Holmes Institute T1 2019: IT Impact on Commonwealth Bank Report

This report examines the impact of Information Technology (IT) on the Commonwealth Bank of Australia (CBA). It explores the need for IT in CBA, highlighting its role in transaction processing, information flow, data management, and decision support. The report discusses the advantages of IT, such as improved communication, cost-effectiveness, and data storage, while also addressing the risks, particularly those related to data security and privacy. The analysis includes CBA's strategies for utilizing IT, emphasizing the importance of communication streamlining, cost effectiveness, and data storage for maintaining a competitive edge. The report concludes with recommendations for IT implementation and maintenance to mitigate risks and enhance business operations, referencing various academic sources to support the findings. The report emphasizes the importance of IT for business survival and includes details regarding data security breaches and the need for IT to enhance the CBA's data security.

Running head: IT FOR BUSINESS
IT FOR BUSINESS
Name of the Student
Name of the University
Author Note

IT FOR BUSINESS 1
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 the procedures 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
increasing the production through reducing the time after task automation. The
communication has been also improvised by the innovation such as mails, video and audio

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conferences or phone calls. The efficiency has been improved after inclusion the
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 (Oliveira et 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

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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
extemporize the data itemizing or examination that is with IT. What's more, 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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needs fruitful joint exertion as well as correspondence with the different customers of them
inside the time. Furthermore, the correspondence with associates and money related
speculators is additionally expected for keeping up an amicability between business
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.
Advantages of 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:
Communication Streamlining: The essential favourable position of the Information
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

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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
key threats, for instance, the enormous potential towards higher damages for brand
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.

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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 and the 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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developing country perspective. Computers in Human Behavior, 54, pp.453-461.

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