Information Technology in the Commonwealth Bank of Australia Report

This report provides a comprehensive analysis of Information Technology (IT) within the Commonwealth Bank of Australia. It begins by highlighting the critical need for IT in the banking sector, emphasizing its role in data management, customer service, and transaction processing. The report explores the importance of IT for the bank's survival and growth, especially in a competitive landscape, and discusses the requirements for implementing IT, including costs, planning, and necessary equipment. It then details the various applications of IT within the bank, such as employee tools and customer services like mobile banking and ATMs. Furthermore, the report outlines the benefits and advantages IT brings to the business, including increased efficiency and customer satisfaction, while also addressing the risks associated with IT, particularly cybersecurity and data security threats. The report concludes by examining strategies for monitoring and maintaining IT systems, focusing on protective measures and security protocols like data encryption and biometrics to ensure data integrity and customer trust. The provided references support the analysis with relevant academic sources.

Information
technology for
business

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Need of IT in Banking Sectors ...................................................................................................1
Impotence of IT in Business survival .........................................................................................1
Requirements to apply IT ..........................................................................................................2
Use of IT in business ..................................................................................................................3
Benefits and advantages IT brings in the business......................................................................3
Types of risks that IT brings to Commonwealth Bank of Australia...........................................3
Ways of monitoring and maintaining IT.....................................................................................4
CONCLUSION ...........................................................................................................................5
REFERANCES................................................................................................................................6

INTRODUCTION
Information technology is the process in which computers are used to store information ,
multiple data and transmit to use in a business. IT also involves the development of business ,
and use to distribute the data. This report will analyze the purpose of the information technology
in Commonweal Bank of Australia then it will discuss about needs of it in the commonweal
bank and impotence of the IT to survival , requirement of the IT to choose in business and it will
also cover the how can commonweal bank can use IT and benefits from to IT for business and
also discuss about the risk IT can bring and in the last how business can maintain and monitor
Information Technology.
MAIN BODY
Need of IT in Banking Sectors
IT play important role in almost every sector but in banking sector it is most impotent
because they need to collect every information about their clients. Commonweal bank is an
multinational bank they are having Clients from all over the world and it is hard for them to
secure all information in the documents so they need the information technology so they can
secure every single information of their clients in the commuter,bank needs to know about a
every single transaction made at any time they are only responsible to collect every information
so they use IT and IT is capable to store every transactions and calculate the cash (.Dutta, S. and
et.al., 2015Andrade and Doolin 2016). There are many technology that can help bank to give
facility to their customers like mobile banking is the IT application which helps customers to
access their bank account on the mobile they can see their every transaction and they can also get
every information about account , Automated teller machine are the commuter machines that
provide cash facility for them. They can check their transaction and withdrew their cash from
those machine, SMS services are offers by banks. they provide customers to operate their bank
by using messages, credit card is an plastic care which customers can do shopping by using the
credit card according to their limits given by the bank the bank deduct that balance from that
account on given time period.
Impotence of IT in Business survival
According to the article(Commonwealth Bank to trial blockchain 'BioTokens' for
biodiversity investment 2019) the Commonwealth bank of the Austraila are focusing on the
blockchain technology In this time they believe in the potential to boost sustainable
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development wile they enabling the opportunity of the investment for the landowner, developers
, investors and government. The Biotoken, CBA said , representation of the biodiversity for the
government of the New South Wales government. This innovation prototype creates an
assemble , transparent online market places where valuable biodiversity credits can be securely
manged and treated using Blockchain translatable digital tokens which are representing the
unique assets of the biodiversity (Dutta and et.al., 2015). CBA has experimentation on the
Blockchain, artificial intelligence emerging IT technology this is said by the Sophie Gilder
Information technology is an important for the Commonweal bank because they are
having many competitor of the bank if they want to compete with them they need to use new
technology. Survival and growth for this bank is totally depend on the technology (Baller, Dutta
and Lanvin, (2016). It is a source for them if they will not use those technology then it will affect
on their growth and it is important for them to give possible facility to their customers. If they
will not give facilities then their customers will switch their bank out with another banks. New
trends in technology is main attraction of the customer and it is important for Commonweal bank
to adopt those technology in their bank they have to maintain all the account
Requirements to apply IT
There are many requirement to apply Information technology in the business like cost ,
planning and designing of the it installation cost , training to employees this all are required to
the commonwealth bank (Andrade and Doolin, 2016).
Investment
banks need lots of finance to apply IT . Thy have to provide the facility to the customer
and installation of it cost too much (Andrade and Doolin 2016.). They need to find the investor
for their bank or otherwise they can provide shares to the public it can help them to collect
enough investment so they can apply It in their business
Planning
planning of the IT is important to implement in the Commonwealth bank . Without
planning they can face many problem they cannot give proper facilitates to their customer it
required proper time and proper panning in installation of the Information technology
Equipment
Equipment like computers, cash machines, credit cards and debit card are required in the
commonwealth bank. Bank totally work on the computers and they store every data in the this
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device installation of all commuters are required for the employees of the bank then they have
install ATM machines so customers can withdrew their cash. They also need to create mobile
mobile application so customers can use banking facility from their home.
Use of IT in business
Employees
Commonwealth banks can give facility to their employees by giving them computers so
they can work more effectively in the business , its hard to work on documents but it will be easy
for employees if they work on the computer they can search any information of the customers on
the computer and also can communicate with them through messages. This will motivate them
to give their best (Apătăchioae, 2015).
Customers
Commonwealth is an bank in Australia and they are having many customers all over the
world. They need to provide facility to their customers and they can give them facilitate by
mobile banking , cash machines and many equipment they can provide them . IT is very useful
for this bank.
Benefits and advantages IT brings in the business
It will be beneficial for the commonwealth bank because they can take advantages of the
technology to improve the growth of their bank they can satisfy their customers if they bring IT
facility to the business(Avgerou and Walsham 2017). New technology provide growth in
business and employees efficiency they can attract new clients for the bank because if they get
better facility then customers can encourage others to open their bank account in the
commonwealth bank. Third management system will be improve and it will be more effective . It
will also affect on the mangers and the leaders of the bank.
Types of risks that IT brings to Commonwealth Bank of Australia
In the context of banking sector it can be said that there is a risk of cyber risk or data
security risk. Information security is known as the main important risk which is being considered
by IT specialist department of Commonwealth Bank. Compromised data, theft of data, destroyed
files are common in banking or financial sector. It is also stated that Commonwealth Bank of
Australia face some challenges from misalignment between IT strategies and business (Avgerou
and Walsham eds., 2017). Cyber security, data management and strategic risk of it are main
types of risks which are being face by this bank. The main aim of banking sector is to give
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satisfactory services to their customers by keeping their data safe and secure (Apătăchioae,
2015).
Information security and privacy are now becoming the major concern topic in the
Australian banking environment. A genuine security issue revolve around electronic currency
and digital cash which is being built around critical customer information and because of this
customers personal informations can be exposed. This is the main reason privacy and
information security is becoming the major concern. A data breach is one of the main problem
which allows informations to go out from the system and make them viewable to others. Due to
this type of risk banks have to face the problem of stolen of confidential and sensitive data of
their customers. It decreases their brand image in the market (Lassoued, Sassi and Attia, 2016).
Ways of monitoring and maintaining IT
It is the fact that challenges in banking security is increasing on rapid rate and also are
becoming more complex. It is a high time to think about monitoring and maintaining IT as well
as solve problems which it is facing. There are mainly 5 steps and function by which this bank
provides better protection against cyber threats such as identify, protect, defect, respond and
recover (Reim, Parida and Sjödin, 2016). There are some types of security safeguards which are
being developed by this bank for data encryption such as anti phishing, anti reverse, second
factor authentication like cross verify of one time password, security card, SMS notification
services to all customers etc.
In addition, and for maintaining and monitoring IT, it also makes an effective use of
biometrics as no outsiders can enter in the premises as it can decrease the risk of stolen of
confidential data from the system (Baller, Dutta and Lanvin, 2016). Physical access control by
smart card is also known as the main way of securing data of customers. Secured socket layer is
known as a security protocol that allows Commonwealth Bank of Australia and banking sector to
establish a secure connection between client and server. For establishing this security protocol
there is a requirement for a Web server to get SSL certificate which is being issued by a
certifying authority (Menicucci and Paolucci, 2016). It also aligns global security with real time
threat alerts. For this it makes an effective use of event management and security information
system that helps it out in identifying potential risks and known threats. By identifying threats it
blocks the site immediately.
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CONCLUSION
This report has been analyzed and describe the purpose of IT in a Commonwealth bank
then this report have been analyzed needs of the IT in the chosen bank then it shows the
importance of the IT in the bank then this report Conclude the requirement to apply IT in the
business then described the investment , planning and equipment and installation. Then it has
been analyzed that how the chosen business can use it for the employees and customers. Then
this report has been discuss the types of risk IT bring for the commonwealth banks in thir
security , flexibility and reduce cost. In the last analyzed about how this bank can maintain and
monitor Information technology.
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REFERANCES
Books & Journals
Dutta, S. and et.al., 2015. The global information technology report 2015. In World Economic
Forum(Vol. 1, No. 1, pp. P80-85).
Andrade, A.D. and Doolin, B., 2016. Information and communication technology and the social
inclusion of refugees. Mis Quarterly. 40(2). pp.405-416.
Apătăchioae, A., 2015. The performance, banking risks and their regulation. Procedia
Economics and Finance. 20. pp.35-43.
Avgerou, C. and Walsham, G. eds., 2017. Information technology in context: Studies from the
perspective of developing countries: Studies from the perspective of developing countries.
Routledge.
Baller, S., Dutta, S. and Lanvin, B., 2016. Global information technology report 2016. Geneva:
Ouranos.
Hills, J., 2018. Information technology and industrial policy. Routledge.
Lassoued, N., Sassi, H. and Attia, M.B.R., 2016. The impact of state and foreign ownership on
banking risk: Evidence from the MENA countries. Research in International Business and
Finance. 36. pp.167-178.
Marchewka, J.T., 2016. Information technology project management: Providing measurable
organizational value. John Wiley & Sons.
Menicucci, E. and Paolucci, G., 2016. The determinants of bank profitability: empirical evidence
from European banking sector. Journal of Financial Reporting and Accounting. 14(1).
pp.86-115.
Reim, W., Parida, V. and Sjödin, D.R., 2016. Risk management for product-service system
operation. International Journal of Operations & Production Management. 36(6). pp.665-
686.
Schwalbe, K., 2015. Information technology project management. Cengage Learning.
Sittig, D.F. and Singh, H., 2015. A new socio-technical model for studying health information
technology in complex adaptive healthcare systems. In Cognitive informatics for
biomedicine(pp. 59-80). Springer, Cham.
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Xiang, Z., Magnini, V.P. and Fesenmaier, D.R., 2015. Information technology and consumer
behavior in travel and tourism: Insights from travel planning using the internet. Journal of
Retailing and Consumer Services. 22. pp.244-249.
Online
Commonwealth Bank to trial blockchain 'BioTokens' for biodiversity investment. 2019. [Online].
Available through :<https://www.zdnet.com/article/commonwealth-bank-to-trial-blockchain-
biotokens-for-biodiversity-investment/>.
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