ITC563 IT Management Issues: An Analysis of ICT Use in AMP Bank Ltd

Desklib provides past papers and solved assignments. This report analyzes ICT's impact on AMP Bank.

ITC563 - IT Management Issues
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Table of Contents
Introduction:....................................................................................................................................3
What is Information and Communication Technology?.................................................................4
What are the uses of ICT in AMP Bank Ltd?..................................................................................4
What are the values added by ICT to AMP Bank Ltd?...................................................................4
Conclusion.......................................................................................................................................5
References........................................................................................................................................6
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Introduction:
Information and communication technology is the other boon of technology that is emerging in
the world very rapidly. The following assessment will discuss the use of information and
communication technology in the field of the financial institution. A journal entry is prepared by
taking the AMP Bank Ltd. in context.AMP bank was established in 1988 and has headquartered
in Sydney. The total employees in the bank are about 6000 and have a number of 5 million retail
customers.
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What is Information and Communication Technology?
Information and Communication technology can be explained as the technology formed by the
combination of both information technology and communication technology. This technology
includes systems like the internet, computers, cell phones, wireless connectors, etc. for making
the better way of keeping data and sharing with others. The use of ICT in AMP bank can help in
many ways and add values to the business of the bank.
What are the uses of ICT in AMP Bank Ltd?
The first use of Information and communication technology is storing data of every customer by
the use of computers and only cloud storages with the help of internet. This technology is very
useful for solving various different complex problems occur during the calculation. Also by this,
the customers can get support from the bank at any time. This technology helped in reducing the
difficulty of standing in a queue and waiting time. The employees can handle more customers at
a time that makes them more attentive to the job. The bank can use the website and other
platforms for the purpose of marketing and spreading the message to its customers. By ICT, the
data can be kept safe without any loss. Also, the bank can provide a different type of cards for
the customers. By using these cards, they can withdraw or deposit the amount without going to
the bank. The bank can control the online flow of amount of customers by the use of machines
and software. This technology helped customers in doing business and transactions without the
use of cash. Customers can go shopping with the help of internet banking.
What are the values added by ICT to AMP Bank Ltd?
By the use of ICT, the bank has got many values for the business. The first thing that changed
the environment of the bank is the customer support system. Now the bank can easily contact
their customers and can provide them help and support effectively. The stress level of the
bankers also decreased as most of the problems that can give a headache to them can be solved
by the use of information and communication technology system. The use of human resources
become efficient and the extra employees hire for customer support can be used for some other
work. The main problem that irritates the bank is the errors in transaction processing due to bank
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personnel can be solved by this system. This increased the business area of the bank and added
new customers and clients to the bank.
Conclusion
Information and communication technology becomes the need of every industry even in banks
like AMP Banks Ltd. This helps the bank in various unimagined ways. This all uses and values
of ICT were discussed in the above assessment. ICT use is helpful for every business and service
industry.
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References
 Careerfinancenstiture. 2019. Top Australian Banks. [Online] Careerfinanceinstitute.
Available at: https://corporatefinanceinstitute.com/resources/careers/companies/top-
australian-banks/ [Accessed: March 18, 2019]
 Abubakar, A.A. (2017). The Impact of Information and Communication Technology on
Banks" Performance and Customer Service Delivery in the Banking Industry.
International Journal of Latest Trends in Finance & Economic Sciences. Vol. 2, No 1, pp
80-90.
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