Significance of Information Privacy in Mobile Banking Industry

This report discusses the significance and characteristics of information privacy globally and its impact on the mobile banking industry. It evaluates the challenges and opportunities posed by information privacy and applies the virtual value chain to analyze how value is created and delivered through information privacy. The report emphasizes the importance of data protection and the need for organizations to understand the characteristics of information privacy to communicate effectively with their customers.

Business Information
Systems

Table of Contents
INTRODUCTION ..........................................................................................................................4
MAIN BODY ..................................................................................................................................4
TASK 1.......................................................................................................................................4
Evaluate and identify the significance and characteristics globally of information privacy......4
TASK 2.......................................................................................................................................7
Evaluate the organisational challenges and opportunities posed to the chosen industry through
information privacy ....................................................................................................................7
TASK 3.......................................................................................................................................9
Apply the virtual value chain to evaluate that in which manner value is created and delivered
in the business through information privacy...............................................................................9
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Business information refers to the information which holds value, meaning or
significance for the business. It basically include spreadsheets, reports, web pages, metrics,
documents and dashboards etc. Information of business is very significant because it basically
allows the individual to monitor profitability, responds towards customer trends, manage
inventory and products and main stakeholders with timely and vital information. In the present
report, mobile banking is taken into consideration(Aagaard and et.al, 2019).The present report
will cover discussion about significance of information privacy at global level. In addition to
this, the present report will cover analysis about challenges and opportunities posed to mobile
banking sector through information privacy. Moreover, the report will cover discussion about
virtual value chain to analyse that in which manner value is created and delivered in the business
through information privacy.
MAIN BODY
TASK 1
Evaluate and identify the significance and characteristics globally of information privacy
Information privacy is basically the aspect of information technology which deals with an
organisation ability or individual has to determine what kind of data can be shared with third
parties. Privacy is basically the ability to control that who can access the information about the
activities and private life as well. The significance of information privacy at global level is
defined into the following manner:
 Information privacy is important because it protect the information which need not to be
shared at the global level. In context to mobile banking industry, it is very important to
protect the information otherwise individual has to face consequences for it
(Bhattacharya., 2017). When information is not protected into appropriate manner then it
lead towards the misleading situation and circumstances as well due to which they have
to bear lots of problems in terms of standing out strongly into the market.
 Data privacy is significant because when data gets into the wrong hands then industry or
the concerned persons has to bear consequences for it. In context to mobile banking
industry, it is very necessary to kept data into the secured form otherwise its wrong use
can lead towards a large scale of financial losses.

 The information privacy is important due to this reason that the breaching of data can
lead towards the enhancement in terms of competition level within the industry. In
context to mobile banking industry, in this digital world it is very important that
breaching of data cannot be done other wise the use of data can give information to other
competitors into this industry so it becomes difficult for that particular business or
organisation to stand strongly into the market.
 Privacy of information is also important due to this reason that the misuse of data can
lead towards the creation of negative situations due to which businesses have to face lots
of challenges and also have the fear of losing the strong brand image into market(Božič
and Dimovski., 2019). In context to mobile banking, when data has been used into the
negative manner then there are chances of losing the trust of customers into these kind of
services.
So it is very important to understand the significance of privacy of information so that people
have the awareness about data protection in this fast moving competitive digital world . If people
don't have understanding about the significance of data protection then they do their work in a
very irresponsible manner due to which they unknowingly trust those authorities which can
indulge them into negative situations as well.
There are also certain characteristics of information privacy which is explained into the
following manner:
 Confidentiality: It is the measure which are designed to protect against unauthorised
disclosure of information. The objective of this kind of confidentiality principle is to
make sure that information of private level remains private and it can only be accessed
through individuals who require information for completing their job duties (Chang and
et.al., 2019). In context to mobile banking the privacy of data basically provides
confidentiality parameter due to which individual feel relaxed and confident in terms of
their information related to the accounts.
 Integrity: It basically involves protection from modification into unauthorised form of
data. Integrity principle has been designed with this purpose to make sure that data can be
trusted to be accurate and it is not designed into inappropriate manner. In context to
mobile banking, the privacy of information basically provides integrity due to which

customers can gain the confidence level from their banks that data has been produced into
legalised manner.
 Availability: It is the parameter which refers to the functionality of support systems and
also make sure that data is available into the full manner at the point in time when it is
required by its users(El-Masri and et.al., 2015). Availability objective is also make sure
that data is available to be used when it is required to make decisions. In context to
mobile banking, the privacy of information also make sure that information related to
data is always available at any point of time whenever it is required.
 Authentication: It is the parameter which verifies that whether the user, transactions,
data involved is genuine. This is the attribute which make sure that only right kind of
people are given access to the information. For verifying the authenticity of users then
login mechanisms can be used into positive manner. In context to mobile banking, the
privacy of information basically gives authenticity due to which customers feel confident
that no one can else misuse the data into inappropriate manner.
 Non-repudiation: This is a parameter which considers under the property of information
that is used to hold a person responsible for the information an individual has sent or
received. From the perspective of future, the individual cannot deny their role in
receiving or sending the information(Kahre and et.al., 2017). In context to mobile
banking, for protecting the data, the senior authority is responsible for it but the kind of
data which has been provided by the customers is totally dependent only to that particular
individual.
These are the characteristics of information privacy which plays a significant role in terms of
different industries and different organisations as well. So at the global level, it is very important
that to understand the significance of data privacy into positive manner so that organisations,
customers, individual can act into responsible manner towards this parameter. If data has not
been protected into appropriate manner at global level then people start mis trusting the financial
institution which will lead towards large level of losses as well. Organisation and mobile banking
has to properly understand the characteristics of information privacy so that they can properly
communicate to their customers and as a result it lead towards the positive growth and
development of organisations.

TASK 2
Evaluate the organisational challenges and opportunities posed to the chosen industry through
information privacy
There are certain challenges in the mobile banking through information privacy which is
defined into the following manner:
 Increment in maintenance costs: At the organisational level specially in mobile
banking it is very challenging to keep the systems secure and preventing the data privacy
issues can be considered into expensive parameter.
 Proliferating devices: At the organisational level data privacy becomes very harder to
handle when factoring into things such as bring your own device IT policies, internet of
things and proliferating internet connected tablets, watches and phones (Kulkarni and
et.al., 2017). When more data has been bring to the work place then it is difficult to
manage the data into positive manner.
 Getting visibility into all the data: When organisation is not aware about the nature,
location and sensitivity of the data then in which manner the right information can be
maintained into private manner. Within mobile banking it is difficult to get visibility of
data at the organisational level due to security reasons there are certain rights which has
only be given to customers only.
 Ever-increasing scale of data: At the organisational level within mobile banking, when
number of customers has increased on a very large scale then it is difficult to manage the
ocean of data into appropriate manner(Martin and et.al., 2016). There are are hundreds of
systems and millions of data records which an individual or organisation need a solution
that can handle the scale.
 Long list of documentation and regulations to follow: At the organisational level,
within mobile banking there are so many regulations which needs to be follow and it is
difficult to keep track of data of what level of data privacy is required which needs to be
achieved for the dissimilar datasets. Through data modelling, building processes and
automating which is possible then it is easier to handle the the complexity of different
regulations.
 Access control is very challenging in many industries: At the organisational level, it
has been observed that data breaches has been caused by poorly managed access within

the organisation (Soomro and et.al., 2016). Within the mobile banking, people are the
most weak link point in the chain of security and privacy. It is very harder to manage the
user access and secure the sensitive data as well.
So these are the challenges which has been faced by the organisation into context of data privacy
within mobile banking and these can be solved through only supportive and right kind of actions
as well.
There are certain opportunities at the organisational level which has been posed in mobile
banking through information privacy which is defined into the following manner:
 Safer from the perspective of gambling: At the organisational level, information
privacy support in terms of reducing the illegal activities and gambling activities in order
to achieve targets. In context to mobile banking, when organisation provide proper tight
security in terms of protection of data then it reduces the frauds and hacking kind of
activities regarding the data of customers and banks as well(Tarhini and et.al., 2015).So
its very important that to protect the data from tight security system and also should have
strong technical team so that any kind of issue within mobile banking can be resolved
into fast pace manner.
 Support in terms of maintaining human dignity: Within the organisation, information
privacy help in terms of protecting the individual dignity which will not affect personality
into negative manner. In context to mobile banking, when data is protected into proper
manner then employees, customers need not to worry about their dignity, standards
regarding their personal information. So protection of data act as advantageous factor for
the positive growth and development of an individual.
 Increases the market share – In order to keep the information private of customers it
will help the mobile banking sector to increase its market share. It can be done building
trust among the customers which increases the demand in usage of mobile banking
industry. As it keeps the information secure and its processes also. The data are highly
secure and authenticated while using mobile banking which creates the positive results
among customers. The chances of frauds here are very less in comparison to starting of
mobile banking. As the technology develops the high chances and opportunities in
increase market share of mobile banking.

 Accessible from Anywhere and paperless – It can be an organisational opportunity in
mobile banking industry as it provide the service to its customers to access the mobile
banking from anywhere. It gives high data security which builds a trust among its
customers and customer satisfaction. It is the cost effective method as it reduce the usage
of paper and able to save trees. It is an effective and efficient method to go paperless in
mobile banking by opening a bank account, activation process of accounts, money
transfer confirmation and in online transaction handling it is great opportunity for an
organisation in mobile banking.
TASK 3
Apply the virtual value chain to evaluate that in which manner value is created and delivered in
the business through information privacy
Virtual value chain act as the business model which explains about the dissemination of
value generating services within an organisation which incorporates closely with other
organisation in order to provide products and services as well. According to current period of
time, mostly organisations are dealing in digital world with the provision of digital information.
This virtual value chain basically begins with information provided by the provider and after that
this information is supported and distributed throughout the infrastructure of information where
the real interaction is with the customers(Van Looy and et.al., 2017). As the value chain is
separated into two chains which include the market space and abstract market space which needs
to be managed into different ways to be efficient and effective as well. There are many
businesses who uses this kind of value chain such as banks which provide services to their
customers in this physical world and in the virtual world as well.
It has been observed that the internet does not add the value to the virtual value chain but
it should be incorporated as a factor in this model of business. So virtual value chain plays a very
significant role in terms of creating value within the business by information privacy.

Illustration: Virtual value chain
Source: Exploiting-the -virtual-value-chain
At the organisational level, when virtual value chain has been implemented within mobile
banking then they have to cross certain stages which involves inbound logistics and production
through sales and marketing and construct the information which outlays of the business.
According to this model, the information has been treated as the supporting element of the value
adding processes not as a source of value itself(Milani and et.al., 2016).Within the mobile
banking, the managers generally captures the information on the level of production or operation
part in order to control or monitor the processes. It has been observed that the information has
been rarely used in order to create new value for the customers. For creating value with
information within mobile banking managers have to look for the market space. At the
organisational level, the value chain of the space can mirror to that place where buyers and
sellers can transfer funds over electronic networks in the similar manner they exchange cold,
hard cash. The process of value-adding which companies has to employ to turn raw information
into new market space products and services which are unique to the information world.
For creating value within any stage of a virtual value chain basically includes sequence of
five activities gathering, organising, selecting, synthesizing and distributing information. For
instance, it has been observed that just someone takes raw material and refines into something

useful manner as it is into the sequence of tasks which is involved in assembling an auto mobile
on a production line so that manager can collect raw information and adds value by these steps.
For creating value at the organisational level through information privacy it is important that to
follow all the stages into positive manner from initial to last level. Under the first step of inbound
logistics, it is important that to consider the ways in which materials and other goods are brought
into the company. In context to mobile banking, it is necessary to consider that in which manner
or ways the mobile banking has been introduced at the organisational level. In this further step, it
is important that to consider production process into proper manner where into the context of
mobile banking an individual has to properly follows all the steps for this purpose. In the virtual
value chain, in the next step it is about outbound logistics which is focused on demand side of
the supply demand equation. Within the mobile banking, from the perspective of market it is
important that to understand the requirement of it into the market so that accordingly actions can
be taken for it in order to create value at the organisational level. If there is less demand of
mobile banking into the market then it is difficult to create its value at the organisational level.
In the further step of virtual value chain, it is important to have proper marketing strategy
so that results can be achieved into result oriented manner. In context to mobile banking for
creating value it is necessary to do marketing of mobile banking so that people can appropriately
know about this service into result oriented manner (De Reuver and et.al., 2018).Through
marketing the value of this service has been increased within positive manner and it also help in
terms of reaching towards the goal of an organisation. Under the last stage of virtual value chain,
it is about sales parameter where mobile banking has to sell their services through increasing its
value at the organisational level. In this manner, sales of this kind of service can be increased
into positive manner through data privacy. This virtual value chain act as an important parameter
in terms of creating value at the organisational level through information privacy. So data
protection is very important into this digital world so that results and actions can be achieved
within a set period of time.
CONCLUSION
The above stated report concludes that business information plays a very significant role
in terms of standing out competitively into the market. It has been concluded that there is
significance of information privacy which is very necessary in terms of achieving results into
successful manner. There are certain characteristics of data privacy which includes

authentication, integrity, confidentiality, availability etc. It has been determined that there are
certain challenges at the organisational level by privacy of information due to which it becomes
challenging to achieve targets within a set period of time. There are also certain opportunities at
the organisational level within particular industry through privacy of information. It has been
observed that virtual chain analysis plays a very significant role in terms of creating value at the
organisational level in order to deliver the results through information privacy. In the overall
manner the system of business information needs to be maintained into appropriate manner so
that they can utilise this information into positive manner for further growth and development.
So business information is very significant at the organisational level in order to achieve targets
and objectives into positive manner.

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