Bank of Queensland's ICT Implementation: An Analysis of its Impact

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ITC 563 - IT Management Issues
Assessment Item 1
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Table of Contents
Background of the organisation.......................................................................................3
Information and Communication Technology (ICT)..........................................................3
Use of Information and Communication Technology in Bank of Queensland:.................3
Values added by ICT in Bank of Queensland:.................................................................4
References:......................................................................................................................5
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Background of the organisation
The world is changing into a better place by the means of technology and the use of
these technologies in the business world also making great changes. In this
assessment, the use of information and communication technology in the field of
financial business with its importance will be covered. For the journal entry, the
financial institution chosen is the Bank of Queensland. The Bank of Queensland is in
the business from 1874 and it is one the oldest bank of Australia. The number of
employees in the bank is about 48,556 and it has 200 branches in Australia. The
Headquarter of the bank is in Queensland and it provides service of retail banking
services (BOQ. 2019).
Information and Communication Technology (ICT)
The information and communication technology is a large area which covers the use of
various technologies that can e used for the communication process. The various
technologies that covered in ICT are the use of the internet, computer, cell phones,
social media, wireless devices etc. The use of these type of technologies in Bank of
Queensland will add various values in the business of it by providing an alternate
pathway.
Use of Information and Communication Technology in Bank of Queensland:
Provide services of credit cards and ATMs: By the use of ICT, the customers of the
bank can use the services of credit cards and ATMs for the exchange of cash with the
bank. This will decrease the burden of the bank and also the rush of customers in Bank
Cashless business: The use of cards and internet, it becomes very easy for the
customers of the bank to use their money directly from their account to buy any product
or goods without the use of cash. Also, the bank can use the internet for online banking
by which the customer can do the transaction from anywhere.
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Data Sharing: There are 200 branches of Bank of Queensland in all over Australia, by
the use of ICT, the communication becomes easy and the data can be circulated in all
branches easily.
Marketing: The bank can use the information technology for the purpose of marketing
via the internet and website. This will help in getting more customers and clients.
Values added by ICT in Bank of Queensland:
Efficient use of human resources: The use of technology decreased the work burden
on employees. Also, human resources can be used efficiently where the work is only to
operate the technologies.
Improved customer support: Customers are using technology in their daily life so if
the bank also starts using ICT then it will be an aid for the customers to do online
banking and get proper support from the bank (Sapkota et.al, 2018).
Improvement in Communication: By the use of the internet and cell phones, it
becomes very easy for communicating with the other branches. Bank can use its official
website and emails to communicate with its clients and partners. It helps the bank for
creating better help support for the customers and operating its branch.
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References:
 BOQ. 2019. About BOQ. [Online] BOQ. Available at:
https://www.boq.com.au/About-us [Accessed: March 15, 2019]
 Sapkota, N., Paudel, N., Bhattarai, R. & Shrestha, R. (2018). Role of Information
Communication Technology (ICT) in Nepalese Banking Industry. American
Scientific Research Journal for Engineering, Technology, and Sciences. Volume
42, No 1, pp 75-88.
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