Bank of Queensland MIS Implementation: A Detailed Proposal

This report presents a proposal for implementing a Management Information System (MIS) at the Bank of Queensland (BOQ), aiming to enhance banking and financial services. The proposal outlines the system's objectives, including improving user access, minimizing clerical work, and enhancing customer account management. It discusses the System Development Life Cycle (SDLC) phases, from planning and analysis to design, development, testing, implementation, and maintenance. The report also analyzes BOQ's internal and external operating environments using Porter's Five Forces model, identifying opportunities and challenges for IS/IT. Furthermore, it addresses issues within the existing manual system and justifies the selection of the proposed system. The proposal concludes by discussing project management, risk management, and change management considerations associated with the MIS implementation, highlighting the system's potential to support BOQ's strategic goals.

Title- Implementation proposal for MIS in Bank of Queensland
Affiliation-
Name-
Position-
Date- 22nd January 2019
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Covering letter to Sponsor
January 22, 2019
Bank of Queensland
Queensland
Dear Sir,
It is with great pleasure that I would like to offer Bank of Queensland with a prospect
to become a prised sponsor of new proposed “Management Information System.” We have
prepared this system for the ease of banking and financial services. This system will help in
exploring the existing issues of the banking system and assist in solving it. This proposed
MIS system will also analyse the internal and external operating environment and then act
accordingly.
We have seen that you are using the valuable Information system previously. We
genuinely believe that the new MIS system will offer valuable assistance to your company.
The details of the total cost of the new MIS system expected from your company will
be mailed you. Please feel free to contact us for more information on the new system.
Sincerely Yours,
Name ( ___ )
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Table of Contents
Covering letter to sponsor..........................................................................................................2
Executive summary....................................................................................................................4
Introduction................................................................................................................................6
Discussion of SDLC...................................................................................................................7
About Organization....................................................................................................................9
Discussion of its internal and external operating environments................................................9
Clearly identify the problem/opportunity for IS/IT.................................................................11
Justification on the selection of proposed system....................................................................12
Explanation on how information system support the strategic goals of BOQ.........................13
System analysis and system design for the intended system...................................................15
Explain how the system will be developed, tested and implemented......................................16
Discuss post-implementation activities....................................................................................17
Discuss project management, risk management and change management associated with the
implementation.........................................................................................................................17
Conclusion................................................................................................................................18
References................................................................................................................................20
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Executive summary
The growth of competitive international environment has resulted in the pressure on
various companies, in order to make their process of tactical, operational, and strategic more
effective and efficient. An Information system is the collection of elements which can
enhance the competitiveness and attain better information for taking a decision. Presently,
companies are moving in the race for improving the capability to stay in the global
competition of the new era international market. That’s why companies are trying to improve
their level of agility by enhancing the process of decision making to become sufficient for
fulfilling the strong market fluctuations. In order to attain this, various modern mid or large
size companies hold concern about the ongoing progressive investment cycle, so that they can
adopt the elements of management information systems.
Subsequently, various companies have taken the decision to implement the
information system for enhancing the efficiency and effectiveness of the companies.
Nevertheless, due to the failure to have awareness about various challenging problems going
around the process of implementation can become problematic for the complete process.
Besides this, the issues occurring due to lack of essential success issues looks a challenging
hindrance in the implementation process of a management information system (MIS). Along
with this, the implementation of MIS has impacted the company, and these impacts are
associated with the results of the business process. Subsequently, this problem is essential for
the company to be referred while implementing the new Management Information System
(MIS) in the company. This report aims to propose the MIS that has system approach for the
banking institution, which can help in exploring the existing issues and help in solving it.
This proposal will discuss the system development lifecycle model and will analyse the
internal and external operating environment. This report will explore the issues and provide
justification on the selection of the proposed system.
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Introduction
The MIS system will be provided to the Bank of Queensland (BOQ). The BOQ is
working for the keeping information of accounts, withdrawal (by cheque/cash), and for
deposit amount. Through the help of new MIS, the bank can easily keep the day to day
banking transactions. The objective of this report is to prepare a proposal for the system
applications that can maintain and offer the user-friendly interface for collecting customer
details in less time and with complete accuracy (Adebayo, 2007). MIS will be completely
computerized; therefore, it’s not a time-consuming process. In this system, no paper will be
needed and can be easily implemented. The system will also facilitate the inclusion of new
customer accounts, deletion of previous account and modification in the current customer
account. In order to explore the individual accounts for the specific customer, all transactions
will be shown, and any account can be easily opened in less amount.
The primary objective of the system is:
 To permit the authorized users to access the different functions available in the MIS
system easily.
 Easily explore the account wanted by the user.
 Minimize the clerical job, because computers will complete most of the work.
 Offer the high speed and minimization of time.
 To enhance the account number and customers
 It minimizes the manual workload and provides instant information
 The system will maintain the account list, along with balance status and customer
record (Ajayi and Fadekemi, 2007)
 The system will be user-friendly so that new users can efficiently operate the package
and efficiently manage their account status and balance.
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The MIS banking system for BOQ is proposed to automate the banking system and to
deal with the present account with or either without check facility. The user administrator
will be able to check the account through their login ID and password and can work with
account holders for withdrawal/deposit. This will enable the quick transitions like the
creation of a new account, cash withdrawal, cash deposit, and checking account balance by
admin (Baskerville and Myers, 2002).
This report will try to make a sincere effort in offering the features mentioned above
for fulfilling the need of BOQ. The project category will management information system
having System approach.
Discussion of SDLC
Planning
The request of the client is reviewed through the committee that includes around ten
people in SCMS, such as managers, vice president, and non-managerial staff. In this phase,
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projects ideas are collected and reviewed; projects ideas are set as per priority; resources are
allocated, and the project development team is created.
Analysis
A complete investigation is done through personal supervision as the explicit
recognition of problem terms that arise at the time of preparing a feasibility report.
Design
The system is designed for coping up with errors and various subsequent
modifications and changes (Kozak, 2005). When the specification of the user system get
finished, it should be shown to management that will outline the design features and offer a
revision of cost, objectives, and benefits.
Development
In this phase, the system is constructed. In the first stage application programs will be
developed. In the next stage design document is analyzed as per design. This activity needs
the highest workforce and resources in the complete system life cycle.
Testing
This phase includes testing the complete system. Firstly it separately examines the
system. Every independent program is tested and by the interface of various other
subsystems, the entire system is tested.
Implementation
In this phase, the system is implemented, and testing and integration are done. It also
includes various activities like system test, development of the unit testing module, manage
release, install and test the new system, initiate beta test, regression test, conduct software
quality assurance, implement the system, training, develop the specification of training,
explore training methodology and develop a mechanism for training delivery (Kozak, 2005).
Maintenance
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In this phase post implementation of the new system is reviewed; documents are
learned and given to team members. The software maintenance team is created, and errors are
explored.
About Organization
Background
The Bank of Queensland (BOQ) is the retail bank of Australia, having its
headquarters in Brisbane, Queensland. This bank is the oldest Queensland financial
institution and has around 252 branches all over Australia, which includes 78 corporate
branches, along with 166 owners managed branches. In the year 2007, the satisfaction of
customer with the bank was around 88% (Fabunmi, 2003).
Vision
BOQ is established as the most trusted investment bank, which is governed through
integrity and discretion along with commitment towards corporate customer base and
individuals with the cross-connection between the regional footprint of BLOM and Australia.
Mission- the mission of the bank is to come up as most leading offeror of added value
financial products, which are tailor-made to fulfil the requirement of clients and to offer the
qualitative advisory services, with the application of intellectual capital as well as an
innovative approach for creating value and for preserving the wealth (Meliha, 2001).
Discussion of its internal and external operating environments
Porter’s Five Forces model
Industry rivalry
Rivalry existing among the competitors might link with size or scale. As per APRA
(2014), there were around 68 banks in Australia, among which approximately 20 were
domestic banks, 40 were a foreign bank, and 8 were foreign subsidiary banks. The industrial
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evolution has depicted the trends in the merger and acquisition like Adelaide Limited and
Bendigo in the year 2007. This trend represents the interest of existing players for dominating
in the market. The contestability of the market and policies of government indicate the
competition. In the context of products, both quality and innovation are needed. Small market
players try to distinguish the products through emphasizing over the products (Kozak, 2005).
Many important banks had invested in the technology for satisfying the customers, for
example, providing mobile applications. As the services and products are identical and
concern with the industry, it can be mentioned that current customers are imposed with the
medium threat.
Entry
The new entrant’s threat in the industry is quite low for the market of Australia,
because of the entry barriers like regulations and APRA examines capital, cost of switching,
scope, and learning, economies of scale and reputation. New entrant opportunities relate to
the new technologies. Kozak (2005) has mentioned that new entrants might disrupt the
current business model of banks by new technology like payment method applied by Pay Pal
and Google Pay to compete with previous existing banks.
Substitutes
In the present trend, the critical substitution threat of the banks is not ADI, but it’s the
financial organizations, investment banks, and general financers, which provide similar
products and services. There are two significant types of non-ADIs, which offer lending
services like finance companies and market corporations. As per Laudon and Laudon (2003),
investment banks provide business loans, along with general financiers and financial
institution. Truth is essential in the industry like customers are less sensitive towards the
changing price. Therefore, the threat of substitutes in the industry is moderate.
Supplier power
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The principal market suppliers of banks are customers, legal services, accounting
services, and financial market. Legal entities offer legal services to the banks associated
through contracts with clients and various other legal problems; where else, accounting
companies offer accounting services related to the financial statement, preparing tax auditing.
As the suppliers are not concentrated, the power of supplier holds medium threat (Liu and
Young, 2007).
Power of buyers
The Australian bank customers are households and individuals from retail and
mortgage banking. Customers within this industry have the bargaining power to select the
substitute products of foreign, regional or national banks. This power creates the bank more
competitive towards price for attracting the customers. As the buyers are not concentrated,
the power of buyers creates moderate threat over the industry profits.
Clearly identify the problem/opportunity for IS/IT
Problem identification
The new opportunity, which is present in the system cannot manage the pressures.
Non-managers, managers or environment components usually identify the issues that are
rarely created by the information specialist. Managers explore the existence of the problems
and what lead to it.
The problem definition exists in the manual system and a completely automated system.
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Manual system- the system is lazy and consuming a lot of time. This system is getting prone
towards the error and approach to different issues is unstructured (Newman, 2001).
Technical system- through the advancement of technology, if the system is not updated then
the business might face the loss slowly with time. The technical system includes the latest
trend tools, like fax, computer printers, and the internet. The system through the use of
technology gets accurate, fast, reliable and user-friendly.
For explaining the problem, it is important to explore what creates the situation more
challenging by observing the process; take interview of respondents; address the
documentation; explain the human activity system, and identify environmental constraints
(Obi, 2003).
Justification on the selection of proposed system
Economic feasibility
Economic analysis has mainly applied the technique for the purpose of evaluating the
proposed system effectiveness. In this procedure cost/benefit is determined for both savings
and benefits. In this procedure, benefits and savings are determined, which is expected from
the proposed system and the comparison is made with cost (Shu and Strassmann, 2005). On
the basis of this, the decision is taken, and the new proposed system is implemented.
The manual efforts included in maintaining the account, information of customers,
deposit, withdrawal, and calculation of balance is highly tremendous. This had happened due
to the information volume. Maintaining the records of various customers is not an easy task,
and it requires workforce (Rimvydas, 2001). Through the support of computers, it becomes
straightforward to manage the book and library and easily keep track of the books.
In computerization case, the associated cost is not so high, as it used to be challenging
507 years before. Every management of banking requires desktop computers initially, along
with UPS and printer for maintaining the regular electricity supply. The individual operator
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can efficiently manage various queries. In conventional terms, it should not take more than
10-15 minutes to enter the customer information. In terms of feasibility terms, a measurement
can be made whether the explored user requirements might be satisfied through the present
hardware and software (Whitten, Bentley and Dittman, 2004). In this case, the user includes
the one head clerk who initiates every task. Other clerk maintains the records related with the
new account and deletion of the account, as well as removal and addition of customers, and
keeping the balance amount. As the information volume is managed through the individual
person is quite tremendous.
Explanation on how information system support the strategic goals of BOQ
Having the quantifiable measures as well as target markets create ease for the
strategic performance management down in the structure of the organization. BOQ strategic
objective is to enhance the profitability of customers or something which is equally
straightforward. The balanced scorecard might force to quantify the objective in the context
of the particular targets and measures (Asemi, Safari and Zavareh, 2011).
The measures can be measurably increased in the average quantity of products. It gets
the more straightforward task for the bank to allocate the responsibilities for attaining the
appropriate target towards the subordinate unit of business. For instance corporate banking or
retail banking. Indeed, it can become easier for BOQ to allocate the granular measures
quickly and quickly target the strategic objectives of the staff. This is the logical allocation in
a balanced scorecard.
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Balanced Scorecard
The question is how BOQ has changed the retail banking in Australia. The
implementation of IT in the current years has proved to be the boon for the banking industry,
and it has also changed the manner banking services are initiated in the present time
(Beaumaster, 2002). The point is that how IT has enhanced the retail banking from the
viewpoint of balanced scorecard. The proposed system from customer perspective will:
 Enhance the multi-utility of ATM availability in every branch; this will minimize the
cash bank branches.
 Mobile and internet banking services
 Service availability by various channels, such as kiosks, branches, call centre, and the
internet.
 Non-banking service viability such as reward points, travel insurance, utility service
payment
 Customized services and enhanced products in the portfolio cater towards the
customer requirement.
 The mobile establishment in rural areas.
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 Internet technology also assists in permitting the cross-link transactions that support
the BOQ in increasing the new geographies.
 Product portfolio review regularly and exploration of changing customer demands.
 Suggesting customers about the loan products, and simultaneously checking their
profiles (Davenport, 2000).
System analysis and system design for the intended system
Features proposed in the new MIS system at BOQ:
 Any data can be searched easily
 Every record about the account and customer can be stored in the different files
 These files can be updated and maintained constantly
 Specific information of mind can be updated
 The particular customer record can be updated for single or more customer address,
and through offering number of account
 The customer record can be deleted easily through offering many accounts
The proposed MIS system at BOQ will provide fast access to data, reliable and user-
friendly services (Davies, 2009). The proposed system wouldn’t have any possibility of data
loss at the time of processing. In the testing of the system, below testing will be conducted:
Operational feasibility- it will be based on specific parameters:
 The proposed system effectiveness in the BOQ
 The effect of the new system over the previous system
 User preferences gathered during the interview
 New system requirements
Schedule feasibility- it will be based on below parameters:
 Project deadline, either reasonable or not
 Calculated time for completing the project
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Technical feasibility- it will be based on below parameters:
 Software and hardware needed for the project
 Propel availability while delivering and assisting the new proposed system
Economic feasibility- it will be based on below parameters:
 Proposed system benefits for BOQ
 The relationship between cost and benefits related to the use of the system.
Explain how the system will be developed, tested and implemented
In the testing of the new proposed system below testing will be conducted:
Acceptance testing- it’s considered as the testing process before the system is approved for
the operational application. The system gets tested through the information supplied through
system procurer, instead of stimulated test information (Gunasekaran and Ngai, 2004). The
acceptance testing might show the errors in the system needs, due to the actual information
exercises the system invariant ways for information testing. Acceptance testing will also
show the requirement issue, in which facilities of the system fulfil the user requirements or
accept the system performance.
Documentation
Operation systems are considered for granted. Every need of the system will be
evaluated periodically after the system implementation. Just like the system testing that
examine, whether the system got to fail, the operational documentation will examine how
properly the system moves to fulfil the performance specification. It will also offer data for
determining the fundamental redesign required (Gurbaxani and Whang, 1991). The review of
documentation will extend the system evaluation in the context of the extent to which the
system can meet the objectives and actual cost and initial estimates. The study will begin with
a review team for collecting and reviewing the request for the purpose of evaluation. It will
also file the discrepancies after the acceptance of the system. The changes in system impact
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the user or performance of the system, as the primary factor, which initiate the review of the
system (Hevner, March, Park and Ram, 2004).
Implementation
The critical base of the system life cycle is the right implementation of the new
proposed system. The implementation stage implies the conversion of the new proposed
system design into the system operation (Zmud and Cox, 1979). This will include creating the
computer files that are compatible, providing training to operational employees and installing
the hardware terminals, as well as telecommunication network before the working of the
system and its running. In the implementation of the system, user training is essential for
reducing the resistance to change and provide the new system with the change to prove its
importance (Kuruppuarachchi, Mandal and Smoth, 2002). Training aids like user-friendly
manuals, job performance, and data dictionary aids communicate data about new proposed
system and as it the screens.
Discuss post-implementation activities
In the post-implementation activities of the new proposed system, documentation
lessons are learned by the staff and the same will be distributed to all members of the team. A
team will be created for maintaining the system (Lucey, 2005). Errors will be identified and
improved. Finally, system performance will be monitored after its implementation.
Discuss project management, risk management and change management associated
with the implementation
In the system development, different security risk might occur, that can lead to the
loss of information. Below are the security risks that should be presented for information
loss:
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1. Downtime of server- Server downtime might lead the server not to work, and this will
result in complete bridged of a computer with the server and will get unable to get
connected. This might also lead to loss of information when information is passed on
to the server (Milis and Mercken, 2002).
2. Obsolete tools and applications- Because of the application and tools defect, the
information loss might take place. Software failure or hardware crash might also
happen and lead to loss of information.
3. Computer Worms, virus and Trojans- there is a various malicious logic program that
might work without the support of user knowledge and can alter the operations of the
computer and lead to loss of data (Murthy, 2006).
4. Denial of service attack- the DoS attack is designed for server overloading. It uses
software codes to be sent too many requests over the server so that actual user don’t
get connected with the server.
5. Backdoors- they are the programmer who is created as algorithms, and they bypass
the mechanism of security and offer program access for troubleshooting or for
scanning the time of development (O’Brien, 2004). But the crackers and hackers
apply backdoor for attaining the program access and inject the malicious code, which
results into loss of data.
6. Failure of hardware- it might cause information loss, which is saved in hard drives
(Tripathi, 2011).
Conclusion
This proposed MIS for the Bank of Queensland will act as a helpful approach to the
database dialog box for the purpose of depositing and for withdrawing the money. It will also
serve as an essential approach for users. It will also offer the easy ways for withdrawal and
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deposit of money. It will also minimize the time incurred by the user for saving the amount.
Therefore, this system will apply the user-friendly approach.
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