Information Technology (IT) - Assignment

INFORMATION
TECHNOLOGY

TABLE OF CONTENTS
INTRODUCTION:..........................................................................................................................1
1. Needs of information technology:...........................................................................................1
2. Importance of information technology:...................................................................................1
3. Requirement to apply information technology in banking and finance:..................................2
4. Uses of information technology in banking and finance:........................................................2
INTERNALLY:...............................................................................................................................2
EXTERNALLY:..............................................................................................................................3
5. Advantages of information technology in banking and finance:.............................................3
6. Problems of information technology in banking and finance:.................................................4
7. Monitor of information technology by banking and finance:..................................................4
PROTECT WITH PASSWORDS:..................................................................................................4
BASIC TRAINING:........................................................................................................................5
USE A VIRUS SCANNER:............................................................................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION:
Information technology plays an important role in every organization to run the business
successfully. Every business needs technology no matter what the size of business is it has both
tangible and intangible benefits. Success and growth of every business is depended upon the
innovative information technology. Information technology helps in improving the storage of
data, makes work faster and wide information. It also increases the quality, productivity and
values in the business operation. Information technology improves the experience of the
customer by proving better services, easy marketing and e-commerce. It gives opportunities to
expand their business across the national boundaries. The important data of the company could
be easily stored by this technology and it reduces the waste of paper, increases the security and
backups are easily available. Wireless cameras and security at entry system increases the security
of the system and decrease the loss important information and risk of theft.
1. Needs of information technology:
In the banking operations information technology plays an important role for improving
the day to day transaction of the banking. Banking needs information technology to provide
better services to its customer like ATM and online banking. Information technology makes the
work easier, faster, efficient and improves the relationship with the customer. Information
technology helps in increase the productivity of the banking and this will leads to work more
effectively and efficiently. Electronic banking increase the competition to the other banks like
online banking, mobile banking and internet banking are some examples (Ahmed and et.al,
2018). Internet banking helps the customer of national bank o Australia to operate their account
through the websites from anywhere in the world. For maintain good relation with customer
there is need of information technology by proving better services .
2. Importance of information technology:
Information technology is very important for the success and growth of the banking
because without the use of technology banking cannot run their daily operation smoothly. In
Australia the national Australian banks provides various services to the customer through online
banking and internet banking which improves customer relation. Proper use of technology gives
better functioning of the banking and this will increase satisfaction of customer towards the
banking. National Australian bank improves the digital experience by online banking to the
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customer of the banks. Australian banks tries to maximize the experience of the customer
towards the banks by information technology. The national Australian bank provides various
services to the customer that they can operate their accounts and banking transaction across the
world (Alami, 2016). National Australian banks uses the technology like adobe analytics solution
and adobe marketing cloud to identify the interaction of customer towards the websites of the
banking. These applications of the national Australian banks improves the performance of the
banking and increase the satisfaction of the customer.
3. Requirement to apply information technology in banking and finance:
An organization requires various methods of applying information technology by
planning, designing, equipment, installation, training etc. Banking and any other company plan
how, what and from where information technology gives efficiency in the work and increase
productivity of the organization for long term. Information technology is design for the long term
perspective of the company. Planning educates the institution about their decision on the use of
technology and also choices of the investment on the technology. Before applying the
information technology training must be given to the employees and customer about the use of
technology. Training reduces the damages and loses due to careless and error of the people.
Proper equipment is must for applying the technology in the organisation (Iyengar, Sweeney and
Montealegre, 2015). If employees are well-known about the technology then there is less error
and increase the productivity of the company. Evaluation of needs and variety of solution is
necessary while applying the technology in the organisation. Management of all the investment
of information technology. Development of security plans to protect the confidential
information, integrity and availability in the banking organisation.
4. Uses of information technology in banking and finance:
There are various uses of information technology in the banking internally and externally by the
customer and employees.
INTERNALLY:
Within the organization information technology helps the employees to work faster and
easier in their day to day transaction and it will improve the performance level of the employees.
The use of information technology in national Australian bank like E-banking, mobile banking,
SMS banking, HR web portal gives lots of benefits to the employees and banks. This system
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helps the employees b y reducing their work load , increase in their skills and it gives them the
opportunity to access the global market (Khanam, Siddiqui and Talib, 2016). By providing
services like ATM, e-banking customer can transfer their money through online and this will
reduce the customer queue in the branches of the banks and also reduces the work pressure.
EXTERNALLY:
National Australian banks use the technology to improve their ability to serve their
customer. The National Australian bank makes sure what their customer wants and needs which
will have impact on the success and growth of the banking. Banking is all depend on the
customer relation so national Australian banks innovates their according to the customer
satisfaction, needs and wants. Information technology secure the personal information and data
of the customer in the software of the banks (Lyles, Schillinger and Sarkar, 2015). National
Australian banks focuses on providing high quality products and services to the customer by the
various technology methods.
5. Advantages of information technology in banking and finance:
Information technology solve the customer service problem in the national Australian
banks by entering their request in the computers. Customer could purchase online and banks
make sure that they keep security for safe online purchasing through information technology.
Information technology makes the transfer of money faster and easier for the customer. This
technology also helps the finance to expand the functions at global level. The information
technology improves the performance of the banks have two ways firstly it reduces the operation
cost and provide transaction facility t the customer of the banks. Information technology
provides anytime and anywhere banking to the customer by increasing speed of service delivery,
minimizing cost, etc (Tarafdar, Gupta and Turel, 2015). the attitude of customer and banking
staff towards the information technology is very important because customer are the key person
of this technology and positive attitude of staff is also important to the success and growth of the
banking. Technology improves the innovation idea of the banking which increase the customer
experience. Benefits of information technology have three ways i.e. to bank, employees and
customer. It provides various facility to the customer like self enquiry facility, 24 hour services
on the phone, anytime banking, remote banking which could help the customer (Rogers, Chong
and Preece, 2015). Benefits to the employees are accurate computing, automatic printing of
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receipts, pass books and avoid duplicate entries. Benefits of technology towards the bank is
immediate replies to the customer, helpful in business development of National Australian Banks
of Australia.
6. Problems of information technology in banking and finance:
There are various problems of information technology which will affect the banking
system of National Australian Banks of Australia and have diverse effect on the business
development. National Australia Banks constantly changing its management which will affect
the success and growth of the banking. Information technology also affects the banking security
because all the personal information of the customer are saved in the system software of the
banking and there is the always problem of hacking (Thomas, 2015). If the servers of the banks
may go down due to some issue the customer cannot access the online banking facility. There are
limitations on the deposits of daily and monthly through mobile banking make it difficult for the
customer and those who are businessmen (Sawesi and et.al., 2016). Information technology
provides facility of deposits by mobile apps but sometimes it takes lots of time through internet.
The scope of services are limited because customer can collect the application of account
opening and loan from direct websites of banking but for signature they have to visit the branch
of the bank.
7. Monitor of information technology by banking and finance:
There are various ways to monitor and maintain the information technology by banking
finance in their organisation. Banking makes technology safer for both within the organisation
and outside the organisation. These ways are discussed below:
PROTECT WITH PASSWORDS:
access of all the wireless network and software of the company needs user name and
passwords sometimes there are many cyber attack happen due to weak password. The password
must be strongest it contains numbers, symbols letters. Every user should have unique password
to maintain the information system.
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BASIC TRAINING:
organisation may losses security due to some error and carelessness of the people and it
will lead many damages to the business. So basic training programmes are organized for giving
proper knowledge password practice and careless use of network and devices.
USE A VIRUS SCANNER:
Use of virus scanner protects the software of the company from various application
which off free download (Steinberg, 2011). It could secure the PC and protects the data and
information which loses from those viruses.
CONCLUSION
From the above study it can be concluded that information technology have an important
role in the banking and finance for providing better services to the customer and maintain the
security on the organization . Information technology helps the organization to work faster and
accurate with the help of computers and mobile phones. Customer will get the benefits of money
deposit and transfer across the world through these technologies. Technology in business
operation makes the work easier for both employee and the customer. Banking gives facility
liker ATM, mobile application for their day to day transaction. Technology improves the
performance of the banking operations and helps to achieve the customer satisfaction.
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REFERENCES
Books and Journals:
Ahmed, A. A and et.al., 2018. The Impact of Information Technology Used on the Nature of
Administrators Work at Al-Azhar University in Gaza.
Alami, A., 2016. Why do information technology projects fail?. Procedia Computer
Science. 100. pp.62-71.
Iyengar, K., Sweeney, J. R. and Montealegre, R., 2015. Information technology use as a learning
mechanism: The impact of IT use on knowledge transfer effectiveness, absorptive
capacity, and franchisee performance. Mis Quarterly. 39(3).
Khanam, S., Siddiqui, J. and Talib, F., 2016. Role of information technology in total quality
management: a literature review. Khanam, S, Siddiqui, J. and Talib, F.(2013),“Role of
Information Technology in Total Quality Management: A Literature Review”,
International Journal of Advanced Research in Computer Engineering and
Technology. 2(8). pp.2433-2445.
Lyles, C., Schillinger, D. and Sarkar, U., 2015. Connecting the dots: health information
technology expansion and health disparities. PLoS medicine. 12(7). p.e1001852.
Rogers, J., Chong, H. Y. and Preece, C., 2015. Adoption of building information modelling
technology (BIM) perspectives from Malaysian engineering consulting services
firms. Engineering, Construction and Architectural Management. 22(4). pp.424-445.
Sawesi, S and et.al., 2016. The impact of information technology on patient engagement and
health behavior change: a systematic review of the literature. JMIR medical
informatics. 4(1). p.e1.
Tarafdar, M., Gupta, A. and Turel, O., 2015. Special issue on'dark side of information
technology use': an introduction and a framework for research. Information Systems
Journal. 25(3). pp.161-170.
Thomas, J.D., Hewlett Packard Development Co LP, 2015. Heterogeneous information
technology (IT) infrastructure management orchestration. U.S. Patent 9,177,271.
Online:
Steinberg, S., 2011. Ways to keep IT system secure [Online]. Available Through:
<https://www.entrepreneur.com/article/219954>.
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