IT Impact on Business

Running Head: IT FOR BUSINESS
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IT for Business
IT Impact on Business
(Student details :)
5/18/2019

IT for Business
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Contents
IT Impact on Business................................................................................................................2
Introduction................................................................................................................................2
IT Impact on Banking and Finance Sector.................................................................................2
IT transformation for CBA.....................................................................................................2
Does CBA need IT.............................................................................................................3
Why IT is important for business survival.........................................................................3
Requirements for applying IT into CBA............................................................................3
How CBA utilises IT for business use...............................................................................4
Benefits of IT for banking and finance business for CBA.................................................4
IT risks for the business of CBA........................................................................................4
How CBA uses IT for the maintenance and monitoring of business.................................5
IT issues in Banking and Finance industry: the CBA............................................................5
Privacy issues.....................................................................................................................5
Legal issues........................................................................................................................5
Ethical issues......................................................................................................................6
Societal issues....................................................................................................................6
IT solutions through theoretical and practical knowledge.....................................................6
Conclusion..................................................................................................................................6
References..................................................................................................................................7

IT for Business
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IT Impact on Business
Introduction
This report is based on highlighting the significance of the information technology (IT) for
business. In this context, this paper will mainly discuss about the major IT impacts on
business industry like banking and finance. To do so, theoretical and practical knowledge on
IT within the chosen business firm CBA (referred as Commonwealth Bank of Australia) will
be evaluated and justified as well. Besides, IT issues within CBA’s business are going to
highlighted while also providing these issues through utilising detailed knowledge of IT
along with the practical techniques within this chosen business environment. In addition to
that, in order to analyse academic literature as well as integrate ideas throughout the literature
of the IT issues within business application of the research skills will be demonstrated. To
understand the role of ICT profession within IT for business in the context of CBA, the report
is going to research various aspects of IT in banking and finance sector. In this way, while
highlighting the IT issues this paper will effectively communicate through good oral as well
as written communication tools so as to act into a professional manner.
IT Impact on Banking and Finance Sector
As we know that technology has completely revolutionized the way today’s companies do
business through enabling small business firms to balance the market field with bigger
organizations. In this era, businesses utilise an array of new technologies throughout their
servers to their mobile devices. In this way, these businesses of the modern era acquire
competitive advantages within the economic marketplace (Agwu et al., 2014). In this context,
this discussion has chosen the field of banking and finance while choosing CBA for assessing
and evaluating the impact of technological changes over business activities (Commonwealth
Bank of Australia, 2019). A detailed study of the IT impact on banking and finance field with
the help of identifying IT issues as well as their solution will be useful for CBA because the
field of banking and finance is the base of every business of the Australia and the world
(Commonwealth Bank of Australia, 2019).