Impact of Information Technology on the Commonwealth Bank of Australia
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This paper discusses the impact of information technology on the Commonwealth Bank of Australia, including the need for IT, risks and advantages, and the importance of IT for business survival.
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Running head: IT FOR BUSINESS IT FOR BUSINESS Name of the Student Name of the University Author Note
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IT FOR BUSINESS1 Introduction: Some of the major as well as the most important impacts of the information technology in the business is including the processing of the transaction, flowing of the information, management of data, support for the decision, support of the executives as well as few of the others. The growths of the information technology have brought several important technologies as well as the creativities. This paper will describe a description that is brief about the overall impact as well as the affect of the IT over the commonwealth bank of Australia (Webster, 2014). Various relevant details such as the need of the information technology, the risks and the advantages of the IT for the CBA will be described in this paper. The main motive behind this report is to know about the importance and the impact of the IT in the Common wealth bank of Australia. The systems of the IT is utilized generally by various companies for performing several tasks this is also including several software, application as well as hardware for executing each of theprocedures that are related to the business or the operations (Vodová, 2013). The software and the computers are also been used for maintaining a proper balance that to within the strategies of the business as well as attainments. Discussion: Need of the information technology in CBA: The commonwealth Bank of Australia is one of the most popular bank, which can offer various devices as well as products to the consumers of them. Due to the flexibility of the structure, the common wealth bank of Australia is getting high opportunity for enhancing the position of them in the sector of banking. The IT is having the responsibility for increasingtheproductionthroughreducingthetimeaftertaskautomation.The communication has been also improvised by the innovation such as mails, video and audio
2IT FOR BUSINESS conferencesorphonecalls.Theefficiencyhasbeenimprovedafterinclusionthe interconnectivity of the external as well as the internal structures (Schwalbe, 2015). The storage of the data even improve that the CBA can manage the confidential data of them as well as no breach for the information and the data will be faced. Importance of information technology for survival of the business: IT accept a noteworthy activity for the survival of the business. That particular advancement can be implied proper utilization of structures so business information is fittingly secured, recouped and sent. In addition, it moreover keeps up one significant quality between enthusiasm and supply of the business organizations to ensure that every client is content with their organizations or things (Oliveiraet al., 2014). As the budgetary division requires to consider confirmed and progressively secure online trade, frameworks or various advances have to be totally free from weakness and danger. A snappy keep running of the checking of the credit is needed for the bank for making open acknowledge straightforward and assurance and security of data is even ensured with such development. An enduring need of organizations for customers can be successfully happy with the productive relationship of Information innovation. Cost adequacy is similarly kept up for effectiveness climb. Customer backing is a standout amongst the most significant next part that is possible with this development in the Bank so the survival of the business is possible and high grounds are obtained effectively. Requirement for applying Information Technology inside CBA: The Commonwealth bank of Australia needs to apply IT inside their different business to ensure high insurance and the security of the grouped data of them. In the time of May 2018, the individual monetary officers of that particular bank had asserted that more than twenty million accounts nuances and data that have been being lost, notwithstanding the
3IT FOR BUSINESS way that was referenced by them, the customer’s account security that was not exchanged off. The different clarifications, which contained diverse such nuances of the customers for more than 16 years, has been put away in appealing tapes that were hurt to draw back this data (Muhammad, Gatawa and Kebbi, 2013). It was done by the Fuji Xerox and this was likewise mentioned by them to real examination to definitely comprehend total procedure for putting away these declarations for these appealing tapes. Regardless of the way that, the different information was being granted to clients, brand name and the notoriety was exceedingly impacted after this insurance break in CBA. As they faced such issues related to data security break, a fitting commitment of data innovation has the inside potential to reduce these issues and the problems to bigger sum for help of data security. The specific bank ensured their legitimate decisions of not prompting clients concerning such deception works out. They might not contain the middle capacity to extemporizethedataitemizingorexaminationthatiswithIT.What'smore,as correspondence is exceptionally improved, a couple of security or assurance breaks might be removed (Mason, 2017). A significant orchestrating and cost ampleness is relied upon to satisfactorily plan and ensure productive utilization of innovation of the data. Indeed, even they have to structure as well as acquaint gear with completion utilization of IT. Planning is in like manner fundamental for delegates as well as the staff with the objective that they are able to use this development for development of the business. Method of CBA to use Information Technology: The Commonwealth Bank of Australia must use IT after genuine utilization of couple of huge and critical strategies and accordingly making the exercises of the business as well as the frameworks in a successful manner. A proper trade of this information is only possible for settling on the best decisions, henceforth guaranteeing that this information stream is faultless and even affirmation of business improvement. Each and every business visionary at last
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4IT FOR BUSINESS needs fruitful joint exertion as well as correspondence with the different customers of them insidethetime.Furthermore,thecorrespondencewithassociatesandmoneyrelated speculatorsisadditionallyexpectedforkeepingupanamicabilitybetweenbusiness frameworks in an unrivalled manner. The Intranet arrange and the Share Point is utilized for keeping up high viability and information related to business exchange can be adequately and quickly bestowed to the staff in the wake of having intranet electronic sends to complete the correspondence (Martins, Oliveira and Popovič, 2014). Use of development is moreover redesigned in the wake of using the messages in the CBA for the improvement in the viability in a prevalent manner. Advantagesof Information Technology in the Banking Sector of Australia: The essential benefits of the Information Technology for Australian money related part to oust their assurance as well as the security issues are as per the following: CommunicationStreamlining:TheessentialfavourablepositionoftheInformation Technology in CBA to ensure data security is the communication streamlining. A suitable correspondence is needed for the association achievement inside the related and dissipated business circumstance, selection of specialists, using or holding of staff. Cost Effectiveness: One more bit of leeway of information in CBA is the cost viability. It doesn't cause gigantic costs related to upkeep and utilization of Information innovation and in this manner a wide scope of regulatory or operational methodology are properly streamlined for grabbing data regard or quality (Malaquias and Hwang, 2016). This is notwithstanding convincing for advancement of flexibility and salary. Storage of Valuable Data: The accompanying favourable position of IT in Commonwealth Bank of Australia for guaranteeing data security is for putting away and shielded watchman the private or significant data. The most ideal preservation and limit of CBA's data innovation
5IT FOR BUSINESS is expected to ensure budgetary data are secured and checked. Security splits could be viably avoided in this method. Types of Risks: Security Risks: The various perils related to information security can at last turn out to be the keythreats,forinstance,theenormouspotentialtowardshigherdamagesforbrand reputation. Such imperative kind of data security is unbelievably valuable for real essential that the specific business for the execution while at the same time completing security danger examination. CBA must discard these issues satisfactorily. Privacy Risks: Another hazard, which is unimaginably fundamental for CBA concerning Information Technology might be threats related to security (Chitungo, and Munongo, 2013). The results, for instance, singular data security and ensuing harm for insurance. Such issues can bring major issue for the progressive systems. Procedure to maintain and monitor IT in CBA: The Data innovation can be kept up and screen by CBA resulting to following likely the most critical advances, which are: Consecutive Implementation: Steps that are followed in the kind of execution as well as in this way there is a progressive strategy. Arrangement of the Modifications that are recognized: All recognized alterations have been being sent in this particular advance. Legitimate Review and Acceptance for the Maintenance: Reviewing should be done fittingly and IT should be kept up irregularly.
6IT FOR BUSINESS Conclusion and recommendation: Thus it can be concluded that there are some of the significant effects or impacts of the IT for the business. The conditions that are referred to the working of the different people has been changed eventually for the distinctive impacts as well as the information technology has the responsibility for providing the business with an important scope for the analysis of the data as well as the planning of all of the strategies of the business that is also effectively. . The IT is having the responsibility for increasing the production through reducing the time after task automation (Baptista and Oliveira, 2015). The communication has been also improvised by the innovation such as mails, video and audio conferences or phone calls. The efficiency has been improved after inclusion the interconnectivity of the external as well as the internal structures.The report that is provided above has described properly about the analysis as well as the most important impacts of the information technology over the common wealth bank of Australia. The systems of the IT is utilized generally by various companies for performing several tasks this is also including several software, application as well as hardware for executing each of the procedures that are related to the business or the operations. The maintenance andthe implementation of the information technology within the business is suggested majorly for the CBA so that the bank might eradicate easily any kind of the problems for the data and security breach.
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7IT FOR BUSINESS References: Aboelmaged, M. and Gebba, T.R., 2013. Mobile banking adoption: an examination of technologyacceptancemodeland theoryof plannedbehavior.InternationalJournal of Business Research and Development,2(1). Baptista, G. and Oliveira, T., 2015. Understanding mobile banking: The unified theory of acceptance and use of technology combined with cultural moderators.Computers in Human Behavior,50, pp.418-430. Bloom, N., Garicano, L., Sadun, R. and Van Reenen, J., 2014. The distinct effects of information technology and communication technology on firm organization.Management Science,60(12), pp.2859-2885. Chitungo, S.K. and Munongo, S., 2013. Extending the technology acceptance model to mobilebankingadoptioninruralZimbabwe.JournalofBusinessAdministrationand Education,3(1). Hanafizadeh, P., Behboudi, M., Koshksaray, A.A. and Tabar, M.J.S., 2014. Mobile-banking adoption by Iranian bank clients.Telematics and Informatics,31(1), pp.62-78. Malaquias, R.F. and Hwang, Y., 2016. An empirical study on trust in mobile banking: A developing country perspective.Computers in Human Behavior,54, pp.453-461.
8IT FOR BUSINESS Martins, C., Oliveira, T. and Popovič, A., 2014. Understanding the Internet banking adoption: Aunifiedtheoryofacceptanceanduseoftechnologyandperceivedrisk application.International Journal of Information Management,34(1), pp.1-13. Mason, R.O., 2017. Four ethical issues of the information age. InComputer Ethics(pp. 41- 48). Routledge. Muhammad,A.,Gatawa,N.M.andKebbi,H.S.B.,2013.Impactofinformationand communication technology on bank performance: A study of selected commercial banks in Nigeria (2001–2011).European Scientific Journal, ESJ,9(7). Oliveira, T., Faria, M., Thomas, M.A. and Popovič, A., 2014. Extending the understanding of mobile banking adoption: When UTAUT meets TTF and ITM.International Journal of Information Management,34(5), pp.689-703. Schwalbe, K., 2015.Information technology project management. Cengage Learning. Vodová,P.,2013.DeterminantsofcommercialbankliquidityinHungary.e-Finanse: Financial Internet Quarterly,9(3), pp.64-71. Webster, J., 2014.Shaping women's work: Gender, employment and information technology. Routledge.