Impact of Information Technology, Ethical & Social Issues, Types of Computer Networks and Artificial Intelligence on HSBC Bank

INFORMATION
TECHNOLOGY
1

Table of Contents
INTRODUCTION.....................................................................................................................................3
MAIN BODY.............................................................................................................................................3
To discuss the impact of Information Technology in helping business to enhance their operations........3
On the importance of ethical and social issues, which are increasingly becoming significant in the
virtual world. Identify and discuss at least three issues to run businesses effectively..............................5
To identify and discuss different types of computer networks with their impact on businesses..............6
To discuss the impact of Artificial Intelligence (AI) in enhancing their businesses.................................8
Analysis and Discussion upon benefits & drawbacks..............................................................................9
CONCLUSION..........................................................................................................................................9
REFERENCES........................................................................................................................................11
2

INTRODUCTION
Information technology is a term that is being refereed to denote the working of various
activities through computer system or via digital technology. This comprises of building a
communication network particularly for a business or having an aim of providing security to the
various information or data. In context to business the information technology is being utilized
for the purpose of troubleshooting employee’s problem, performing various technical or human
friendly tasks with higher accuracy (Bughin, J and et. al., 2017). This allows a company to attain
their objectives in time and perform their actions with more speed. The aim of present report is to
discuss the impact of IT for business along with its importance of ethical & social issues that are
significant in the world. Lastly, various types of computer networks and the impact of Artificial
Intelligence upon business is highlighted. The organisation which is considered for the report is
HSBC bank which is a global banking services company being situated in London, UK.
MAIN BODY
To discuss the impact of Information Technology in helping business to enhance their operations
The information technology is a concept which has now become a need of the hour and
which every business involves in their actions. There are various roles which Information
Technology plays in business operations. It is applied with an aim of performing specific data &
assist the company with greater productivity, enhanced performance, boosts consumer’s
experience, and assist in many ways that provides benefit to the organisations. In case of banking
industry there is a major role of IT is present or it can be said that without IT in present time
performing banking operations is tough. The impact of information technology in helping
business operations of HSBC bank are mentioned below: Enhances Productivity: With the improvement in various technical processes or
enhanced in the skills of employees technology enhances the overall production of
business. Technology such as automatic email, banking transaction automatic updates,
scheduled reminders to the clients and various others enhances the productivity of bank
as well as banking staff in HSBC bank. This also allows to retain customers for long term
through providing greater customer experience to clients(Chae, Koh and Park, 2018).
3

 Making a global presence: Through technology it can be possible that a business can
make its presence at global level through networks and internet. The scope of information
technology opens a door of entering into global business with effective transferable &
communication resources. In respect to HSBC bank which has made its global presence
only because of information technology like making different investments, facilitating the
interdependence and integration. This is done through developments in logistics,
communication & transportation due to information technology.
 Low cost innovation: The presence of information technology boosts the thought of
innovation in organisations. Innovation like having smarter applications, quick
processing of data or information, enhanced storage of data, etc. In relation to HSBC
bank, the innovation can be bought through information technology at international level
which will increase the brand recognition and attract more customers towards the services
of bank (Will, Gossel and Windscheid, 2020).
 Better strategies and decision making: Information technology allows individuals to
develop communication and make contact across the world. Through information
technology a business can develop various digital marketing strategies or can try to
enhance the customer support services. This could be done through different modes such
as emails, telephone, social media channel and various others. This would allow HSBC to
make effective decisions related to its strategies like can connect with investors through
video conferencing, can present their workings or share marketing ideas through
webinars, and many others. This can bring an opportunity of better strategies and
decisions if can discuss with more persons (Geeling and Brown, 2021).
Other than above mentioned impact of IT on business operations, there are many more
several impact such as enhancement in resource management, development of new product,
having an idea over calculative risk, management of various record that saves times and cost.
Information technology is the best and quickest way to lead business into heights and at global
level. With the time information technology has made its special and inseparable presence in
banking industry which could not make its operation possible without the use of information
technology.
4