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Essay on Impact of Information Technology on Business

   

Added on  2020-04-07

3 Pages747 Words198 Views
Impact of IT on BusinessIntroductionInformation Technology has become an integral part of any business in today's world. This essaydiscusses the impact of Information Technology on a particular chosen business which is the Commonwealth Bank of Australia.Need and Importance of ITInformation Technology is the essence of business in the modern world. The banking departmentis no different. To be able to provide their customers with the vast variety of banking options online, the Commonwealth Bank of Australia, does in fact need a dedicated team of IT. An extremely large portion of population these days is well equipped with smart phones. The ability to shop online, transfer money, send payments and receive balance in a jiffy, without actually having to go to the bank is what lures customers to bank online. This causes a need for the bank to have an IT department with the help of which, the bank is able to keep track of and manage the exceedingly large number of banking transactions that take place in a day.Requirement for an IT DepartmentThere are a number of things that are required to apply IT into the banking business. First and foremost is planning on how to go about it. Whether the customers can download an app, what features can the customer use, the privacy and security of the customer's confidential informationis of major concern. Having an IT department does also require a considerable amount of investment by the bank.Use of ITThe Commonwealth Bank of Australia uses IT to keep a track of its customer base, the transactions they make on a daily basis as well as to deal with other banks. Merits and DemeritsBelow are discussed the pros and cons of IT in banking business.

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