform for
Trade Finance. It will comprehend the impact of this technology on Citibank in terms of customer
experience with primary focus on the recently introduced Trade Digital technologies at Citibank Dubai
like Citi OCR (Optical Character Recognition), Citidirect for Trade which includes Direct Presentation©
and Direct Collection©.
1.4 Research Objectives
1. To understand the relationship between Trade Finance Digital Services and Customer Experience
in the context of a bank
2. To analyze the impact of powered Trade Digitization platforms on Customer Experience.
3. To understand and analyze the concept of Trade digital technology in a banking setup
4. To evaluate whether Trade Digitalisation has a relation to the Financial Performance of a bank
1.5 Research Questions
A crucial aspect of a study protocol is identifying a research question. It should be a thought-provoking
question. The question sets the framework. It emerges from the title, findings/results, and problems
observed in previous studies. Thus, mastering the literature, attendance at conferences, and discussion in
journal clubs/seminars are sources for developing research questions. A research question is broken down
into more precise objectives. The objectives lead to more precise methods and definition of key terms. The
objectives should be SMART-Specific, Measurable, Achievable, Realistic, Time-framed.
For this study, below are the research requestions formulated based on the aforementioned factors
1. What is the concept of digital technology in a banking setup
2. What are the challenges in implementing Trade Digitalisation in an organisation
3. What is the impact of Citidirect for Trade Citidirect for Trade which inclusdes Direct Presenation©
and Direct Collection©. and Citi OCR on the Customer Experience of Citibank?
1.2 - Explain the factors that contribute to the process of successful research question
selection
The research problem is consider as the main part a research project without which the whole research
process did not take place. In developing the research problem, it is important that variables must be easily
identifiable and eminent while the hypothesis should address each research problem effectively. The major
source of research problem surrounds among the 4p's that is problems, people, programs & phenomena. It
is determine that once the research question is identified then it must be translate into research hypothesis
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which shows relationship among two or more variables into the one and more than it populations.
Variables are undertaken as measurable factors which interpret more than one variable along with three
significant variables that is dependent, independent and extraneous as well. Hypothesis is a tentative
statement of research outcome that shows relationship in more than two variables. It is analyse that
hypothesis enable investigator to apply theory if it is justified. Moreover, the alternate hypothesis and
research hypothesis plays a very significant role when analysing and carrying out research.
1.3 - Justify their choice of research question
The objective of the present investigation is to gain better understanding the relationship between
Trade Finance Digital Services and Customer Experience in the context of a bank. The advantage from
study are important and findings enable organisation to attain many benefits. The prevailing area of focus
was four research question that is dealing with relationship & selection factors, and emphasis on impact,
understand and evaluate trade digital technology.
Literature Review
2.1 To understand the relationship between Digital Services and Customer Experience in the context
of a bank
According to a recent Gartner (2012) report, the banking sector spends $445bn on IT measured in percent
of the revenue in 2012. On average, this is approximately three times as much IT spending compared to all
other industries. Therefore, the emergence of digital technologies i.e. “the combination of information,
computing, communication and connectivity technologies” (Bharadwaj & Sawy, 2013, p. 471) affect
especially IT intensive industries like the financial service industry.
Corporates are becoming more and more familiar with digital technologies. Especially with the existence
of digital natives now employed in the corporate sector, i.e. the future customers, this trend will continue.
Digital natives is a term that describes people that are born after 1980 and show an affinity towards
technology (Prensky, 2001). “With the growing recognition of the customer’s role in service creation and
delivery, there is an increased impetus on building customer centric organizations” (Setia, Venkatesh, &
Joglekar, 2013, p. 565). It becomes inevitable for financial service providers to co-create value with
customers to respond to the change in customer behaviour and needs, which is topic in the customer
relationship category.
Despite a long history of heavily paper-based processes, trade finance is beginning to move into a new era
of digitalisation – characterised by faster and more efficient processes. The researcher finds (Ghosh,
November 2016) illustrates very well that digital banking essentially uses technology to design
experiences, both seen and unseen. Trade digital technologies promises to address the current
bottlenecks in trade finance and thereby radically redefine global trade processes, through these potential
benefits.
2.2 To analyze the impact of Trade Digital platforms on Customer Experience.
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Technological change has been an important phenomenon across the financial services industry in recent
years. The adoption of new technology and the digitization of trade finance has been slower to develop,
however. For several hundred years at least, the paper and process-intensive Documentary Credit was the
preferred product/solution provided by banks as a means of mitigating risk, offering financing and
ensuring secure and timely payment across borders. Early efforts at automation and dematerialization of
documentation, dating back to the mid-nineteen nineties, showed promise but limited market adoption and
limited commercial promise and sustainability. More recently however, a confluence of dynamics has
contributed to the creation of a discernible momentum around the digitisation and transformation of both
trade and trade financing. These factors include the evolution of technical capabilities, a near-global shift
to trade on Open Account terms, as well as retail and commercial market acceptance of IT-enabled
solutions. One of the most crucial aspects of digitised trade finance, meanwhile, is that it enables treasurers
to sign documents online, rather than having to print, sign, scan and send them on. Using predefined
economic and legal conditions within a dedicated framework contract, new bank platforms eliminate this
process in a safe, controlled manner – simplifying client-bank interactions and drastically accelerating
trade finance processes. However, digital authorisation isn’t completely devoid of risk. Responsible
platform providers will need to incorporate effective measures to mitigate these. One such measure is to
give corporates the option to customise authorisation levels for employees across different subsidiaries and
countries, enabling tailored and nuanced permissions that distinguish between different tasks, such as
signing documents, entering data, and many other configurable elements. Platforms such as these can also
streamline the way banks and corporates interact – using embedded two-way communication features to
ensure clients get quick answers and support based on their queries. What’s more, these interactions can be
tracked and monitored online, ensuring a complete record of all communication is retained. The
researcher feels that banks have been slow in embracing technology but they are not void of the
realization that Trade digital banking platforms are the next steps not only for corporates but for
financial and competitive advantage. The study conducted by (Cornin, 2013) points out that the
appetite for new and better services will always; exponentially grow. Hence it is for banks to embrace
technology faster to meet the and parallel the customer expectations because the new age customers who
are called the Gen Y are at the risk of being overtaken by non-banking new entrants who place digital at
the heart of their products and services. (Hobbs, April 2016) adds to this thought that to combat the
traditional banking inertia banks need to focus on new age value proposition and shift from their attention
from profit making to value proposition generating, from cost reduction to resource optimization, from
product focus to system focus and from customer satisfaction to customer experience. Digitisation and the
use of electronic documentation is gaining traction in various areas of trade and trade facilitation, as well
as across various elements of supply chain activity. The benefits of digitizing corporate banking include
lower cost-to-serve through new coverage models, economies of scale and automation leading to reduced
costs, as well as significant revenue opportunities. A digitized banking relationship increases customer
touch points and cross-sell opportunities and provides a bank with a better understanding of client
transaction behaviors. Digitization also improves the customer experience by enabling flexibility, tailored
services and fast response times.
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2.3 To evaluate whether Trade Digitalisation has a relation with the Financial Performance of a
bank
Investment in IT systems, R&D and new operating models require considerable resources and capital and
expose banks to the risks associated with changes. On the other hand, without the transformational
changes, banks may fall behind in the very developments that will contribute to creating future success
stories. Many measures to improve banking sector profitability over the long term weaken profitability in
the short term. In the years to come, banks must respond to the challenges brought by major trends such as
digitalization.
2.4 Gap Analysis from the reviewed literature
1. Most studies did not cover digitaluisation of Trade Finance on a wholistic basis, rather targeeting
few proceses or products involving Trade finance concepts. If banks need to create value for
clients, a complete ovehaual is required from traditional Trade Finance to digital.
2. Most studies did not extensively hilight the cost element involved in develop digital Trade Finance
platforms. The return of risk captail is pivotal for any investment required.
3. Studies done could not capture the risk and complinace framework that is essential to govern
digitalisation of Trade Fianance in the banking landscape.
4. Aspects of Vendor selection or management was not hilighted in any of the studies. Trade
digitialisation requieres bank to partner with fintechs to acceleate their digital offerings.
5. The sudies were not able to sufficently gauge if corpoarte clients will embrace Trade finance
digitalisation and how confortable they would be using the new platform.
6. The studies did not cover how Central Banks and Regulators would view this disruption in the
Industry.
The study will focus on a pragmatic paradigm combinig both qulitative and quantative. Defined as the
framework that shows how to conduct a research, based on the assumptions and philosophies of
individuals- this study aims to capture people’s take, perceptions and understanding of ‘digital’ in the
banking connotation and its contribution to their ‘experience’ as they interact with Citibank through the
Trade digital platform- which inclusdes Direct Presenation© and Direct Collection©. and Citi OCR. The
study that the plans to positivism and interpretive paradigam which leads the philosophy to be both realist
and subjective. The Pragmatic paradigm in this study advocates the idea proposed by (Curran &
Blackburn, 2005) who implies that rather than being constraint by a single paradigm and by ignoring the
philosophical debate of reality, the weaknesses of one paradigm can be off-set by having a Plurist
approach.
3. Research Methodology
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