ICT's Impact on Banking: An Analysis of Bank of Melbourne's Operations

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ASS 1 ICT IN BUSINESS
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Introduction:
This assessment is about financial institute as Bank of Melbourne. This assessment explains
importance of communication and information technology in the selected organization Bank of
Melbourne of how this institute use these technologies. It has certain outcomes like user be able
to describe the role and value of information and communication technology. It has told about
the increased facilities by IT for the user regarding bank transaction and other facilities which
need to be provide by the bank to the user. It helps user to make safe and convenience
transaction on anytime from anywhere.

IT (information technology) plays a vital role in financial services. This technology helps
institute to obtain new information according to their competition. IT allows bank user to
proceed online transaction without any trouble. This helps user to use the financial services in
effective manner, it helps the user get notify about each and every policy, transaction, terms,
announcement and other information regarding bank services. It also helps in developing or
growing economy of country. It arrange borrower and lenders together at same platform. It has
the process automation which control all the information flow, producing computers,
telecommunication and other software. IT technology is global. It is totally based on internet as
now internet is available 24 hours, it become easier to use information and communication
technology for banking services (Aliyu & Tasmin, 2012).
However it has some disadvantages also reason because network failure and other internet issue,
which cause for the failure money transactions etc. This thing was not happened at the time when
banking services provided in traditional way with long queue. However, information technology
saves user’s time and provide convenience for transactions but force to face network failure kind
of issues for some time. ( Agbolade, 2011)
ICT is one of reason to make the banks more exhaustive among all institute, example like ATM
machines at every location helps user get money at any time. IT helps bank to manage data
report, file management, data storage etc. cloud services helps a lot in banking sector, it helps
them keep their files on cloud with proper safety, and it plays a deviation role in data reporting
and analysis.
Online money transactions, digital payment is very famous in society. There are some
weaknesses regarding online transaction in security purpose, it has various cyber-attacks and
malware activities on sites, sometime user and bank fails to understand these attacks and they
loss at that point. In case of these cases banks are adopting many security technologies to avoid
risk during transaction (Alshubaily & Altameem, 2017).

Conclusion:
This assessment explains about role and importance of information technology and
communication technology in financial institute as Melbourne bank in Australia. This bank has
several services like money transaction, digital payment, other policies like loan etc. this bank
provide all these service through information technology. It is concluded that there is great role
of Information and communication technology in the banking sector. It also demonstrates about
the disadvantages of Information and communication technology in financial institute.

References:
Agbolade, O. K. (2011). INFORMATION AND COMMUNICATION TECHNOLOGY AND
BANKS PROFITABILITY IN NIGERIA. Australian Journal of Business and Management
Research, 1(4), 102-107.
Aliyu, A. A. & Tasmin, R. B. H. (2012). The Impact of Information and Communication
Technology on Banks‟ Performance and Customer Service Delivery in the Banking Industry.
Int. J Latest Trends Fin. Eco. Sc, 2(1).
Alshubaily, N. F. and Altameem, A. A. (2017). The Role of Strategic Information Systems (SIS)
in Supporting and Achieving the Competitive Advantages (CA): An Empirical Study on Saudi
Banking Sector. International Journal of Advanced Computer Science and Applications, 8(7).