ERP Implementation in the Banking Sector
Added on 2020-03-28
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Strategic information system[Document subtitle][DATE][COMPANY NAME][Company address]
Running Head: ReportContentsIntroduction...........................................................................................................................................2Business Processes................................................................................................................................2Business Requirements......................................................................................................................4System Requirements........................................................................................................................5Software and the vendor selection.........................................................................................................5Ways of utilizing technology to gain business efficienc........................................................................6Efficiency achieved from technology implementation..........................................................................8Potential Risks.....................................................................................................................................10Mitigation Strategies...........................................................................................................................11Conclusion...........................................................................................................................................12References...........................................................................................................................................131
Running Head: ReportIntroductionThis report is conducted to determine the use of Accounting Information Systems and ERP System in the banking sector. In order to clearly portray the study, Westpac Banking Group ischosen to deeply understand their business processes and their requirements of the various systems in order to achieve their goals and growth [ CITATION ASw14 \l 1033 ]. The impact of using such systems will also be stated in the study. In this study, a deeper analysis will be conducted and certain risks and issues connected with the implementation of the systems in the organization along with the recommendations will also be discussed. The report outlines all the possible outcomes in order to have a better understanding of the research topic.Business ProcessesThe business processes of any organization can be determined by its functions. This study revolves around, the Westpac Banking Group. Thereby, it is important to first have a deep knowledge regarding the bank. The Westpac Bank is the largest and the first Australian Bank,which has its headquarters in Sydney, Australia. It is one of the Australia’s big four banks. This bank was founded in the year 1817 and currently has 14,000 branches along with 32,569employees working in them. This bank has its operations in various countries. The bank aims at providing the best financial services to its customers. The bank’s vision is to provide high returns to its shareholders and build high and good customer relationships. This bank provides a comprehensive framework of various financial products and services to assist and convince the customers. This bank serves a large number of customers globally [ CITATION Dri14 \l 1033 ]. 2
Running Head: ReportComing to the business process of the Westpac Group, the functions of bank are divided into two parts: Primary and Secondary functions. The primary functions are accepting the depositsfrom fixed deposits, saving accounts and also granting advances. The secondary functions of the bank are divided into two categories: agency and utility services. The agency function refers to the functions provided by the bank on being an agent. The bank acts as an agent for its customers. The utility function of the bank refers to as the functions relating to issuing of drafts, letter of credits, currency exchange, locker facilities and etc. All such functions are performed by every bank along with their additional services [ CITATION Wes172 \l 1033 ]. From the chart below, a clear picture can be obtained. These are the basic functions performed by the Westpac bank, but various additional financialservices are provided by the bank to its business clients and customers. The bank aims at providing the superannuation services, funds management, insurance, investment banking and etc. All these are the additional services, which are not included in the primary and secondary functions of the banks. Thereby, it is clear that the Westpac bank has a huge 3
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