The Usage and Value of ICT in Business Operations of CBA

This report outlines the usage and value of ICT in the business operations of Commonwealth Bank of Australia (CBA). It discusses the impact of communication in business, the usage and value of ICT in CBA, and concludes with the benefits obtained from ICT implementation.

Running head: USE AND VALUE OF ICT IN CBA
The usage and Value of Information and Communication Technology in
Business Operations of CBA
Name of the Student
Name of the University
Author’s Note:

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USE AND VALUE OF ICT IN CBA
Introduction
ICT or information and communications technology mainly emphasizes on
unified communication and proper integration of computers, telecommunications,
storage, required enterprise software, audio visual systems and middleware, which
allow users to manipulate, transmit, store and access information (Bloom, Garicano,
Sadun, & Van Reenen, 2014). This report will be outlining a detailed discussion on
usage of ICT in one of the most popular financial institutions in Australia,
Commonwealth Bank of Australia or CBA.
Discussion
Impact Role of Communication in Business
Communication is one of the major and the most significant requirements in
any business, especially in banking sector. It helps in better determination of
efficiency and profitability of that specific organization. Communication is required for
attracting and retaining wider customer base and hence competitive advantages are
obtained. It can be easily enhanced by ICT. According to Victor, Obinozie and
Echekoba (2015), ICT is responsible for bringing financial innovation on
performances. This journal has discussed about the major impact of information and
communication technology on Nigerian Commercial Banks. The findings claim that
there is an increment in profitable performance of these banks and thus ROE is
increased.
As per Hilal (2015), the technological transition of banks is completely
dependent on ICT and it is helpful for improving the business operations. Hilal (2015)
has considered one of the major challenges in Lebanon banking sector of technology

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USE AND VALUE OF ICT IN CBA
transmission. It is being observed that ICT can easily integrate the indirect financial
systems for fastening, empowering and easier access to every user.
Saeed and Bampton (2013) has stated that, there is a major impact of ICT on
the performances of commercial banks in Libya. This journal has demonstrated the
entire sector of financial institution in Libya has been reformed since the
implementation of ICT in 2005. Issues like poor infrastructure and lack of
communication were responsible for poor performance. However, with ICT, they
have been able to eradicate every mentioned issue.
Usage and Value of ICT in CBA
CBA has been using ICT in their business operations for several years and
similar to above mentioned several banks in the world, they have been enjoying
benefit effectively. The usage of ICT has provided them with various advantages like
dealing with transactions generated as deposits and withdrawals. The entire
communication segment has also been enhanced with this technology. Moreover,
they are able to make better use of resources and time consumption of business
operations is reduced. The value of ICT in the business operations of CBA is that it
allows them in storing, processing, analysing and even sharing of large amount of
data. Moreover, decision making process has also become extremely simplified due
to better management of data.
Conclusion
Therefore, it is concluded that ICT refers to the significant convergence of
telephone and audio visual network with computer network with the help of a link
system. CBA has been using ICT in their business for ensuring that the business
operations are much more effective and efficient in comparison to other financial

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USE AND VALUE OF ICT IN CBA
institutions in Australia. Various advantages that CBA has obtained from ICT
implementation are also provided in this report.

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USE AND VALUE OF ICT IN CBA
References
Bloom, N., Garicano, L., Sadun, R., & Van Reenen, J. (2014). The distinct effects of
information technology and communication technology on firm
organization. Management Science, 60(12), 2859-2885. Retrieved from
https://www.nber.org/papers/w14975.pdf
Hilal, M. (2015). Technological transition of banks for development: new information
and communication technology and its impact on the banking sector in
Lebanon. International Journal of Economics and Finance, 7(5), 186-200.
Retrieved from http://www.databank.com.lb/docs/New%20ICT%20and%20its
%20impact%20on%20banking%20sector%20-%202015.pdf
Saeed, K. A., & Bampton, R. (2013). The Impact of Information and Communication
Technology on the Performance of Libyan Banks. Journal of WEI Business
and Economics-December, 2(3). Retrieved from
https://pdfs.semanticscholar.org/3da3/a45413125cb769a8ea837836fdca126fc
512.pdf
Victor, O. I., Obinozie, H. E., & Echekoba, F. N. (2015). The Effect of Information
Communication Technology and Financial Innovation on Performance on
Nigerian Commercial Banks (2001–2013). European Journal of Business and
Management, 7(22), 162-171. Retrieved from http://ijcar.net/assets/pdf/Vol4-
No12-December2017/05.pdf