Analyzing IT in Business: Implementation in ANZ Bank, Australia

This report provides a comprehensive analysis of information technology (IT) within the context of ANZ Bank, a prominent financial institution in Australia. It begins by defining IT and highlighting its significance in the banking and finance sector, emphasizing its role in data storage, retrieval, and manipulation. The report then delves into the specific implementation of IT within ANZ Bank, discussing its requirements, including planning, cost considerations, and necessary equipment such as computers, servers, and network connectivity. It explores the utilization of IT in various banking processes, making transactions easier and more user-friendly for customers. Furthermore, the report outlines the advantages of IT, such as increased production, time-saving, improved communication and data storage, and enhanced file and financial management. It also addresses the risks associated with IT, including security, privacy, and confidentiality issues, and concludes with a discussion on the procedures for maintaining and monitoring IT systems within the bank. The report draws upon various sources to support its findings, providing a detailed overview of IT's impact on ANZ Bank's operations and overall business strategy.

Running head: IT FOR BUSINESS
IT for Business: Banking and Finance
Name of the Student
Name of the University
Author’s Note:

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Executive Summary
The main aim of this report is to understand the basic concept of information technology. The
report helps to understand the implementation and adaption of information technology in the
most popular banks of Australia, namely, ANZ Bank. The advantages, risks, procedure of
maintaining information technology in ANZ Bank or any other banking and finance sector is
described here with significant details. Moreover, the requirements of the application of
information technology are also mentioned here.

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Table of Contentss
Introduction................................................................................................................................3
Discussion..................................................................................................................................3
ANZ Bank..............................................................................................................................3
1. Requirement of IT in ANZ Bank.......................................................................................4
2. Importance of IT................................................................................................................4
3. Requirements for the Application of IT.............................................................................4
4. Utilization of IT in ANZ Bank...........................................................................................6
5. Advantages of IT................................................................................................................6
6. Types of Risks in IT...........................................................................................................8
7. Procedure of Maintaining and Monitoring IT....................................................................9
Conclusion..................................................................................................................................9
References................................................................................................................................10
Bibliography.............................................................................................................................12
Appendices...............................................................................................................................13

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Introduction
IT or information technology is the significant application of any system for storage,
retrieval, transmission and also manipulation of data. Information technology is the sub
division of ICT or information and communication technology1. IT is required in every
business or organization for their easy completion of business activities or processes.
Moreover, it is responsible for any type of critical activities that will fulfil the needs and
expectations of customers2. All organizations, including healthcare, banking and finance,
tourism, food processing, transport, airlines, media, library, telecommunications and all
others require information technology in their business.
This report explains about the requirement of information technology in the sector of
banking and finance. The report describes about the topic for the popular bank of Australia,
namely, ANZ Bank3. The various advantages and risks are explained in this particular report.
The procedure of maintaining and monitoring information technology in the mentioned bank
is also given here.
Discussion
ANZ Bank
One of the most popular banks in Australia and New Zealand, ANZ Bank has its
headquarters in Auckland. It is the amalgamation of two banks of Australia and New
Zealand. This bank is responsible for providing various services of banking4. ANZ Bank is
popular for their unique strategies and ideologies in business. They have implemented
1 Schwalbe, Kathy. Information technology project management. Cengage Learning, 2015.
2 Venkatesh, Viswanath, James YL Thong, and Xin Xu. "Consumer acceptance and use of information
technology: extending the unified theory of acceptance and use of technology." MIS quarterly (2012): 157-178.
3 Bilbao-Osorio, Beñat, Soumitra Dutta, and Bruno Lanvin. "The global information technology report 2013."
In World Economic Forum, pp. 1-383. 2013.
4Anz.com, (2018). Our Company. [online] Available at: http://shareholder.anz.com/our-company [Accessed on
26 Jan. 2018].

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information technology in their business for the successful completion of various business
processes and activities.
1. Requirement of IT in ANZ Bank
Information technology is extremely essential for any business. For the banking and
finance sector, the requirement of IT is very high. Customers are the main and the most
important part of banks. The main job of any bank is to fulfil all the financial needs and
requirements of their customers5. Information technology helps to easily store, manipulate
and retrieve bulk data. Moreover, it is extremely safe and secured and thus, there is extremely
less chance of data loss in any system or computer. ANZ Bank requires information
technology in their bank for the successful operations of information in their business.
2. Importance of IT
Information technology is extremely important for any banking sector. ANZ Bank has
implemented and adapted IT in their business as this information technology has various
importance. It helps to drive innovation in the banking services and this leads to the success
of the business6. The most of important application of information technology in ANZ Bank
is the entire database. Each and every confidential data or information is stored in the
database. Information related to customers, banking transactions are retrieved and utilized
with the help of information technology. The confidentiality of this information is always
maintained by information technology.
3. Requirements for the Application of IT
Information technology is applied within the processes of ANZ Bank. However, there
are several requirements that are needed for the successful application of information
5 Holtshouse, Dan K. Information technology for knowledge management. Springer Science & Business Media,
2013.
6 Mithas, Sunil, Ali Tafti, Indranil Bardhan, and Jie Mein Goh. "Information technology and firm profitability:
mechanisms and empirical evidence." Mis Quarterly (2012): 205-224.

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technology in a business. The various requirements that are required for applying IT in the
business of ANZ Bank are as follows:
i) Planning: This is the most significant requirement of application of information
technology in business. Planning helps to provide a proper sense of direction to the
organization and also focus on the results and objectives7. Moreover, it gives guidelines for
the purpose of decision making. ANZ Bank has planned the entire application of IT in their
business by experts.
ii) Cost: This is the second requirement of the application of information technology.
Although IT has several advantages, it is extremely expensive to implement and the smaller
organizations cannot afford it.
iii) Equipments: Various equipments are required for applying information
technology in a business8. The equipments that are needed for the successful implementation
of IT in ANZ Bank are given below:
a) Computers
b) Monitors
c) Keyboards
d) Printers
e) Servers
f) Drives
g) Network Hubs.
7 Laudon, Kenneth C., and Jane P. Laudon. Management Information Systems: Managing the Digital Firm Plus
MyMISLab with Pearson eText--Access Card Package. Prentice Hall Press, 2015.
8 Lloyd, Ian. Information technology law. Oxford University Press, 2017.

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Apart from these equipments, network connectivity is required for applying
information technology.
4. Utilization of IT in ANZ Bank
ANZ bank utilize IT in their organization for the completing their business processes.
This utilization of information technology has made the banking transactions extremely
easier and user friendly. ANZ Bank has a specific bank portal for their customers. All the
customers have their own username and password for logging into the respective bank
website9. They have to log into the bank website and make financial transactions easily.
Information technology has made the entire process of transactions easier and the customers
do not have to visit to the bank any more. Moreover, IT has reduced the time of any banking
processes or activities.
5. Advantages of IT
Information technology has various benefits or advantages. They are as follows:
i) Increment of Production: The production of the banking and finance sector is
incremented when information technology is applied in the business. This is the most
important advantage of IT for any bank10. The banking productivity and transactions are
increased after the application of information technology.
ii) Time Saving: The second important advantage of information technology is time
saving. Since the transactions become easier, the time incurred is extremely lesser. As time is
saved, the overall production of the business is incremented. Moreover, there is no need to
9 Pérez-López, Susana, and Joaquin Alegre. "Information technology competency, knowledge processes and
firm performance." Industrial Management & Data Systems 112, no. 4 (2012): 644-662.
10 Yang, Li-Ren, Jieh-Haur Chen, and Hsiao-Wen Wang. "Assessing impacts of information technology on
project success through knowledge management practice." Automation in Construction 22 (2012): 182-191.

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visit the bank for any banking activities11. The transactions, application for loans, paying bills
or instalments all can be done with the help of information technology.
iii) Improvises Communication: The communication procedure is improvised with
IT. This is eventually done by communication technology. The tools for communication
technology are mainly video conferences, telephones, electronic faxes, databases, electronic
mails and many more. This is the third major advantage of IT.
iv) Improves Storage of Data: The data storage is improved by information
technology. The database is the best boon of IT12. It stores every confidential data and thus
there is extremely less chance that the data would be lost. Moreover, the traditional data
storage is improvised.
v) Improves File Management: The traditional file management was very tough as
those files were bulky to handle. The procedure of searching anything in those files used to
be a significant problem and thus information technology was utilized for this purpose. The
management of file was extremely easier with IT13. ANZ Bank mainly deals with customer
details like account information and many other confidential data. This management of
confidential data are kept in proper files and are thus managed with IT.
vi) Improvises Financial Management: Any banking sector deals with financial
transactions and account details. The financial management of any banking and finance is the
effective or efficient funds management for the successful accomplishment organizational
objectives.
11 Dahlstrom, Eden, J. D. Walker, and Charles Dziuban. ECAR study of undergraduate students and information
technology. 2013, 2013.
12 Baltzan, Paige. Business driven technology. McGraw-Hill/Irwin, 2012.
13 Afshari, Mojgan, Kamariah Abu Bakar, Wong Su Luan, Bahaman Abu Samah, and Foo Say Fooi. "Factors
affecting teachers’ use of information and communication technology." International Journal of Instruction 2,
no. 1 (2014).

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vii) Reduces Operation Costs: The operation costs are decreased or reduced when IT
is applied in an organization. These operation costs of ANZ bank are those expenses that are
solely related to the business operations or in the equipments or components14. Since IT
utilizes extremely less number of equipments, the operation costs is reduced.
viii) Improvises B2C Relation: The business to customer relationship is improved as
the banking processes and transactions become user friendly.
ix) Provides Competitive Advantages: The other advantage of IT is that it provides
significant competitive advantages to ANZ Bank by giving various benefits.
6. Types of Risks in IT
Although IT has several advantages, there are few of the risks that are extremely
vulnerable for ANZ Bank. They are as follows:
i) Security: The main risk of information technology that often becomes a major
problem is the security15. There are various security issues like data hacking and data loss.
The intruders can break into the system for hacking of data.
ii) Privacy: There are various privacy issues in information technology like phishing,
lack of APIs, sniffing and spoofing. ANZ Bank should implement various measures for these
privacy issues.
iii) Confidentiality: The confidentiality issues in ANZ Bank mainly include accidental
or disclosure risks, important data leakage by ex employees and many more16.
14 Niranjanamurthy, M., N. Kavyashree, S. Jagannath, and Dharmendra Chahar. "Analysis of e-commerce and
m-commerce: advantages, limitations and security issues." International Journal of Advanced Research in
Computer and Communication Engineering 2, no. 6 (2013).
15 Vaishnavi, Vijay K., and William Kuechler. Design science research methods and patterns: innovating
information and communication technology. Crc Press, 2015.
16 Schwalbe, Kathy. Information technology project management. Cengage Learning, 2015.

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7. Procedure of Maintaining and Monitoring IT
The maintenance and monitoring of information technology is done by various
procedures like monitoring of automated system and security IT. The management of security
patch also monitors information technology17. Moreover, the protection of virus and malware
also maintains IT security.
Conclusion
Therefore, from the above discussion it can be concluded that information technology
can be defined as the utilization of various systems, computers or telecommunications for the
proper storing, manipulating and retrieval of information. Moreover, it also allows exchange
of confidential information securely. Information technology is the most important
requirement for ANZ Bank. IT has various advantages or benefits for any organization or
business. ANZ bank has implemented and adapted information technology within their
business. The above report has properly described about the importance of IT or information
technology within their business and the various requirements like planning, cost, installation,
equipments are also explained here. Moreover, the significance on information technology in
ANZ Bank with several benefits and security issues are also discussed in the report. The final
part of the report has focused on the process of maintenance and monitoring of information
technology or IT in ANZ Bank.
17 Holtshouse, Dan K. Information technology for knowledge management. Springer Science & Business Media,
2013.

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References
Afshari, Mojgan, Kamariah Abu Bakar, Wong Su Luan, Bahaman Abu Samah, and Foo Say
Fooi. "Factors affecting teachers’ use of information and communication
technology." International Journal of Instruction 2, no. 1 (2014).
Anz.com, (2018). Our Company. [online] Available at: http://shareholder.anz.com/our-
company [Accessed on 26 Jan. 2018].
Baltzan, Paige. Business driven technology. McGraw-Hill/Irwin, 2012.
Bilbao-Osorio, Beñat, Soumitra Dutta, and Bruno Lanvin. "The global information
technology report 2013." In World Economic Forum, pp. 1-383. 2013.
Dahlstrom, Eden, J. D. Walker, and Charles Dziuban. ECAR study of undergraduate students
and information technology. 2013, 2013.
Holtshouse, Dan K. Information technology for knowledge management. Springer Science &
Business Media, 2013.
Laudon, Kenneth C., and Jane P. Laudon. Management Information Systems: Managing the
Digital Firm Plus MyMISLab with Pearson eText--Access Card Package. Prentice Hall Press,
2015.
Lloyd, Ian. Information technology law. Oxford University Press, 2017.
Mithas, Sunil, Ali Tafti, Indranil Bardhan, and Jie Mein Goh. "Information technology and
firm profitability: mechanisms and empirical evidence." Mis Quarterly (2012): 205-224.

11
IT FOR BUSINESS
Niranjanamurthy, M., N. Kavyashree, S. Jagannath, and Dharmendra Chahar. "Analysis of e-
commerce and m-commerce: advantages, limitations and security issues." International
Journal of Advanced Research in Computer and Communication Engineering 2, no. 6 (2013).
Pérez-López, Susana, and Joaquin Alegre. "Information technology competency, knowledge
processes and firm performance." Industrial Management & Data Systems 112, no. 4 (2012):
644-662.
Schwalbe, Kathy. Information technology project management. Cengage Learning, 2015.
Vaishnavi, Vijay K., and William Kuechler. Design science research methods and patterns:
innovating information and communication technology. Crc Press, 2015.
Venkatesh, Viswanath, James YL Thong, and Xin Xu. "Consumer acceptance and use of
information technology: extending the unified theory of acceptance and use of
technology." MIS quarterly (2012): 157-178.
Yang, Li-Ren, Jieh-Haur Chen, and Hsiao-Wen Wang. "Assessing impacts of information
technology on project success through knowledge management practice." Automation in
Construction 22 (2012): 182-191.

12
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Bibliography
Buabeng-Andoh, Charles. "Factors influencing teachers' adoption and integration of
information and communication technology into teaching: A review of the
literature." International Journal of Education and Development using Information and
Communication Technology 8, no. 1 (2012): 136.
Dittrich, David, and Erin Kenneally. "The Menlo Report: Ethical principles guiding
information and communication technology research." US Department of Homeland
Security (2012).

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Appendices
What is Information Technology?
Information technology (IT) is the use of any computers, storage, networking and
other physical devices, infrastructure and processes to create, process, store, secure and
exchange all forms of electronic data. Typically, IT is used in the context of enterprise
operations as opposed to personal or entertainment technologies. The commercial use of IT
encompasses both computer technology and telephony. IT includes several layers of physical
equipment (hardware), virtualization and management or automation tools, operating systems
and applications (software) used to perform essential functions. User devices, peripherals and
software, such as laptops, smart phones or even recording equipment, can be included in the
IT domain. IT can also refer to the architectures, methodologies and regulations governing
the use and storage of data.