ITC 563: Information and Communication Technology in Australian Banks

Desklib provides past papers and solved assignments for students. This report analyzes the use of ICT in Australian banks.

ITC 563 IT MANAGEMENT ISSUES
Assessment Item 1
1

Contents
Introduction......................................................................................................................................3
Task..................................................................................................................................................4
Usage and value of information and communication technology in the everyday business
operation of a financial institution...............................................................................................4
Value of information and communication technology................................................................4
Conclusion.......................................................................................................................................6
References........................................................................................................................................7
2

Introduction
Information and communication technologies are spreading and take an important place in the
network area. It is essential and important for the business association to determine the use and
value of information and communication technology in business operations so that activities
become effective. This report will be focused on the role of ICT in different operations of banks
in Australia. Along with this, it will be discussed the value of information to an organization.
The report will include information in the context of Commonwealth Bank of Australia.
3

Task
Usage and value of information and communication technology in the everyday business
operation of a financial institution
Information and communication technology is helpful for business organizations in effective
planning and processing of work. Commonwealth Bank of Australia is using ICT in everyday
operations like planning, communication, data storage, and other practices. Below are the certain
uses of information and communication technology in regular operations of Commonwealth
Bank of Australia:
 Global communication: Information and communication technology is helpful to
facilitate worldwide communication from any place in the world (Miley, 2018). CBA is
using Skype and other tools to facilitate chats among the team and various members in
other states of Australia. Thus, ICT is useful to manage the active and relevant flow of
communication.
 Work options: Another use of ICT is to facilitate active and flexible work options.
Technology enables and supports the individual to work from any of the places easily
which reduces daycare cost as well (Aliyu and Tasmin, 2012). Thus, information can be
sent and received from any location or from any of the place.
 Data storage: ICT is spreading in a rapid manner which assists and supports to store data
and information properly. One of the best aspects which are using by Commonwealth
Bank of Australia is cloud storage. They are putting and storing information on the cloud
to maintain the confidentiality of data and information.
Value of information and communication technology
Information and communication technology puts some value in a business so that work
operations become effective (Luo and Bu, 2016). It spreads positive value to the Commonwealth
Bank of Australia so that things get done in a right and beneficial direction. With the help of
ICT, Commonwealth Bank of Australia manages an effective planning process. It will result in
suitable execution of operations which motivate a better communication process. Another value
which defines by ICT to business is customer welfare. Commonwealth Bank of Australia stores
their data on the cloud which protect their information and maintain its confidentiality. Hence, it
4

is another major value which describes with the help of information and communication
technology in CBA.
5

Conclusion
Information and communication technology has helped a business to become superior which
further promotes effective execution of operations. Information and communication technology
has supported effective communication between different groups or at a global level. Data
storage has discussed as well which assist to maintain the confidentiality of information with the
cloud storage system. It has proclaimed a positive attribute towards business in order to manage
customer welfare. Along with this, ICT has supported and provided service of quick feedback
which resolves issues of clients.
6

References
 Aliyu, A. A., & Tasmin, R. B. H. J. (2012). The impact of information and
communication technology on banks’ performance and customer service delivery in the
banking industry. International Journal of Latest Trends Finance and Economy, 2(1), 80-
90.
 Luo, Y., & Bu, J. (2016). How valuable is information and communication technology?
A study of emerging economy enterprises. Journal of world business, 51(2), 200-211.
 Miley, E. (2018). Uses of Information Technology in Business. [Online] BizFluent.
Available at: https://bizfluent.com/list-6496451-uses-information-technology-
business.html. [Accessed on 22nd March 2019].
7