Information Technology for Business - Assignment (Doc)

Added on - 21 Feb 2021

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Informationtechnology forbusiness
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Need of IT in Banking Sectors...................................................................................................1Impotence of IT in Business survival.........................................................................................1Requirements to apply IT..........................................................................................................2Use of IT in business..................................................................................................................3Benefits and advantages IT brings in the business......................................................................3Types of risks that IT brings to Commonwealth Bank of Australia...........................................3Ways of monitoring and maintaining IT.....................................................................................4CONCLUSION...........................................................................................................................5REFERANCES................................................................................................................................6
INTRODUCTIONInformation technology is the process in which computers are used to store information ,multiple data and transmit to use in a business. IT also involves the development of business ,and use to distribute the data. This report will analyze the purpose of the information technologyin Commonweal Bank of Australia then it will discuss about needs of it in the commonwealbank and impotence of the IT to survival , requirement of the IT to choose in business and it willalso cover the how can commonweal bank can use IT and benefits from to IT for business andalso discuss about the risk IT can bring and in the last how business can maintain and monitorInformation Technology.MAIN BODYNeed of IT in Banking SectorsIT play important role in almost every sector but in banking sector it is most impotentbecause they need to collect every information about their clients. Commonweal bank is anmultinational bank they are having Clients from all over the world and it is hard for them tosecure all information in the documents so they need the information technology so they cansecure every single information of their clients in the commuter,bank needs to know about aevery single transaction made at any time they are only responsible to collect every informationso they use IT and IT is capable to store every transactions and calculate the cash (.Dutta, S. andet.al., 2015Andrade and Doolin 2016). There are many technology that can help bank to givefacility to their customers like mobile banking is the IT application which helps customers toaccess their bank account on the mobile they can see their every transaction and they can also getevery information about account , Automated teller machine are the commuter machines thatprovide cash facility for them. They can check their transaction and withdrew their cash fromthose machine, SMS services are offers by banks. they provide customers to operate their bankby using messages, credit card is an plastic care which customers can do shopping by using thecredit card according to their limits given by the bank the bank deduct that balance from thataccount on given time period.Impotence of IT in Business survivalAccording to the article(Commonwealth Bank to trial blockchain 'BioTokens' forbiodiversity investment2019) the Commonwealth bank of the Austraila are focusing on theblockchain technology In this time they believe in the potential to boost sustainable1
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