Impact of Information Technology on Business Operations of HSBC Bank

This article discusses the impact of information technology on the business operations of HSBC Bank. It covers the application software and their types, ethical and social issues, role of IT in businesses, and analysis of the impact of ICT on HSBC Bank.

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Impact of Information Technology
on business operations of a <Your
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Abstract
Information technology is assists in building and growing the commercialism and
business sector and generating the maximum possible result. Time period taken by
various sectors for the generation of a business is now lessened with a betterment in
an information technology. Information technology in the business is very useful as it
is that application which is in use for storing, studying, retrieving, transmitting and for
the manipulation of data or information which is in consideration of a subset of
information and communication technologies.
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Table of Contents
Abstract.............................................................................................................................2
Table of Contents...............................................................................................................3
1.Introduction.....................................................................................................................4
2. Literature Review...........................................................................................................4
2.1 Application Software and their types......................................................................................4
2.2 Ethics and Social Issues of using technology in general...........................................................5
2.3 Impact of ICT on businesses....................................................................................................5
2.4. Role of IT in businesses in general..........................................................................................6
3. Analysis and Discussion..................................................................................................6
3.1 Application Software and their types in selected business......................................................6
3.2 Ethics and Social Issues of using technology in specific to the chosen business.......................7
3.3 Impact of ICT on selected business..........................................................................................7
3.4. Role of IT in selected business................................................................................................9
4. Conclusions...................................................................................................................10
5.References.............................................................................................................................11
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1.Introduction
Information technology is all about a sector of business which is dealing with the computing,
involves hardware, software and many more which is included in the transmitting of data or
the system that is facilitating the communication. There are various individuals with the
variety of jobs and different accountabilities to keep all the networking’s up and secure.
HSBC bank has been taken as a base firm which is a British international investment bank
and holds finance service company. It is founded in 3 March, 1865 by Sir Thomas Sutherland
which is serving around millions of consumers (Rahmelina and et. al., 2019). This file covers
different application software’s which are in the use of business and ethical and societal
problems which are important in the digitised world. This will also cover Information and
communication technology which makes a firm more effective to consumer requirements
and role of information technology in aiding managers to manage the firm.
2. Literature Review
According to Yadav and Badal, 2020, Information technology is very useful nowadays in each
and every sector of the business as technologies are playing a major role in the business
sector whether it is a bank or a firm or any of the government sector. Nowadays all the
things are performed with the use of software or technical devices to do any of the task in
an ease manner. It may involve various types of application software with some of the
issues also which can be ethical or social. But still this is crucial for the whole world to do all
the work in an ease manner (Yadav and Badal, 2020).
2.1 Application Software and their types
An application software is a program of a computer which is designed to assist all the individuals to
perform various activities. This is a program which is made for the end user that permits an
individual to do all the work on a computer. There are various types of an application software
described underneath as:
Graphics Software: It will permit an individual for the editing or for making all the modifications in a
pictorial information or pictures (Zhou and et. al., 2022). It is using this in various common things
for all the individuals like editing, digitised photos, creation of logos and many more by offering a
variety of features in this.
Word Processing: It is used in formatting and manipulation of text and so it is used for the creation
of letters or documentation. It increases the effectiveness and accuracy of workers as it corrects all
the common mistakes in an automatic manner to increase the speed.
Spreadsheet: It is used to perform all the calculation in which all the information is stored in a
tabular format. It is important as an accounting tool for them to collect and to make a categories of
data in a logical way.
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Web Browser: This software is used as a facility for ease of surfing of the internet to make the usage
of these for the location of data in a quick manner. As nowadays these are made to give the priority
to the users for the purpose of security which is very crucial mostly for the banks as it is containing a
lot amount of data of each and every consumer.
Database: It is used in the creation and managing a data bases and also called as database
management system which assists in organising all the data (Hiekata, Mitsuyuki and Uno, 2018).
It is in the usage for the ease of storing and accession of all the data as a database is storing all the
information about the firm like details of salary, transaction record and many more.
2.2 Ethics and Social Issues of using technology in general
Information technology is raising new ethical concern about the safeguarding of an individual
privacy, accountabilities of a user, utilisation of data and many more. Information technology in
ethics is the learning of all the issues which are rising pit of the utilisation and growth of electric
technology. The objective is to recognise and formulating the solutions to the queries about the
moral base of responsibilities of people and their activities. A particular ethical issue that can create
the financial crisis is like unauthorised trading, short selling of shares for banks and many more.
Various ethical issues include:
Misuse of personal information:
It is one of the main ethical issue that is the way businesses are using personal data
(Howlett and et. al., 2018). But misuse of this personal information in case of chosen firm is a very
great danger as it can create a lot of risk related to the legal issues for making money and many
more.
Ethics are important as it aids in building a strong society and establishing a set of rules that is
governing the way and to whom finance is flowing.
Social issues are caused with the fast spreading and development of internet, and can cause issues
like cyber bullying, cyber suicide, racism and many more.
Social media and mobiles may result to mental and physical problems, like eye strain and
trouble concentrating on an essential task. They may also lead to more serious wellness
situations, like depression. The over use of technology may have a more essential effect on
development of children and teenagers.
2.3 Impact of ICT on businesses
It is authorising all the individuals for sharing an understanding and advice on an instant
manner and setting up an online store or website at a less price, dramatically decreasing the
obstructer to start a business.
Cloud computing: It is very famous between all the businesses payable to the effectiveness
in enterprise operations that it gives. It uses cloud computing in an information technology
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to gain on its capability to give better coordination and period of time and resource
administration for businesses.
Mobile technology: It is taking the businesses to the another level of improvement in the
firm, there is a use of mobile application if there is a need to do any transaction, to put
money in their bank accounts or many more (Kauffman and Weber, 2021). All the tasks can
be done with the use of mobile phones by all the consumers in the market.
Protecting Information: Each of the firm has a database which contains variety of data in
relation to the business transaction, details related to the clients and many more. It gives a
right source to store the data in a manner that is making sure about a very good protection.
2.4. Role of IT in businesses in general
Information technology is capable examine a particular data and assist for planning the
business journey in accordance to the use of a trend and info given in data (Tserkovna and
et. al., 2018). Information Technology can also expeditiously provide businesses with ample
of tools which can figure out difficult business obstruction and aid for planning the future
development of the chosen firm. Role of IT in the business will aid the firm to become more
bearing, increment in the performance, saving cost, increasing consumer experience and
many more which helps in the expansion at a worldwide level.
3. Analysis and Discussion
3.1 Application Software and their types in selected business
An application software is a program that works on a special functions and also referred to as an end
user or production program. It is developing to help in with a specific procedure to complete all the
targets in a functional manner.
Spreadsheet software: In case of HSBC banks, this is the most important software in which they
have been famous to use spreadsheets systems for a variety of captious roles as many
organizations are familiarized in a good manner with them, and the freedom of being
capable to grow custom reporting without any requirement to confer with the Information
Technology department offering the flexibility and comfortableness. Through this software,
banks are making their money off of a perfect record keeping of fiscal liability. A worksheet
can be in use by HSBC on which fiscal data are arranged out in rows and columns for
comparison purpose.
Database Software: Banks are using a database for keeping a path of consumer accounting,
balancing and depositing. HSBC banks are storing can utilise database for storing money,
consumer data, sales data and amount on hand. Databases are in use where that
information requires to be in storage and acquired in an ease manner (Martin, Shilton and
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Smith, 2019). In database management and information, an information bank of HSBC is a
depository of data on one or more topics a database that is arranged in a manner that ease
localized or distant data recovery and is capable to procedure various continuant questions
over a long duration of time.
Multimedia Software: This software is helpful in the creation or recording pictures, and
creating audio or video file which is mostly in use for animation, graphic, editing in the
videos and many more. Multimedia inspires a person for learning a variety of linguistic
communication by auditory communication, visual and animating assistance (Chen, 2021. It
also aids to create English textual matter as an essential aspect of learning a spoken
communication is processing their grammar, knowledge and understanding of programs and
writing style.
3.2 Ethics and Social Issues of using technology in specific to the chosen
business
Technology is quickly dynamical in all the views of the way firms are serving to the
consumers and engaging employees, but often by not considering for an essential ethical
consequence. The special ethical issues that is characterising the fiscal crisis in HSBC banks
are involved in the manipulation of credit entry rate, the miss marketing of safety,
unlicensed trade and the short selling of banking shares. Additionally, there are many
lengthy stand right concerns related to the practices such as marketing influence and
corporate executive transaction (Benoit, 2019). The ethical express of these practices are
not single for HSBC banks it would be hard to objectively considering a variety of actions
considered to be unethical, on the other hand others are distinctly unethical.
Also in HSBC banks, Technology engaged towards the increment in retailing banking sector
functional skilfulness is positively impacting the marketplace. In accordance to the HSBC
banks to Inside ability, most of retailing bank administrators are saying reduction in prices
where technology has a good impact in comparison to others in a consumer experiences
(Qian and et. al., 2020). In HSBC banks, there are Issues such as weak passwords and
utilising unlocked system individuals are assailable to online attacks, such as login
credentials thievery and punishment, which could lead to the in fraud banking transactions.
3.3 Impact of ICT on selected business
Information communication technology makes the businesses more effective and quickly responding
to consumer’s requirements (Makletsky, 2021). ICT can aid all the business activities involves
designing, manufacture, Research and Development, distribution and selling and response.
ICTs can assist businesses like HSBC bank for keeping up with competence, improvement in
the staff gratification, increment in operation effectiveness, increase interconnection with
providers and consumers, and increase associated work in cooperative investment funds.
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Technology is very essential part as it has crucial effects on business operations. There is not a
matter of the sizing of their firm, technology has both touchable and unidentifiable advantages that
will assist in making medium of exchange and give the outcomes of their consumers need. In relation
to HSBC banks, technological inventions are speeding up working flow and give critical
scheme for managing all the data (Ahadov, 2021). So, technologies can also have negative
impact on a firm, making interconnection on more non personal and creation of a false
awareness of understanding. As there is a positive effect of Information and communication
technologies so at the same time there is a negative effect also.
As the business advantages from a technology, their firm like HSBC is also becoming
interdependent on it. When necessary defect, glitches and power failings come, a person
may search that they are not capable to achieve a common working related to the chosen
banking projects. For example, in HSBC, if there is a glitch in a credit-card processing
operation will create major headaches. Also as information and communication technology
is helping in the increment of production at that time also when there is a collection of
thousands of individuals. Artificial intelligence in HSBC permits the firm for looking like they
have a whole team to work for satisfying the consumers.
It helps in the information and communication sector more inventive and competence as of
the betterment of data and interconnection technology. In relation to HSBC bank, with the
usage of this, it permits the bank to fulfil all the requirements of consumers by giving the
strengths or capability of their interior controlling system (Volodina, Kudryashova and
Studentova, 2020). Extensive utilisation of ATM, internet bank, mobile bank, smart card plus
the capability for offering a broad type of commodities and services which have enable the
banking to increase their services that is given by the bank sector to consumers.
It is also offering the advantages of mobile application due to the rising of internet and
mobile banks has made banks even more convenience for all the consumers (Dewi, 2021).
This will now help in checking their account balance and paying bills online by not having to
leave the comfortableness of their own home with the use of mobile bank and also the
consumers can transferral finances, paying bills, check accounting balance, examine their
recent dealing, blocking their ATM card and many more by utilising the online mobile
banking applications. Internet and Mobile Bank change the consumers for keeping an actual
time tracking on their funds that what their investments or dealings and expenditure are.
And it also changes banking’s for offering services that can aid consumers in managing their
money and realize in a clearer manner that what are their fund and financial loss are
(Adamova and Varlamov, 2020). Mobile and internet bank makes them able to consumers
for talking with talk to an authority and resolving any urgent problems related to bank fast
and efficiently.
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3.4. Role of IT in selected business
In the modern day business scenario, information technology is much more than just
getting connected with a fast internet connection and has expanded to provide various
functions such as building a digital infrastructure for firms. Adoption of cloud technologies
and smart storage solutions and safeguarding a firm's private and valuable business and
client oriented information is also widely employed in industries such as Banking where
many clients transact daily. HSBC bank is a British multinational bank which also happens to
service millions of clients across the globe as it is the 2nd largest bank in UK which is also the
reason why Information Technology plays a crucial role in its success as well as its
operations.
IT helps HSBC manage the large amount of work done in its back office and financial
accounting departments as digital technologies have made most of the technically
exhaustive and manual style of work done in these areas go online. This has resulted in
banks like HSBC provide better streamlined services and also helped their staff's work much
easier as records and databases are much better managed using the internet and
computerized channels. HSBC also employs IT tools and techniques to provide new avenues
of banking for customer convenience and increased sales such as E-Banking and mobile
banking to name a few. The customer details entered from mobiles and other electronic
devices is also subject to hacking and third party interference which is why HSBC also uses
hi-tech measures of security systems such as multiple password to protect their clients
worldwide.
According to Chris Lemmon, 2022, HSBC is set to make new strides and capture new
markets by coming out with administrative platforms for investors interested in private
assets which will enable them to operate, manage and control their investment models and
their entire portfolio online (HSBC to roll out administration platform for private asset
investors, 2022). This is also going to be another important IT avenue for HSBC as these
processes will all be empowered by the financial technology provider, SEI as the banking
industry giant has been focusing its use of IT to provide better service to all types of
investors. HSBC's services are also well researched and most of the information collected is
in the form of big data which is why the firm uses IT tools to perform big data analysis.
These IT based analysis form the base of its operational strategies as the above mentioned
new investment platform it is coming out with was developed because research found out
such investors are unable to crunch and evaluate such complex data without a standardized
platform.
HSBC has also offered a lot of smart online options to its customers such as LiveSign
which enables its clients in multiple countries to digitally sign and submit their documents
online as well as use of biometrics such as face and fingerprint recognition for safe identity
verification. It is safe to say that HSBC has massively benefited from the use of IT and it
continues to use it to drive forward it's banking innovations and market strategies.
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4. Conclusions
It is concluded from the above report is that there is a continuous requirement of information
technology in today's world wide for establishing a fast inter connection, maintaining electronically
storing and give security to records. In a simple manner, IT creates a system of electric storage to
give protection to firm’s records. Consumer need for securing the repairing files and all is created
possible by the help of information technology. The duration of time taken by various sectors
for the generation of a business is now lessened with a betterment in Information
technology. It gives electric safety, storage, and effective interconnection.
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5.References
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Benoit, G., 2019. Introduction to information visualization: Transforming data into meaningful
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Chen, L., 2021. An Empirical Study on the Introduction of Synology NAS Technology to'Body Art'To
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Qian, R. and et. al., 2020. Introduction to special section: Shallow urban underground cavity survey
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Rahmelina, L. and et. al., 2019. The effectiveness of the flipped classroom model using e-learning
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Tserkovna, O. and et. al., 2018. Introduction of The Physical Game Rugby-5 Into The Physical
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Online References
HSBC to roll out administration platform for private asset investors, 2022 [online] available through
<https://www.globalcustodian.com/hsbc-administration-platform-private-asset-investors/>
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