Impact of Information Technology on Standard Chartered plc

This report discusses the impact of information technology on Standard Chartered plc, including its importance in globalisation, automation of business processes, resource management, and protecting information. It also covers ethical and social issues related to technology, types of computer networks, and the importance of artificial intelligence.

Introduction to
Information Technology

ABSTRACT
The information technology is essential in both work place and activities related to daily
life's. The idea of designing, implementing and evaluating makes the computer system
imperative by the interaction with human and computer systems. It provides the potential to the
companies for reaching to more customers and new product, services are introduced with
innovativeness. The standard of society is improved by the evolution of information technology.
The better decision is taken for organisation which gives satisfactory results. The report is based
on Standard Chartered plc which shows the impact of IT on business and facing ethical, social
issues. The bank also focus on network technology which helps in communication and sharing of
resources. The report has also shown the efficiency of artificial intelligence in bank which helped
in the growth and improved the productivity by working with more accuracy.

Table of Contents
ABSTRACT ....................................................................................................................................2
INTRODUCTION...........................................................................................................................4
Literature Review ............................................................................................................................4
Information Technology and its impact in service sector businesses........................................4
Ethics and Social Issues of using technology ............................................................................5
Computer network, and its types................................................................................................5
The Artificial Intelligence with its importance...........................................................................6
Analysis and Discussion..................................................................................................................6
Impact of Information Technology.............................................................................................6
Ethics and social issues...............................................................................................................7
Types of computer network........................................................................................................9
Impact of Artificial Intelligence................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES:.............................................................................................................................12

INTRODUCTION
The concept of IT is a postulation of telecommunication and computers equipments
where data is saved, recovered and manipulated in the context to business. It is an equivalent
word for computer network. The professionals demand in this field is having high growth and
people are entering for developing their career paths. It is best known technique for processing
information at fast pace and for decision making statistical and mathematical models are applied.
The technology term is associated with scientific investigation comprising of skills, methods and
process by organisation and for their manufacturing of products & services (Alsunaidi, S.J. and
Alhaidari, F.A., 2019). The report is prepared on Standard chartered plc which is an British
multinational banking and financial service company founded by James Wilson in 1853. Its
headquarter is located in London, England operating 1200 branches and outlets crosswise more
than 70 countries. It provides the services of credit cards, consumer & corporate banking,
mortgage loans, investment banking etc. The report covers the impact of informational
technology , importance of social and ethical issues. Further, different types of computer network
and impact of Artificial intelligence is being discussed.
Literature Review
Information Technology and its impact in service sector businesses
The IT can be said an computer or communication system which includes hardware,
software and peripheral devices which is run by large IT users. The competitiveness of the
economy is enhanced by considering an IT as a significant instrument which helps in saving
time, money and efforts to make productivity effective. According to ND century code, IT
manages & deliver the data and information by using voice, data and video. It involves the
designing and implement ion of computer network for processing data and communication.
According to Attaran 2003, information technology is refers to capabilities provided to business
through computers, software applications for processing and delivering information, knowledge
etc. the technical and business skill development is assisted by the three essential parts of
computational data processing, business software and decision support (Baker, R.M., 2019). The
IT enhances the company growth by penetrating into new market for being innovative and
creation of new goods & services. The economy performance is outstanding with the emerging
of internet and technology which helps in exchanging the data by use of electronic devices.

Ethics and Social Issues of using technology
There are several issues faced by the organisation in relation to ethics and social with the
use of technology. The ethical issues in organisation is regarding how information is used by
organisation staff and their impact on the economy which companies are also getting affected.
The issues can be in organisation regarding the misuse of personal information, loss of property,
harmful actions, cyber bulling, maintaining privacy of data, information or password etc. which
becomes challenging for maintaining due to utilization of technology (Capehart, B.L., 2020).
The ethical technology defines set of values which addresses how technology is used for the
business operations and corporate strategy. The IT has great role in development of social
business which is driven by social cause.
Computer network, and its types
It is also known as networking technology which managers the information system and
digital resources are delivered over the computer network. The transferring of data is taken
through electronically where set of devices are connected with an link known as computer
network (Chiang, H.T. and Chang, C.T., 2019). The computer network utilizes distributed
processing to divide the task between numerous computers. The data transmission is completed
among the computers by using communication medium such as cables or wires. The networking
technology types are as follows-
 LAN (Local area network)- It requires the connection of computers in limited physical
area such as business office, college campus etc. through links of wires, Ethernet cables
etc. It is mainly used for sharing resources which is a type of transmission medium. It is
an private network which do not require control from outside regulatory body and
operated in the higher speed.
 MAN (Metropolitan area network)- It comprises of computer network across an city,
or small region which is bigger than LAN, but limited to an single building or site. It
allows to cover an area from several miles to ten of miles. It use the medium of optical
fibres, cables offering fast communication with higher speed. The network also offers
excellent support for extensive size network.
 WAN (Wide area network)- This network is spread crosswise a larger geographical
area. It is an connection of LAN which is attached with telephone lines, and radio waves.
This network is helpful in sharing the software files which is shared between all users and

latest files can also be access by everyone. The global integrated system can be formed
by the organisation using WAN.
 PAN (Personal area network)- It is an network formed close to a person comprising of
mobile or personal digital assistant. It used between the personal devices for establishing
communication to connect with digital network and internet. It is a personal devices
equipped with the limited area allowing to handle interconnection of IT devices of a
individual user. It is connected with internet wirelessly.
The Artificial Intelligence with its importance
The artificial intelligence is the revolutionary feat for computer science, which is an core
component for modern software. The AI is an computational tool which is an substitute for
human intelligence for the performance of certain tasks. It is an concept of machine learning
which speed up the tasks and process with the guarantee level of precision and accuracy for the
enhancement of business productivity (Farjon, D and et.al., 2019). The AI application includes
the natural language processing, machine vision and expert system. It needs the base of
specialised hardware and software for machine learning algorithms to write and train. The
decisions are taken that is similar to humans. The artificial intelligence is the fundamental
concept of machine learning, deep learning and neural networks.
Analysis and Discussion
Impact of Information Technology
The benefit of leveraging digital tool with digitalisation has increased the business
prospects in economy. The IT is referred as science and activity of utilizing computers & other
electronic devices for storing and sending information (Steven Scheck, 2021). The IT made easy
for Standard chartered to contact with customers in aim of profit maximisation. The bank also
needs and updated information for easily dealing with clients and to offer several online services.
The impact of IT on business performance is given below-
 Globalisation- The business is spread easily at international level with the process of
technology. The integrated network is been developed by the information technology
which too enhances the working of Standard chartered by beginning financial
transactions scope or opening account with other accounts for transfers (Gettman, D. and
et. al., 2017). The presence of IT helps Standard chartered to carry its numerous functions

crossways the globe through world wide web (WWW) and facility of online services are
rendered to consumers for smooth functioning of business.
 Automation of business process- The IT developed the automation process for business
to improve the efficiency of Standard chartered by increasing workflow. This procedure
helped in saving time which can be used for focusing on the other tasks to speed up
business process working significantly as well as cut down operations cost. The process
such as in Standard chartered billing, collection of consumer data, tracking metrics which
are easily automated.
 Management of resources- In the organisation there is an mixture of resources which
includes of financial, human, marketing resources and many more. In multinational
organisation resource management becomes challenging. The IT has large role in
managing resources with less efforts and offers broad range of flexible outcome. The
efficiency of Standard chartered can be improved by the combination of employee
resource planning (Ghobakhloo, M., 2020). It is a management software allowing
companies to use order of integrated application by managing and modifying various
business dealings in Standard chartered.
 Protecting of information- The large companies consists of large database which has
valuable information regarding the business transactions and client details. The
information becomes valuable for business which may create lot of issues if there is lost
of data. The IT has its importance in Standard chartered by offering appropriate resources
for saving data by ensuring maximum protection. The Standard chartered uses virtual
storage system for keeping information safe which allow limited users to access data &
problem of hacking is minimised.
Ethics and social issues
The use of technology in companies bring several ethical and social issues as it has broad
application in field of education, health, banking etc. The major shift is been caused by the
society operators with growth of affordable availability of computer technology. The business
deals with complicated ethical issues like information security, privacy of employees, file
sharing etc. The various social and ethical issues with its importance that is becoming
momentous in virtual world are as follows-
Ethical Issues

 Personal privacy- In the IT this in an important issue for information disclosing and
violation of privacy of an person as the there is transfer of information and data in large
amount because of large scale of distribution network. The information technology assists
the users for having their own hardware, software and operating system tools to access
servers which are connected together (Handoko, B.L. and Suryadharma, W., 2020). It is
an major challenging for Standard chartered in maintaining the privacy and integrity of
data.
 Access rights- It is also noted as an ethical issue for the IT and cyberspace with the
advancement in technology. The evolution of electronic payment system has increased
the several issues for the government agencies and business organisation such as
Standard chartered as it offers several online services to its clients such as mobile
banking etc. In the bank there is always an fear of hacking the data or resources while
having any online transaction.
 Harmful actions- In ethics of computer it is referred as negative or destructive outcome
to the technology such as losing of property or important information, losing of
ownership etc. The generalization of ethical activity in Standard chartered restricts
outsiders from usage of information technology in such a way which facilities of any
destructive to any of users, employees and public (Kamberaj, B., 2020). Usually, these
activity involves intended destruction or modification of record and program which force
a consequential loss of resources. To retrieve from the deadly activity extra time and
efforts are needful to take off the viruses from the computer systems.
Social Issues
 Breakdown of communication- With a evolution of technology there is an breakdown
in communication which is noted as social issue as most of persons are busy with their
mobile phones, computers, which declines bond with others (Khosrojerdi and et. al.,
2021). In business and family the portable devices bring the problem of communication
as in the Standard chartered the facility of online through electronic devices and
digitalization creates low interaction with customers because the customers can solve
their queries through mobile phones or transaction can also be done.
 Identity theft- The fraud is an another social issue in accessible computers as the data of
clients and employees can be used by their party for the malicious purposes for making

fraud while doing online transactions or other damaging activities. In the Standard
chartered the clients and employees were also facing several issues of fraud through the
spam calls or leaking of personal information. Several privacy sources were brought to
store the information safely of employees and customers.
 Online banking- The Standard chartered provides to their customers facility of online
banking for their convenience to make the transactions rewarding cash withdrawal or
transferring. The customers also gets the facility of credit and debit cards for transaction
which is not safe and considered as an social issue due to high chances of hacking, or
theft of money & personal information (Kuang, W., 2018).
Types of computer network
The computer network is the multitude of connected computers which allows to share the
data and resources with each other. The networking also includes the wireless connection of
system which means different hardware are portable and connected to network ( Laraia, M.,
2018). The computer networking helps employees in sharing ideas easily and works with more
efficiency. The computer network is interconnection among computers which provides best way
of communication, cost effective resource and file sharing etc. The hardware network devices
comprises of routers, switches, hubs and bridges. The software network devices comprises of
business application or operating system in computer network. The several computer network are
as follows-
 Local area network(LAN)- It connects group of computers with low-voltage devices
together across short distance within a building, school or offices for sharing data &
resources. It is owned privately and resources are shared that can be hardware devices
such as printer and software device can be like application program. The LAN size is
small attached with hub or switching using a cable (Leong, L.W and et.al., 2018). The
impact of LAN on Standard chartered helps in transferring data and messages easily over
networked computers. The data becomes more secure by managing data at one place
offering higher security.
 Metropolitan area network(MAN)- This network are across a region which is an
connection of LAN in a city or can be connected to WAN. It is an new class of network
which is bigger than LAN. It consists different combination of hardware and transmission
media. The MAN is created by single network covering city and owned by the large

companies to interconnect their several branches. The Impact of MAN on Standard
chartered helps in sending faster local emails which is less expensive offers the security
and excellent support for the extensive size network.
 Wide area network(WAN)- It is associated with large geographic area usually with a
radius of more than kilometres. It is an telecommunication network which connects LAN
that can be on opposite side of building. It is attached with public network which is
connected with leased lines or satellites (Li and et. al., 2021). This is used by Standard
chartered for connecting several remote employees & data centres to access necessary
information. The impact of WAN on Standard chartered helps in communicating
through long distance locations and information is distributed to the branch of companies.
It maintains entire information of foreign branches and renders service of accessing
banking accounts.
 Personal area network(PAN)- It is an basic type of compute network which is reserved
to single person that communication among computer devices is centred to individual
work space. It offers network range of 10 meters from the person to device offering
communication. The employees of Standard chartered can perform their task from home.
The clients of Standard chartered makes transactions by self or can have facility of online
banking through mobile phones which helps in attraction of more customers towards the
services.
Impact of Artificial Intelligence
The artificial intelligence is continuously transforming the world in which the person
lives. The AI is helpful in improving the work efficiency in workplace. The AI is an science and
engineering of making intelligent machines and computer programs (built in BETA, 2021). To
have the understanding of human intelligence it is associated with the similar task of utilizing
computers. The Artificial intelligence in Standard chartered is the ability of analogue computer
or computer controlled robot to perform task related with intelligent beings. It is a design of
many various technologies operating together to enable devices to sense, comprehend, act, and
learn with human-like levels of intelligence. The AI is displayed by machines which is in
opposite to natural intelligence showed by human (McMenemy, D., 2021). The problem related
to human mind is solved which have thinking like human and their actions are mimic to

accomplish particular goal. The impact of artificial intelligence in enhancing the business
operations are-
 Saving of time and money- The machines works efficiently rather than human beings as
they are operated for 24*7. There is a reliability in working without taking any break.
The Standard chartered gets the notification for the important task that has to be done
within the time frame. The large volume of data can be recognised by AI within seconds
and requires less time in making decision which improves the performance of Standard
chartered through continuous work of machines with accuracy.
 Productivity is enhanced through artificial intelligence- The efficiency of working is
enhanced by the AI as the to-do lit task of employees is reduced. The most of work is
done by AI which does not need help of humans and work load of clients in Standard
chartered is minimised (Paul and et. al., 2020). In Standard chartered the employees are
able to focus on the more productive task which increase the productivity of both
employee and business.
 Reducing errors- The errors in several computational activities are errors fee due to AI
as accurate results are provided as compare to human beings. For forecasting of any thing
the AI takes less time and provides rationale results which leads to growth of Standard
chartered. For example, the forecasting of cash flow is time consuming for human
producing several errors but it is forecasted by using AI it will reduce the mistakes.
From the above analysis, information technology is very helpful for Standard chartered
providing several advantage in protecting and storing several information through internet. It
helps improving the company efficiency by developing automated process to make employees
more capable for work handling.
It also have same drawback to Standard chartered in maintaining and implementing
information technology which is expensive. There is reduction in job opportunities for humans as
technology makes production process better.
CONCLUSION
It can be concluded that growing importance of information technology is helping in
better decision making and satisfying the needs of enterprises data which is increasing the
efficiency and effectiveness. The modern business relies on information system from employee
e-mail to data base management which puts positive impact on business leading to innovation

and success. In the field of information technology the electronic information and content is
stocked, computerized and interchange by use of electronic devices. For the company it is an
building communication network which safeguards content and data by creating & administering
databases.
REFERENCES:
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Online references
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Artificial intelligence, built in BETA, 2021 [Online] Available through
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