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• Dr Lakshmy Subramanian

To introduce the concepts and techniques of Microeconomics (e.g. market analysis, price theory, rationality) and Macroeconomics (e.g. inflation, exchange rates and interest rates) in a way which provides a core foundation for later applied financial analysis in a range of other courses on the MSc in Sustainable and Digital Banking.

In the Context of the Financial Services Industry, students must be aware of the fundamental principles and concepts of Economic Theory per se. Studying economics not only provides knowledge for making decisions but also offers a tool with which to approach questions such as the desirability of a particular financial investment opportunity, the benefits and costs of choices, or the likely impacts of public policies on the business.

To operate as a successful manager requires an economic way of thinking, in particular, a clear understanding of efficiency and the working of markets (including digital), particularly financial markets.

In this module, the depth and rigour necessary to properly understand and analyse real-world business situations is discussed so that participants are able to formulate and implement a strategy relevant to their financial institution.

The initial few sessions are spent on a discussion of a wide range of concepts relevant when examining micro and macro structures, particularly with respect to financial services. We will also introduce the main features of the banking and digital industry, how it operates and why it is important for the overall economy. We will also discuss the basic level of services offered by retail banks, including their digital offering.

In next few sessions, we will discuss demand, supply and price determination and examine market structures in more detail, particularly within the context of the relevant industry.  We will introduce strategic frameworks and focus on pricing strategies. We will also introduce the various business objectives and how managerial behaviour impacts strategy.

In this module, we will also talk about capital and labour markets and the role of government (including via regulation) in business.

The focus of the module will then broaden to an analysis of the main characteristics associated with national and international developments and an examination of how the global environment impacts the banking and retail industry and individual banks.

1. Explain how the behaviour and performance of economic organisations are influenced by their internal and external environments, including the important changes taking place at the digital level in the economy.
2. Apply economic theory to a wide range of economic decisions in the financial sector, including pricing across the retail and digital banking industry.
3. Critically assess and comment coherently on economic explanations of the management of organisations and their competitive behaviour.
4. Demonstrate practical skills in using economic models to measure performance of organisations and individuals.

• Dr Matthias Nnadi

The key objective for this course is that you develop a clear understanding of the basics of accounting.  By the end of the course, you will be able to interpret accounting information with confidence and use it to make decisions and be able to communicate accounting numbers to others.

• The course is split approximately 50/50 between Financial Accounting and Management Accounting.
• Financial Accounting covers the preparation and presentation of accounts by firms for outside parties such as shareholders or creditors.  
• Such preparation is governed by certain fundamental principles and various rules.  
• Over the first five sessions you will cover these principles and rules in order to understand how the key financial statements (income statement, balance sheet, cash flow statement) are prepared. 
• The module also covers the interpretation of financial statements.  This involves learning financial ratio analysis and interpreting the information contained in a full set of annual accounts.

1. Assess the fundamental principles of financial accounting.
2. Prepare key financial statements from basic information.
3. Analyse and interpret company accounts.
4. Prepare budgets and interpret variances from budget.
5. With this knowledge, be able to judge the financial information relevant to a wide range of business issues, using this information effectively for decision making, and also recognise the limitations of such information.

• Dr Nemanja Radic

The course begins in Part I with an overview of the international financial markets, the major financial institution participants and product types. You will understand the roles, motivations and behaviours of market players including the importance of risk-taking. The role of regulation will be highlighted and examined in Part II. This will include the aims and structures of regulation. In Part III, you will examine, using a seminal textbook on business ethics the role and limitations of ethics in financial markets, ethical decision-making frameworks, and evaluate real world cases of lapses in culture and impact upon society and the markets. The challenge of identifying and promoting ethical behaviour will be acknowledged. 

• This module will identify key financial intermediaries including banks and non-banks (i.e., FinTech firms, finance companies, mutual banks, multilateral banks, insurers, pensions, hedge funds, retail investors, shadow banks).
• Financial products overview includes equity, subordinated debt (notably issued by financial institutions including their motivation), senior debt (including loans, bonds) as well as the role and consequences of deposit-taking/money market activities for financial institutions given the regulatory context of this module.
• The role, advantages and dis-advantages and recent market developments associated with cash versus derivative markets will be identified and discussed.  Lastly, simple securitisations of credit portfolios will be examined both as a funding tool but how it was misused before the crisis in sub-prime markets.
• Product types identified will include equity and debt (including loans and debt securities), investment banking/advisory, and asset/wealth management. Recent controversies will be looked at in market practice including the scope for market abuse, conflicts of interest, moral hazard, and financial institution misconduct.  Various stakeholders will be identified for the key market types.
• You will investigate criticisms of financial market policies and shortcomings of supervision and review the response by regulators, notably in the banking sector for greater capital, more conservative liquidity provisions, and improved risk governance. Key corporate governance theories will be identified. While regulation presents a legal means to mitigate misconduct by institutions and individuals operating in the financial markets, ethical decision-making and an effective risk culture can offer greater hope over time when conventional supervision and law fail to live up to their promise. Two ethical-decision making frameworks will be introduced in a case study format, one from Jennings (2013) and the other via Ferrell et al. (2011).

1. Evaluate different financial market structures, players including their roles and respective stakeholders.
2. Appraise the basic knowledge of key financial markets, major product types, and the scope for misconduct, agency failures and moral hazard.
3. Assess the aims, role and structures to provide financial markets supervision including their limitations and recent criticisms.
4. Analyse the key theories for corporate governance and risk governance practices for financial institutions, and how governance mechanism may interact to impact performance or risk-taking.
5. Examine the potential for ethical behaviour and improved conduct to fill the void where law and regulations fail to succeed.

• Dr Lakshmy Subramanian

The module aims to enable you to critically evaluate the rapidly changing field of digital technology as it applies to the worlds of banking and financial services more generally. This will be achieved through the course participants developing a critical understanding of:

Evolution of technology: from the 1970s to today and its role in banking and financial services

Foundations: how the evolution of technology has influenced various dimensions of competition, stakeholder engagement, products and services, delivery, etc.

Consumer Impact: where have we come from and how is the future of banking being shaped by new technology paradigms? Focus on customer experience, key trends that are driving this

Organisation: what does the digital megatrend mean for how you organise internally? Skills sets are less delineated, agile ways of working etc.

Future: what emerging trends promise the next wave of innovation (e.g. blockchain, AI)? What disruption is this likely to cause?

• Digital 101: This part of the module deals with the fundamentals of how all digital products and services are created, regardless of industry.
• Digital disruption in banking and financial services: This part of the module will look at how new digital technologies are changing banks and financial services.
• Deeper dive on the dominant new technologies reshaping the industry: This part of the module looks in detail at the new technologies fast changing the banking industry so that you understand both what they are and also the strategic implications for the industry.
• Response strategies: This part of the module explores how banks can respond to the rise of digital technologies and the best strategies to compete with new fintechs

On successful completion of this module you should be able to:

• Critically appraise the impact of new digital technologies on the operations of banking.
• Assess the impact of new market entrants on the business model and competitive position of traditional banks.
• Appraise how digital products and services are built and how this relates to underlying IT architecture.
• Evaluate as a ‘knowledgeable consumer’ of information related to new technologies such as blockchain and machine learning.

The aim of the course is to equip you with effective financial tools but at the same time to develop your ability to evaluate and understand the reasons for resistance that the application of these tools may bring about from within the organisation and beyond. Handling such resistance requires awareness of the societal environment as well as leadership and management skills.

To achieve these goals first part of the course is devoted to linking the finance function to the overall objectives of the firm.

Another important challenge the course tackles is linking the theoretical issues to be covered with real life management and practice. We aim to achieve that by integrating the following aspects into the course:

• Highlighting the practical application of theoretical financial models in the corporate context.
• Presenting evidence on financial related practices in the corporate world and how these practices link to the material discussed in class.
• Working through case studies to strengthen the link between practice and theory.
• Analysing articles in the financial media using concepts and theories discussed in class.

• Appraising capital investment projects.
• Financing a business.
• Corporate finance, including the cost of capital, sources of finance, capital structure and dividend policy.
• Valuation.

On successful completion of this module you should be able to:

1. Understand the financial function in the context of the objective of the firm.
2. Organise data for capital investment project appraisals and analyse the results, including the preparation and interpretation of cash forecasts.
3. Identify and evaluate relevant factors in key aspects of corporate financial management, such as borrowing and lending, and capital structure.
4. Carry out simple valuations of companies, including estimating the cost of capital.

• David Carew

The module aims to explore the complex and interpersonal systems within organizations; the activities and interactions of people which have an impact on organizational effectiveness and the quality of working life.

You will be encouraged to take an active and questioning approach, considering how organizational behaviour concepts and theories can be applied in practice.

The module draws on models and theories from the disciplines of organizational behaviour, psychology and sociology to provide you with a basic understanding of the human factor in organisations.

• Individuals in the organisation (covering topics such as learning, personality, perception).
• Groups and teams in the organisation.
• Management processes (including leadership, power and politics, conflict management).

On successful completion of this module you should be able to:

1. Understand and apply a number of different ways of conceptualising people in organisations, including communication, culture, diversity, leadership, politics, management and change.
2. Assess the importance of relationships at work, group dynamics, effective teams and leadership in achieving effectiveness.
3. Critically engage with various relevant models, theories and ideas in order to enhance personal capability, including identification of gaps in knowledge, skills, and competence, linking to insights regarding one’s personal and professional development agenda, based on sound data and experience.

The aims of this double module are to equip students with the knowledge, skills and behaviours to:

• Manage retail and digital banking products in a way that is compliant with regulation, commensurate with good customer outcomes and responsible banking and deliver sound financial returns to the bank.
• Develop new products and services, within the context of strategy development for a more sustainable organisation, market entry analysis, and partnership creation capabilities.
• Gain an understanding of product management best practice from a range of industries
• Explain the importance of having access to a range of data points to determine immediate and longer-term priorities, along with the allocation of resources and a (more) sustainable approach to banking.
• To understand the role of risk management in retail banking and the role a product manager has in recognising risk, developing appropriate mitigating strategies and applying a suitable control framework to monitor key risk areas.

The course will cover the following topics:

• Retail and digital banking products and services
• Principles of Pricing 
• Introduction to the Product Lifecycle
• New Product Development and Strategy
• Product Management
• Change Management and Products
• Risk Management and Regulatory Compliance
• Product and services Partnerships
• Financial Inclusion
• Embracing the goals and behaviours required to underpin a more sustainable and responsible banking industry.

On successful completion of this module, you should be able to:

1. Appraise the product management lifecycle, to enable the learner to be an effective product manager in a retail bank setting.
2. Evaluate new product development or changes within an organisational context and bearing in mind the role of customer journeys.
3. Manage risks within a banking industry which needs to demonstrate that is embracing ESG goals and the need to become more sustainable.
4. Balance economic profit with good customer, colleague, organisational and wider environmental outcomes.
5. Examine the role of Partnerships in modern product management, including how the next generation of partnerships are likely to work (e.g. be API-enabled).

To integrate the knowledge, skills and behaviours covered in other modules and apply them to their own organisational context on a project agreed with their company.

This module will focus on the following areas of business research:

• Development of a project proposal and project plan;
• Examination of context;
• Investigation of the relevant themes that should inform a review of a specific business issue or opportunity;
• Development or refining of a framework, which can underpin the business research carried out;
• Recognition of different types of methodologies available;
• Collection, presentation and analysis of data;
• Development of well-supported recommendations and a well-supported action plan;
• Personal reflection of the business research carried out.

On successful completion of this module a student should be able to:

• Apply relevant aspects of the certificate year course by integrating and using theory to construct and analyse the context in which they operate.
• Investigate some relevant issues and/or opportunities their organisation faces and make a decision as to which one(s) should be prioritised.
• Demonstrate skills in examining and critiquing previous work, problem solving, communication, and emotional competence through practical application to develop the focus of their work-based project and the main themes that are pertinent to it.
• Develop a plan to carry out the investigation of an issue/opportunity within their organisation.
• Formulate a framework, to underpin the development of their project.

• Professor Neil Turner

It is our contention that programmes and projects are the building blocks of strategy delivery and are therefore critical to any company’s success. Fundamentally project management requires a team of individuals with varied skills to come together to manage a project from start to finish. As the project lifecycle progresses new imperatives arise which must be dealt with. PPM provides a low risk learning environment for students to experience the difficulties and joys of successfully managing a project from start to finish and in addition PPM provides additional opportunities to practice personal development and increased confidence and self-awareness.

• Project and programme management concepts
• Bodies of Knowledge and Methodologies (APM)
• Lifecycle, principles and processes
• Project Roles and Organisation Structures
• Project Definition, Estimating, Uncertainty and Risk Management
• Challenges for the prevailing paradigms in programme and project management

On successful completion of this module you should be able to undertake programme and project management:

1. Analysis: You will have worked on your own and in a team to dissect the information provided and then define, scope and schedule a project.
2. Synthesis: Based on your analysis you will create/formulate a project management plan to execute the project through the simulation with your team.
3. Evaluation: As a result of this module, you will improve your abilities at team building, identifying a project, evaluating the most appropriate approach for your team, monitoring and tracking your performance, and finally, bring the project to completion.
4. Evaluation: Evaluate and assess your team’s performance, describe issues that contributed to the outcome you achieved and interpret your outcome.
5. Overall: Through these activities you should feel more aware of what is involved in a project from start to finish and be better able to judge what is important and what is not to your project outputs. Project management has very little clear information and our aim is to help you develop confidence in the level of your competence to make important project related decisions correctly most of the time.

• Dr Abdelkader Aoufi

Every organisation needs to develop innovative products, services and business models. As crucial (and often overlooked), is the need to develop innovative ways to deliver such products and services Operational excellence and improvement refers to achieving high performance of operations to reduce costs, and improve quality. To meet these challenges and stay ahead of the competition, successful organisations must adopt innovation and operational excellence that consistently strives to set new standards, with entirely new ways of executing operational activities, to increase efficiency (doing things the right way) and improve effectiveness (doing the right things)

This module will help you to be equipped with the knowledge, skills and behavioural competencies required to innovate new products and services and support operational excellence and contribute significantly to the bottom line of your organisation.

• Strategic role of NPSD.
• Understanding, classifying and prioritising customer needs and business process strategies.
• Tools and techniques for operational excellence.
• Analysis and design of business models using techniques such as the business model canvas.
• Analysis and design of services using techniques such as service blueprints.
• Management of the new product development process.
• SCRUM Model: Experience, gain valuable insights and reflect upon using an agile approach to NPD.
• Design for Six Sigma (DFSS), Innovation, teamwork and continuous improvement.

On successful completion of this module, you should be able to:

• Analyse and improve processes and ensure all operational improvement activities are linked to the achievement of the organisation’s strategic objectives
• Examine the key capabilities, and their interrelationships, that underpin an organisational capability in new product and service development.
• Critically apply and review the theoretical underpinning of innovation management to the process through which innovative technologies, services and business models are developed.
• Review factors affecting choice of a NPD (New Product Development) / NSD (New Service Development) process, particularly taking into account the increasing changes resulting from digital banking.
• Design thinking and Agile innovation.
• Apply proven concepts, methodology and frameworks to operational excellence and for innovating new product and service.

• Dr Marwa Tourky

This module presents a strategic perspective of marketing, whereby understanding of the needs and wants of customers is used to guide and direct the organisation. It focuses on the input of the marketing perspective across all functions hence prepares students for general management responsibilities. No prior knowledge of the subject is assumed.

The content demonstrates how the capabilities and assets of the organisation can create and deliver value to customers and shareholders. The primary means of operationalising this is Cranfield’s Strategic Marketing Planning framework. This provides a core roadmap, process and set of theories / frameworks that students learn and integrate into a broader perspective. These roughly divide into the following topics:

• Market and customer segmentation
• Targeting and customer selection
• Position and the marketing mix (4Ps, 7Ps)
• Customer management

On successful completion of this module, you should be able to:

1. Evaluate the organisation-wide implications of being a market-oriented and customer-led organisation and its impact on management and business performance.
2. Select appropriate marketing theories, tools and frameworks to apply to business opportunities and problems.
3. Compose a written strategic marketing plan for a senior management audience.

• Professor Andrew Angus

In the current competitive environment, it is vital that managers understand the relationships between different business variables in order to appreciate the risks associated with their actions. It is also important that they are able to forecast business trends to inform competitive strategy.

This course aims to provide students with the ability to collect, process, analyse and present relevant data that will support evidence-based decision making. In addition, the module will also provide a platform which will help students engage with internal or external “clients”, undertake a project and, consequently, be able to make coherent and compelling recommendations to senior managers.

The principles of management research:

• Strategies
• Research designs
• Planning a management project and formulating management questions

The nature of quantitative analysis:

• Sampling
• Structured interviews and questionnaires
• Statistical analysis of data and probability theory

Correlation and regression analysis

• Cluster analysis

Key stages in writing up a management project relating to retail and digital banking industry and presenting recommendations to the relevant stakeholders.

On successful completion of this module you should be able to:

1. Select appropriate quantitative techniques for the analysis of business issues relating to retail and digital banking.
2. Locate, interpret and critically appraise data.
3. Present key findings effectively to senior managers; ensuring that substantive recommendations are developed as a result of competent data collection and analysis.