1. Case study (25 pts) Ranked best bank in Lebanon by Euromoney in 2011, Bank Audi continues to strive to maintain competitive leadership in the banking sector. As of the end of 2011, the bank had US$28.7 billion in total assets, US$24.8 billion in customer deposits, US$24 billion of shareholder equity, and US$365.2 million of consolidated net profits. The bank has a long tradition of IT investments and has the largest bank network in Lebanon. Back in 2001, the bank implemented an IP telephony technology solution from Cisco, the giant IT vendor. This merged Bank Audi's internal communications infrastructure and later enabled the implementation of intelligent applications in its systems. In January 2012, the bank announced the launching of Novo. This is a banking kiosk, providing a pioneering service which gives customers interactive banking. The introduction of this service is considered an important milestone in the financial sector, enabling customers to interact more easily with the banking services they need. Novo is designed to give the customer full control over interactive banking solutions user-friendly, multitouch interactive screens will give customers access to banking services. Novo takes the customer into a futuristic-style booth which includes two information stations equipped with screens, two ATM machines which allow customers to deposit money and checks, and a private, virtual area to make transactions. The first Novo kiosk was installed at City Mall, Dora, Lebanon Through Novo, customers are able to gain access to all of the bank's products and services. Customer support is provided through videoconference technology, either in the two information stations, or in the private interactive room. In order for Novo to provide customers with seamless interactions, including video-conferencing, the external architecture of Novo booths has been carefully designed and developed. The application employs smart tools including advanced design patterns, which allow customers to navigate in multitouch interactive screens, as well as hardware and software tools. These combine to give the customer a straightforward and more satisfying banking experience. Novo is based on a database, which interacts with the user's visual dynamic control. Data is synchronized between Novo and the bank's back-office systems securely using advanced computer algorithms. Bank Audi plans to implement Novo across all branches in Lebanon and abroad in the near future. It anticipates that this will help it to gain a competitive advantage in its markets. Novo has helped Bank Audi to extend support to its customers 365 days a year. Novo will also help Bank Audi to achieve better customer relationships, and to raise its profile through the highly visible kiosks. At the same time, the bank is implementing aggressive expansion plans. With branches in ten countries as of 2012, Bank Audi announced that it plans to open around 50 branches in Turkey within a few years, including 15 in Istanbul, where it will focus on corporate and commercial banking. 1. What is the reason for implementing Novo? 2. What benefits does Novo bring to Bank Audi's customers? 3. Investment in IT has the potential to give companies a competitive edge. Discuss this statement in the light of the case