💻Digital Business Model

In week 8, we acquired insights that enhanced our preparedness for our group assignment. Among the most pivotal pieces of knowledge gleaned from our classes are the "Business Model Canvas" and "Minimum Viable Product (MVP)" concepts. These new insights will not only improve our group's ability to analyse our digital platform strategy yet will also significantly contribute to our critical thinking and skill development, thereby effectively positioning us for our future careers.  Reflecting on my past professional experience in the E-banking sector, where we extensively engaged with fintech products, I must admit that in the past, we occasionally launched products without the necessary planning. Despite the initial success of many of these platforms, it became evident that some faltered over time due to inadequate planning. A relevant example of such a failure is the introduction of "Check-in One" during the COVID-19 pandemic. This feature was intenti

During weeks 7, delving into the intricacies of business models has guided me to a realm of innovative strategies. This knowledge found practical application in my digital platform assignment, where I conducted an in-depth analysis of "LOCA," an innovative ride-hailing platform in my home country. LOCA was established in 2018 by Souliyo Vongdala, a young entrepreneur holding an Electric Engineering degree from the United States. It distinguishes itself from other mobility services by employing an entirely electric fleet for its ride-hailing service. This strategic choice not only addresses environmental concerns but also optimizes operational costs for both drivers and passengers, showcasing LOCA's commitment to sustainable practices. Source: YouTube Souliyo's inception of LOCA was driven by his keen observation of passenger pain points, particularly among tourists. These travelers frequently encountered exorbitant transportation fares from local taxis, leading t

In the past decade of my journey working at a bank in Laos, my expertise has centered around customer service and implementing pragmatic solutions in the digital banking realm. While I have accumulated experience working with fintech products, my comprehension of the intricate digital platform landscape was somewhat restricted until I embarked on my recent academic journey.  BCELOne  - The mobile banking app from  BCEL bank  that I work for During week 4 of my studies, I explored the concept of “critical Mass” , which signifies the point where a digital platform attains enough users to sustain itself and become highly valuable. I realized that user numbers are not just mere statistics; they function as a dynamic catalyst for substantive advantages. With increasing user engagement, a “ n etwork effect ” is triggered, leading to the generation of invaluable data crucial for enhancing platform services. This newfound insight precisely aligned with a business model I had developed during