Analyzing the Impact of Information Technology on ANZ Bank's Business

This report provides a detailed analysis of the impact of Information Technology (IT) on ANZ Bank's business operations. It explores the critical need for IT in the banking sector, highlighting its significance for business survival and the benefits it offers, such as streamlined communication, cost-effectiveness, and secure data storage. The report also examines the risks associated with IT implementation, including security, privacy, and confidentiality threats, particularly in light of past data breaches. Furthermore, it outlines the processes ANZ Bank should follow for maintaining and monitoring its IT infrastructure, emphasizing sequential deployment, thorough analysis of issues, and successful implementation of amendments to ensure data security and operational efficiency. The report concludes with recommendations for ANZ Bank to effectively manage and leverage IT for enhanced performance and risk mitigation.

Running head: IMPACT OF IT ON BUSINESS
Impact of Information Technology on Business: ANZ Bank
Name of the Student
Name of the University
Author’s Note:

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Abstract
The most important objective of this report is understand regarding impact of IT on ANZ
Bank. A better growth and development of information technology has eventually brought
each and every kind of creativity and innovation, hence making entire business processes
much more smooth and effective than others. Moreover, the entire planning of the business
strategies are also being checked by the organization so that they are able to deal with all
types of complexities or issues related to data management. This report has highlighted all
complexities and advantages of IT with mentioning about recent security breach in ANZ
Bank.

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Table of Contents
1. Introduction............................................................................................................................3
2. Discussion..............................................................................................................................3
2.1 Need for IT in Australia and New Zealand Bank............................................................3
2.2 Importance and Significance of Information Technology for Business Survival............3
2.3 Requirement for applying Information Technology in Australia and New Zealand Bank
................................................................................................................................................4
2.4 Process of Australia and New Zealand Bank for using Information Technology...........4
2.5 Benefits of Information Technology Use in the Banking Sector of Australia.................5
2.6 Types of Different Risks while using Information Technology in ANZ Bank................6
2.7 Process for maintenance and monitoring IT within Australia and New Zealand Bank...7
3. Conclusion and Proper Recommendation for ANZ Bank......................................................9
References................................................................................................................................10
Appendix..................................................................................................................................12

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1. Introduction
Information technology is termed as one of the major as well as the most significant
requirements in a business that comprises of the core capability of reducing all sorts of
complexities and issues related to technology and data management within any particular
business (Dutta, Geiger and Lanvin 2015). The important and noteworthy impacts or effects
of IT in any organization involve processing of transaction, flowing of information,
management of data, support to decisions, support to the organizational executives and many
others. The resulting report would be providing a detailed description and discussion on the
total effect as well as impact of IT in Australia and New Zealand Bank. The major details
such as requirement of information technology, significant benefits as well as threats for this
particular technology implementation within the organization of Australia and New Zealand
Bank will be demonstrated in this report.
2. Discussion
2.1 Need for IT in Australia and New Zealand Bank
ANZ Bank requires implementation of IT in their business so that they are able to
provide all types of products and services to customers. For the flexible structure, ANZ
would obtain higher opportunities for enhancement of position in the respective sector of
bank (Hills 2018). IT can increment the production by time reduction and task automation.
Moreover, efficiency and communication is enhanced to a high level after inclusion of
phones, emails or conferences like video or audio. Data security is also enhanced, thus ANZ
Bank would be able to control the sensitive data properly and avoidance of data breaching.
2.2 Importance and Significance of Information Technology for Business Survival
Information technology eventually plays one of the major roles for business survival.
This type of technology eventually has the major ability of securing data and information and

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even providing a stability for supply and demand of business service (Ye and Wang 2013).
Since, banking sectors have to deal with networks, online transaction and few others for
making them free from risks and vulnerability, ANZ Bank should implement IT in the
business. A continuous requirement of services is needed for the bank and thus IT would be
perfect for them.
2.3 Requirement for applying Information Technology in Australia and New Zealand
Bank
Australia and New Zealand Bank have to apply IT in their business operations for
ensuring that better security and privacy is being maintained regarding their sensitive data.
They have faced issues in data breach incident of LankMark White or LMW on 4th February
2019 (FST.Net.Au. 2019). More than 100000 people were being impacted by this breach,
which led to exposure of their potential data like personal contact data or property valuations
for property agents, residential addresses, home owners, contact numbers and residents (Sun
and Jeyaraj 2013). Since they have faced such distinctive security breach in their business,
they comprise of a requirement of information technology implementation. They would have
been able to remove the complexities or problems faced by them so that designing and
application of IT is proper (Wagner, Vollmar and Wagner 2014). It is even needed to train the
employees so that they can utilize the technology to achieve business effectiveness.
2.4 Process of Australia and New Zealand Bank for using Information Technology
Australia and New Zealand Bank would be able to utilize information technology
after perfect implementation of few significant techniques, thus making the entire business
process and operations within the most effective method (Passey and Samways 2016). An
effective transfer of information is eventually possible for making proper decisions so that
entire flow of information is absolute for successful determination of the growth in business.
Communication and collaboration are highly enhanced in this method and ANZ Bank would

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be able to use IT without much complexity. The Share Point as well as Intranet network
could be used by them for the purpose of maintenance of higher effectiveness so that
information exchanging is done in an effective manner. This would also help the employees
in completing their communication through emails (Madon and Krishna 2018). Data
confidentiality and integrity are highly maintained so that efficiency in enhanced in a better
manner within ANZ Bank.
2.5 Benefits of Information Technology Use in the Banking Sector of Australia
The most significant benefits of the implementation or utilization of information
technology within the entire banking sector of Australia for the core purpose of removing or
eradicating each and every kind of security and privacy issues are given in the following
paragraphs (See Appendix).
i) Streamlining of Better Communication: This is the first as well as the foremost
distinctive benefit or advantage of the implementation or utilization of information
technology within the entire banking sector of Australia (Alreemy et al. 2016).
Communication is extremely important for all organizations and this particular technology
ensures that communication is being streamlined effectively and efficiency. A better
communication would be required for ensuring success of company in the dispersed and
connected business scene, employee selection and finally staff leveraging.
ii) Better Cost Effectiveness: The second important and distinctive benefit or
advantage of the implementation or utilization of information technology within the entire
banking sector of Australia (Stein et al. 2015). The entire costs or expenses of maintenance
and deployment of information technology are quite lower in comparison to other
organizations, thus all sorts of operational and managerial procedures get streamlined to
obtain high value of data as well as quality. Revenue is also increased with this method.

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iii) Storing of any kind of Valuable and Confidential Data: Another important and
significant advantage of the implementation or utilization of information technology within
the entire banking sector of Australia is that it helps in successful storage of all types of
confidential as well as valuable data for the business (Bai and Sarkis 2013). It is highly
important for them for ensuring that financial data is secured and thus they can avoid security
breach to a high level.
2.6 Types of Different Risks while using Information Technology in ANZ Bank
Although, there are ample benefits and advantages of information technology that
could be enjoyed by the organization of Australia and New Zealand Bank after deploying it;
few distinctive and noteworthy issues and risks are also present that make the entire system
or technology extremely vulnerable and risky for dealing with the complexities and hence
paving ways for security breaches similar to the ones faced by this specific bank in Australia
(Coeckelbergh 2013). The types of risks for information technology can be classified into
three different types, which are security risks, privacy risks and confidentiality risks. The
details of these three types of risks during utilization of information technology within
Australia and New Zealand Bank are given in the following paragraphs:
i) Security Threats and Risks: This is the first as well as the foremost distinctive type
of risk or threat that is extremely common for the implementation of information for the
popular organization of Australia and New Zealand Bank is security threat or risk. Several
distinct threats associated with the security of confidential information could easily and
promptly bring on to be few strategic risks like subsequent potential for the high types of
damages regarding their brand reputation (Melián-González and Bulchand-Gidumal 2016).
Since, ANZ Bank is a popular bank in Australia, brand reputation is extremely important for
them and they should maintain efficiency in maintaining this brand. This type of security

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threats and risks should be eradicated on time, so that the business is able to execute their
successful assessment of security risks. Thus, such issues should be removed properly.
ii) Privacy Threats and Risks: The second distinctive type of risk or threat that is
extremely common for the implementation of information for the popular organization of
Australia and New Zealand Bank is privacy threat or risk. They might lose privacy of the
data, hence major issues might occur in their organization such as the security breach that
they have already faced in their business previously (Marinagi, Trivellas and Sakas 2014).
All of such important consequences related to security of data privacy and even harm to data
privacy. These types of issues or complexities could even pave ways for several issues and
complexities for their respective organizational systems and equipment.
iii) Confidentiality Threats and Risks: The third important as well as distinctive type
of risk or threat that is extremely common for the implementation of information for the
popular organization of Australia and New Zealand Bank is confidentiality threat or risk
(Taipaleenmäki and Ikäheimo 2013). When the data would lose its confidentiality and
integrity, there is a high chance that the organization of ANZ Bank might suffer from
restriction of data access and even all others to get subsequent access to the data. Thus, it is
extremely mandatory for them to take proper and distinctive actions regarding maintenance
of confidentiality of data.
2.7 Process for maintenance and monitoring IT within Australia and New Zealand
Bank
A proper process is needed to be maintained and monitored for ensuring that the
respective organization of Australia and New Zealand Bank is able to deal with similar
incidents such as resource security or data security breaching (Strohmeier 2013). For this
particular purpose, it is extremely important and significant for Australia and New Zealand

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Bank to follow an effective process or sequence of steps, which would be effective for them
to complete this maintenance and monitoring. The main steps in this particular process are
provided below:
i) Following of Distinctive Sequence Based Deployment: The first as well as the
foremost step in this particular process of maintaining and monitoring of information
technology in Australia and New Zealand Bank is to follow the specific and distinctive
sequence based deployment process (Bai and Sarkis 2013). This particular process should be
completed sequentially and no step can be completed without completion of the previous
step. Due to this kind of sequential approach, it is often termed as extremely time consuming
in nature.
ii) Proper Analysis of Each and Every Issue or Amendment: The second important
and significant step within the particular process of maintaining and monitoring of
information technology in Australia and New Zealand Bank is to properly and effectively
analyse each and every issue or amendment for better assistance and result (Madon and
Krishna 2018). Due to such distinctive analysis, it becomes quite easier to deal with the
complexities and hence maintaining a balance between organizational strategies and
objectives.
iii) Successful Implementation of Every Required Amendment: The third important
and significant step within the particular process of maintaining and monitoring of
information technology in Australia and New Zealand Bank is successful implementation of
all the needed modifications or amendments (Sun and Jeyaraj 2013). This step is needed to be
completed successfully so that organization is not facing any kind of issue or complexity
regarding identification of the gaps or challenges in business.

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iv) Effective Reviewing and Acceptance to Maintenance of the Systems: The final
significant and noteworthy step within the particular process of maintaining and monitoring
of information technology in Australia and New Zealand Bank is an effective review as well
as acceptance to the better maintenance of all types of systems in the information technology
that is being eventually deployed in the business (Wagner, Vollmar and Wagner 2014).
Periodical maintenance of systems and technologies is highly required for even avoidance of
extra costs and expenses in the business.
3. Conclusion and Proper Recommendation for ANZ Bank
Thus, a relevant conclusion could be eventually drawn that, few important and
significant effects or impacts of IT are present for any particular business. Each and every
working condition of all individuals are hence changed for such significant impacts and
hence, information technology is mainly responsible for providing all of these organizations
with the proper scope or chance of analysis of data. Information technology even makes all
processes and procedures hassle free, hence it is highly mandatory to ensure that business is
being maintained properly. The above mentioned discussion has clearly outlined regarding
better analysis of all types of effects or impacts of information technology for one of the most
popular banks in Australia, namely, Australia and New Zealand Bank.
This type of successful deployment as well as maintenance of the information
technology with proper effectiveness and efficiency in an organization is mainly
recommended for the organization of Australia and New Zealand Bank for eradicating all
sorts of problems or vulnerabilities regarding data breaching or security breaching.

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References
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