Dissertation: IT in Financial Services at OCBC Bank, Singapore

This dissertation investigates the critical role of Information Technology (IT) in the financial services sector, focusing on a case study of Oversea-Chinese Banking Corporation (OCBC) in Singapore. The research delves into the significant impact of IT on modern banking operations, from HR and marketing to financial management, highlighting how technological advancements drive efficiency and productivity. The study examines the company background, research rationale, aim and objectives, and the approach to research, employing both primary and secondary data collection methods including surveys and literature reviews. The dissertation includes an in-depth literature review covering theoretical knowledge of IT and financial services, models for financial inclusion, and the implementation of various technologies. The research aims to identify factors impacting IT implementation, address challenges, and recommend strategies for enhancing IT effectiveness within OCBC, contributing to the broader understanding of IT's role in the financial sector.

Running head: DISSERTATION
A study on the role of Information Technology in Financial Services: A case study of
Oversea-Chinese Banking Corporation (OCBC), Singapore.

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Abstract

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Table of Contents
Introduction 1500 words........................................................................................................................4
Background.......................................................................................................................................4
Company background........................................................................................................................4
Research rationale.............................................................................................................................5
Aim and objectives............................................................................................................................5
Approach to research.........................................................................................................................6
Contents.............................................................................................................................................7
Literature review 3500 words..............................................................................................................10
References APA..................................................................................................................................24

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Introduction 1500 words
Background
Information technology plays a significant role in the expansion of the business sector in the
21st century. The advent related to information technology, computers, as well as, the internet
has changed the way that a business operates. From HR to the marketing as well as, financial
management, everywhere the impact of information technology has extended (Alalwan, et.
al., 2016).
None of these elements can be run in spite of implementing information technology. The use
of IT demonstrates the convenience, increasing speed, and efficiency of these practices.
These are effective factors that can aid to improve productivity. Moreover, information
technology trends have illustrated that technological advancement will endure increasing
(Christopher, 2020). A firm is using each type of technology with respect to increase its
revenues and sales. Moreover, finance is effective and bit difficult activity that cannot be run
effectively in spite of the use of information technology (Bishnoi & Devi, 2017).
Company background
Oversea-Chinese Banking Corporation limited was developed in the year of 1932. It is a
multinational financial and banking service company which headquarter is developed in
OCBS center, Singapore. Furthermore, OCBC facilitates a comprehensive range related to
financial services. The services of the firm incorporate personal lending, deposit-taking,
insurance, treasury, cash management, credit cards, investment banking, stockbroking, other
financial as well as, associated services. It is identified that due to open nature about the
internet, all web-based facilities such as OCBC online banking has integrally developed
uncertainties. These uncertainties are associated with hacking, fraudulent transaction, user
ID/user name, virus attacks, password, hacking, as well as, unauthorized access (OCBC,
2020).

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Research rationale
This investigation is effective because it helps operators within the banking sector and
alternatively entailed individual and firm on the prospect of information technology on
financial institutions. The assessment is primarily assessing the operational and technical
prospect along with, issues facing banking in OCBC banks, Singapore and recommends the
strategies through which, these issues could be dealt (Okoye, et. al., 2018).
In the context of the target of an investigation, attention shall be specified thereon banking
between alternative IT commerce execution. It could aid to conduct associated degrees as
well as, empirical research into the implementation of IT banking in Singapore. This research
would assess the role of information technology in financial services of OCBC bank,
Singapore (Christopher, 2020).
Aim and objectives
The key aim of this research is to assess the factors impacting the execution of information
technology within financial services in the context of Oversea-Chinese Banking Corporation
(OCBC), Singapore. The given below objectives will be implemented with respect to
research completion:
RO1: To discover theoretical knowledge about Information technology and Financial
Services
RO2: To critically analyse the factors impacting on the implementation of IT in Financial
Services: A case study of Oversea-Chinese Banking Corporation (OCBC), Singapore
RO3: To address challenges in implementing information technology for effective financial
services: A case study of Oversea-Chinese Banking Corporation (OCBC), Singapore
R04: To recommend the strategies to improve information technology for effective financial
services: A case study of Oversea-Chinese Banking Corporation (OCBC), Singapore

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Approach to research
Nature of the data to be collected
Under this research, both primary and secondary data gathering would be executed in order to
accomplish the research aim in an effective way. Primary data would be pooled with the
application of the survey questionnaire. Because, it helps to capture fresh and first-hand
information related to the role of IT in financial services particularly with respect to OCBC,
Singapore (Quinlan, Babin, Carr, & Griffin, 2019). On the other hand, secondary data would
be gathered by using journal articles, academic publications, company websites as well as,
textbooks. This technique will be selected for capturing valid and authentic information in
minimum time regarding the role of information technology in financial services in the
context of OCBC, Singapore (Gray, 2019).
Research design
Under this research study, a researcher will apply a mixed research design because it includes
the features of both quantitative and qualitative research design. The qualitative research will
be implemented with respect to obtaining theoretical knowledge with respect to the research
issue. In addition to this, a quantitative research design will be implemented by the researcher
in order to depict the statistical data through measurements (Snyder, 2019).
Research strategy
With respect to this dissertation, an investigator would be going to practice surveys through
questionnaires and literature reviews because it will be effective to achieve the aim and
objectives of the research. In order to execute the survey through the questionnaire approach,
a researcher will be able to capture the data to the participant regarding the role of
information technology in the financial services of OCBC, Singapore. Under this technique, a
close-ended questionnaire structure will be executed through the researcher because it would
aid to obtain accurate research data in a limited time period (Reilly & Jones III, 2017).

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Researcher has executed several sources like online and offline sources, textbooks, and
magazines in order to review the literature review. It will support in creating an
understanding of the role of IT in financial services with reference to OCBC Bank,
Singapore. These sources can support researchers with respect to improving the authenticity
of the outcome (Taherdoost, 2017).
Data analysis
After gather data, the researcher will be assessed by research in terms of practicing the
feasible techniques. For this research, a researcher will practice the statistical data assessment
technique because it helps in an appropriate outcome. It will also implement Ms-Excel
software in order to demonstrate the data through different tables, graphs, and charts. It will
be benefits to comprehend the data in an effective way (Basias & Pollalis, 2018).
Contents
A research structure is executed to achieve the investigation in a methodological way.
The given below content would be used in the dissertation:
Introduction:
It is initial part of the investigation that considers the company information, research
background, aim and objectives, research question as well as, the rationale of investigation.
These components are significant for developing a healthy as well as, understand the basis
with respect to investigation concern. This chapter emphasizes depth knowledge regarding
the research limitation that is tackled by the investigator while performing an investigation.
Hence, there is a need for the investigator to provide instruction regarding investigation
concern as well as, address the investigation concern in a significant manner (Bell, Bryman,
& Harley, 2018).
Literature Review:

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It is the second chapter of investigation that could be incorporated in order to identify the
investigation issue by implying different theories, concepts, and models. By implementing
this literature review chapter, an investigator can be able to assess the current information
about investigation issues and also assesses to what extent, it can be addressed to the
particular duration (Taherdoost, 2017).
For this chapter, different kinds of articles and journals can be evaluated since it supports
creating knowledge related to the investigation issue. It is effective for an investigator in
order to identify the gap of knowledge as well as, develops the stand in terms of applying
primary research techniques (Reilly & Jones III, 2017).
Research Methodology:
This chapter considers different strategies and techniques that are evaluated in order to
accomplish the aim of investigation in a systematic and ethical method. It incorporates
approach, philosophy, data collection techniques, sampling, and data analysis tools with
feasible justification in order to make sure the authentic investigation results. Moreover, these
investigation tools are highly discussed as per the investigation objectives. Because, it can be
significant for obtaining appropriate outcomes in the context of the investigation issue (Gray,
2019).
Data Analysis and Findings:
This fourth chapter is related to assessing data with respect to investigation concerns. This
part facilitates a significant way through which, an investigator can demonstrate thee
gathered information and evaluate them with respect to each research objective. It also
facilitates an investigator in terms of organizing and evaluating the actual facts rationally by
implementing effective tools for data analysis. Therefore, an investigator will be competent
for demonstrating the information in a practical manner and developing the authentic result
(Quinlan, Babin, Carr, & Griffin, 2019).

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Conclusion and Recommendation:
It is the last research chapter that is supportive of the investigator in order to conclude the
research project on the basis of investigation findings. It also creates the relation among
research findings as well as, objectives in order to arrive at applicable and reliable
conclusions. It also facilitates the recommendation associated with the role of IT in the
financial services of OCBC, Singapore. Thus, this chapter would be effective for evaluating
the realistic implication to lead further investigators with respect to conduct a further
investigation (Snyder, 2019).

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Literature review 3500 words
Theoretical understanding of Information technology and Financial Services
As per the view of Vikram & Gayathri (2018), information technology is created, design,
study, execution, support as well as, management of computers relied upon information
systems that are particularly computer hardware and software application. In addition to this,
IT workforces are supportive of ensuring that computing work significantly for people. IT is
the use of computers in order to retrieve, store, transmit, as well as, manipulate the data with
respect to business and other enterprises. Furthermore, IT can be considered as a subset of
information and communication technology.
On the other side, Lata (2016) opined that financial services are illustrated as a wider
category of more specific activities such as investing, banking, as well as, insurance.
Moreover, financial services can be limited for the activity of financial services company and
their professionals when offering financial services, actual products as well as, investments.
The model adopted by Banks for Financial Inclusion
As per the opinion of Tchamyou (2019), the model is adopted for financial inclusion by
banks could be in the form of a branch network, business facilitator model as well as,
Microfinance institutions. In the process of attaining financial inclusion, novel initiatives
such as banking on wheels could be considered as techniques of technology such as internet
kiosks, and mobile plays a significant role. Because, these technological interventions are
supportive for overcome the barriers such as the distance of branch, the existence of data,
customer location, and consumer literacy.
On the other side, Raju (2016) determined that with the aim of offering cost-effective and
viable banking services, door mode of financially excluded group banks in Singapore have
implemented a branchless banking model that is known as a customer service point. It is
managed through business correspondents. In this way, customer service points are less

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expensive together with, technology makes competent to alternate delivery platforms that
provide basic banking facilities to rural communities at the doorstep at affordable expenses.
Following are different technology makes competent to financial inclusion models:
Point of Scale (POS):
Gomber et al. (2018) addressed that a point of the scale is a smart model i.e. branchless
banking model that provides an opening of accounts and financial dealings. Furthermore, a
smart card is a wallet-sized card with an electronic chip intended for store data that is
associated with consumers. A POS is a system with customer service points and competent
for reading the smart card. In addition to this, national-level BCs such as ZMF (Zero Mass
Foundation) and FINO (Financial Inclusion Network and operations) are foremost service
offerors of this integrated technology channel for competent to source as well as, customer
service under financial inclusion.
On the other side, Yasin et al. (2020) evaluated that hardware needs are mobile phones with
printer, public key infrastructure (PKI) security, POS with a fingerprint scanner. Smart card
with magnetic strips and smart card with radio frequency identification is known as
contactless card i.e. alternatively plain plastic card in spite of any attractive strip. The mobile
phone acts as a core branch of the bank as well as, competent to store up to 50,000 details of
customer account. For example, photograph, complete customer ID, 4 or 6 fingerprint each,
multiple types of account as well as, 5 years of transaction history for several kinds of
transactions.
Asher (2017) opined that the system can perform both online and offline as well as,
synchronization with their data server happens to practice GPRS. The system has about 2 GB
memory in order to store offline dealing. There is a provision related to voice prompts and
local language voice over at the time of transaction and enrolment. Along with this, the
transaction has required biometrics of consumers and operators available in CSP.

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Kiosk Banking model:
In the view of Pinedo & Xu (2017) illustrated that at the remote places, stationary positions
can enrol the service consumer via internet access. The consumer considers the core banking
platform related to the bank. The service provider is associated with social enterprises such as
Oxygen Services India Pvt. Ltd, Geosansar, as well as, other individual BCs. They do not
have their own technology and partners of technology are front end service providers. It is
known as kiosk operators at CSPs.
On the other side, Fanta & Makina (2019) identified that there is no external technology
vendor related to the kiosk banking channel. The technology is created in house.
Furthermore, front end kiosk operation is combined with 24*7 CBs data centers. The
requirement of the system is about functioning is a simple PC with a web camera or digital
camera, speakers, printers, as well as, fingerprint scanner.
Role of IT in Financial Services
According to Cassis & Wójcik (2018), the latest technological advancement can be directly
related to the ultimate achievements for financial services and online banking. Although, all
financial transactions are critical, sensitive, as well as, require extreme accuracy and
protection, there is plenty about fintech techniques and solutions are out. Therefore, it could
be executed in order to streamline financial processes and operations.
On the other side, Moudud-Ul-Huq, S. (2017) illustrated that there is significant installation
regarding SSL certificates with respect to financial and business websites. It makes sure that
all rational information and descriptions related to consumers are encrypted with respect to
providing them higher protection and peace of mind while performing financial dealing via
online mode.
However, Chan (2019) illustrated that no system can be completely foolproof as well as,
accounts can be hacked and resultant in identity theft by login credentials. Therefore, while a