Assessment of Information and Communication Technology in AMP Bank

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ITC563 - IT MANAGEMENT ISSUES ASSESSMENT
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ICT stands for Information and Communication Technology. The current report is going
the highlight the role of ICT in the banking sector. In this context, AMP Bank Ltd is
being considered which was developed in the year of 1998. It is offering retail banking
services to their expected customers. It’s headquarter is situated in Sydney and is
having approximately 6,000 workforces (AMP Bank Limited, 2019). A wide range of
services is being provided by the venture such as self - managed superannuation fund
products, transaction banking services, deposits, practice finance loans along with
services related to residential mortgages. There are around more than 5 million retail
users and approx 400 institutional customers all over Australia as well as New Zealand.
In addition to these two nations, they are also running their business in continents like
North America, Asia, Europe, and the Middle East.
Information and communication technology can be defined as those technologies
that give access to information via telecommunications. It is very similar to IT (i.e.
Information Technology) but used to focus mainly on communication technologies. This
comprises the internet, cell phones, wireless networks as well as various other
communication mediums. This has been seen that the advancement in the ICT has
greatly impacted the effective as well as efficient implementation of the banking services
along with its products. ICT is playing an important role in AMP Bank Ltd. With the help
of advance information and communication technology, this enterprise is making
possible the delivery of banking services or products in a very convenient and
effective manner in comparison to past years (Shahiduzzaman and Alam, 2014). Apart
from this, the communication level of the venture has increased so much. Now,
AMP Bank Ltd can communicate or share the important facts and figures to a large
number of people over a single platform, i.e. social media. In addition to this, resource
management is also considered as an eminent role of the ICT that allows the
organisation and control of different types of resources effectively.
ICT has great value in the banking arena. It is developing new bases of the
rivalry. The level of competition has increased very high on one side which is
negatively impacted on the performance of AMP Bank Ltd. There are large numbers of
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banks in Australia which are offering similar services and products to the civilians who
are surviving in the nation. Hence, the overall customer base of the selected venture is
being decreased drastically. But, AMP Bank Ltd is also taking competitive advantages
by providing quality based services to their expected clients and stakeholders. By the
use of ICT in the banking institute, several benefits have been gained by the company
and the customers also. These advantages include remote banking, electronic
banking facilities, self – inquiry system, internet banking, electronic feedback
system and many more (Shahiduzzaman and Alam, 2015). AMP bank Ltd has a
mobile banking app which is giving different facilities related to banking and finance like
online transfer of money, checking of passbook, requesting to the bank loan through the
mobile app, etc.
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Reference
 Shahiduzzaman, M., & Alam, K. (2014). Information technology and its changing
roles to economic growth and productivity in Australia. Telecommunications
Policy, 38(2), 125-135.
 Shahiduzzaman, M., Layton, A., & Alam, K. (2015). On the contribution of
information and communication technology to productivity growth in
Australia. Economic Change and Restructuring, 48(3-4), 281-304.
 AMP Bank Limited (2019). AMP Bank Limited. Financial Services Directory.
Retrieved 22 March 2019, from <https://www.financedirectory.net.au/amp-bank-
ltd-1.html>
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