Executive summary

According to previous business case, it is identified new technological developments in banking industry during Industry 4.0. Even though those disruptive technologies are threats to traditional finaical institutes such as Hatton National Bank (HNB) it is also an opportunity. If bank can develop right digital capabilities, HNB can be an innovative disruptor to gain competitive advantage in the market. This study will be discussed how to develop a roadmap to become a leading digital technological provider in Sri Lanka. Here mainly select three operation areas such as product and service optimization, customer engagement and digital operation and workforce enablement to develop the roadmap. Secondary data such as journal articles, research papers have been used to conduct this study. Current capabilities of HNB and desired outcomes have been considered to develop this roadmap.

1.0 Introduction

In the stage of industry 4.0, it has significantly changed the way people think, live and work. Therefore business also has to be changed according to environment. Mainly due to digitalization and modern technology traditional banking is no longer option in banking sector. In this report, it is discussed key areas need to be changed and how to implement the new operational strategy. Currently banks main priority should be improve the efficiency without complicating the customer experience by focusing on digital onboarding. Hatton National Bank (HNB) has already introduced digital banking facilities however it is not enough to gain competitive advantage in the market. Digitalization, Artificial intelligence and automation, cyber security have become the growth route of the industry. According proposed digital operation strategy, HNB need to consider mainly three areas; product and service optimization, digital operation and workforce enablement and customer engagement. Product and service optimization means improve the service delivery through digitalization, automation and more technologies. Digital operation and work force enablement refer improve the digital infrastructure and empower the workforce with required digital tools. Customer engagement means provide different experiences across different channels (Cisco, 2017). HNB current digital skills and technologies can be identified as below par. Therefore long term plan will be bring HNB leading digital technology using bank in Sri Lanka.