Impacts of Technological Innnovations in Commonwealth Bank - PDF
Added on 2021-05-30
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Business 1.BUSINESS: A RESEARCH PROPOSAL ON IMPACTS OF TECHNOLOGICALINNNOVATIONS IN COMMONWEALTH BANKNameCourseTutorUniversityCity/StateDate
Business 2.AbstractThe rapid growth of computer usage in the modern corporate world, increasedtechnological advancements, as well as increased investments in software developments, havecontributed to increased changes in accounting activities in many businesses. Accounting hasbecome a core function of every organization, firms or even companies with the services beingutilized by small, middle and large business enterprises globally (Malik, 2014, p. 19). However,despite the technological growth that has contributed to increased innovations in accounting,there is a concern that there is limited information from research that has been developed tounderstand the impact of the change in business accounting. The aim of this study would,therefore, be to provide an understanding or an assessment of the effects of technologicalinnovation in accounting with a particular reference or focus in the banking sector (Laukkanen,2016, p. 2434). In a bid to provide more is insights to the above objective, the study hasemployed the use of research questionnaires as a method of data collection from our targetresearch group involving customers and staff in accounting firms. The research questions in thesurveys were designed to provide quantitative information on new technology innovations andthe impact on business. More information was also obtained from the company websites andannually published bank statements showing the effect of new technology and change (Akhisaret al. 2016, p. 371). The results from the respondents to the questionnaires as well as theevidence from the company statements showed that innovation brought about versatile serviceprovision and increased quality and useful information to managers as well as other users offinancial information. However, it also brought to attention the need for more integration oftechnological innovation in the banking industry, the need to equip the staff with the right skillsdue to the complexity of the accounting tasks in the company.
Business 3.Keywords; Technological innovations, accounting in the banking sector, Technological impacts,information technologyIntroduction to the researchThe modern corporate world has continued to experience rapid transformations as a resultof increased technological innovations. For instance, most organizations have embraced the useof integrated management systems which have been able to reduce the number of employeesrequired to do some basic administrative functions (Trivedi, 2015, p. 36). Therefore, most of thechanges brought about by technological innovations impact the internal business operations of acompany. Most businesses have shifted from the traditional methods which were labor intensiveand have now become capital intensive due to heavy investments in technological developmentsin their company (Baptista & Oliveira, 2015, p. 422). The development of new machines andcomputer systems can, therefore, be said to have replaced human beings for most operations incompanies. They can also be said to have increased productivity of the companies as well asincreasing job mobility within the company.The main factors driving the rapid technological innovations developed in the moderncorporate world has been due to the increased adoption of technology by businesses and theincreasing demand from various business clients for better services (Van der Boor et al. 2014, p.1598). The rapid growth of information technology and has therefore forced most businesscompanies to shift from the traditional strategies of compliance to services, to the developmentof better methodologies and business strategies. There is, therefore, an increasing need for firmsor businesses to develop innovative technological models which will help them meet variousclient needs (Laeven et al. 2015, P. 15). For companies to remain competitive in their multiple
Business 4.markets or industries, it has become necessary for them to develop their technological resourcebase by investing in technical infrastructure.However, less information has been provided by different authors showing the impact ofthese technology innovations in the banking sector. Therefore, the primary objective of this studyis to provide an assessment of the effects of technological changes in business and especially inthe banking sector by analyzing the Commonwealth bank as our case bank (Joachim et al. 2017,p. 2016). The knowledge will, therefore, be critical in helping accounting professionals andstudents on the impact of technological innovations and their evolution in accounting firms orbusinesses.Commonwealth Bank Background InformationCommonwealth bank has grown to become an international banking or financialinstitution since its establishment in the year 1911 but was later privatized in the year 1996 bythe Australian government. Since its establishment the bank has been able to diversify theiroperations and services to different countries such as in Asia, the United States of America, someparts of Europe, New Zealand as well as in Africa (Commonwealth bank website). The bankprovides some services to their customers including retail services, funds management, andsuperannuation as well as insurance services. In the year 2015, the bank won an award for thebest retail banking team in Australia.
Business 5.Research Problem and Research ObjectivesResearch ProblemOver the last two decades, businesses have experienced dynamic changes as a result oftechnological innovations and developments. Technological innovations have made significantimpacts in accounting. However, effective integration of new technology has become costly formany businesses. Different scholars have engaged in research to determine the rapid growth oftechnology innovations in the modern corporate world but have not developed relevant studies toassess the impact of these innovative technologies in accounting and especially in the bankingsector (Safeena et al. 2018, p. 333). Due to the insufficiency of enough academic resources todetermine the impact of these technologies in small accounting firms, this essay will, therefore,focus on developing an understanding of the effects of innovation in accounting with particularreference to the Commonwealth Bank.Research ObjectivesThe primary research objective of this study is to provide an understanding of the impactof innovative technologies in business and especially in the banking sector through analysis ofthe commonwealth bank. The research will also seek to establish whether or not it’s appropriatefor a company to adapt to the new technologies or should continue using their traditionalaccounting tools.The research will also seek to provide an understanding of the contribution made by newtechnologies in improving the bank's relationship with their customers. It also aims to ensurewhether the innovations technology is feasible for new markets and also establish any possiblesolution to in case the technology fails.
Business 6.The research also seeks to understand any cost associated in the implementation of thenew technologies and systems in the banking industry as well as establish whether thetechnology implementation is through the use of internet or not and the possible threats to theaccounting innovations such as the hacking of the systems or even through attacks by viruses. Theoretical Background/Literature reviewWhile technological changes have occurred in almost every part industry, the financialservices industry has equally being transformed by the new technological innovations. As thebusiness grows, the nature of their accounting activities has continued to become complicated.The preparation of financial statements has continued to become challenged and especially withthe new requirements from the accounting regulatory authorities to maintain an accurate and fairview when preparing organization's financial statements. With increased technologicaldevelopments and especially in software development, the accounting activities have beenenhanced and therefore contributed to increased efficiency in the provision of quality financialinformation to various users of the report. As the corporate world grows, competition hasincreased which consumers are demanding quality products. The ability of a company to becomeinnovative by embracing the appropriate technology has provided many businesses with acompetitive advantage and increased their efficiency in service provision and meeting orsatisfying consumer needs. This literature review, therefore, provides an understanding of someof the significant impacts of technological innovations in accounting concerning theCommonwealth Bank.
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