IT Management: Analyzing ICT's Role in Westpac Banking Corporation

This report discusses the role and value of information and communication technology (ICT) in the day-to-day business operations of Westpac Banking Corporation, a financial organization providing services in Asia, New Zealand, and Australia. It highlights how technology plays a key role in Westpac's sales and accounting systems, automating processes to increase productivity and improve resource utilization. The report emphasizes the importance of technology in storing and maintaining data integrity, enabling analysis of past and present trends for better decision-making. Furthermore, it discusses how technology facilitates communication and globalization, allowing Westpac to reach customers worldwide. While acknowledging the benefits, the report also addresses the threats technology poses, such as data breaches. It concludes that integrating communication through technology is crucial for Westpac to keep employees informed and deliver quality services to its customers, ultimately improving overall productivity.

Running head: IT MANAGEMENT
It Management
(ICT in Business)
Name of the student
Name of the University
Author Note:

1IT MANAGEMENT
Introduction
Westpac Banking Corporation aims to provide various kind of banking and
financial services in Asia, New Zealand and Australia. It operates in different domains
like consumer bank, Westpac New Zealand, Institutional Bank (Dutta, Geiger & Lanvin,
2015). With the development of technology, new businesses are emerging in present
market.
In the coming pages of the report, an idea has been provided with respect to
usage and value of information and communication technology in day to day business.
The report discusses the business operation of this financial organization that is
Westpac Banking Institute.
Discussion
Technology tends to play a key role in Westpac Banking Institute which is
important for this business with respect to sales system. ICT tends to play a key role in
accounting system and managing complex parts of business activities (Lee, Son & Kim,
2016). Technology has helped Westpac bank to automate various process which are
required for increasing overall productivity. It has enabled us to make use of resources
which can improve the quality at much lower cost (Jackson, 2016). It will ultimately
improve the rate at which the products can be delivered to customers. Technology has
helped Westpac Bank to store information also help to maintain integrity. Westpac has
enabled us to store sensitive information so that it can be less vulnerable to data breach
(Rehmani, Reisslein, Rachedi, Erol-Kantarci & Radenkovic, 2017). The store
information can be retrieved at any required time. It can be used for analyzing both

2IT MANAGEMENT
present and past trends so that they can forecast the future. It will ultimately help in
taking better decision in Westpac Bank.
Communication tends to play a key role in the organization like Westpac Bank.
Both transportation and business is considered to be an important part in the
complicated business process that will interplay with each other. By the help of
technology, it has become possible to even globalize various business operations
(Jackson, 2016). Technology has helped Westpac bank to even reach in wider regions
of the world. With the help of Internet, Westpac can attract customers from different
regions of the world. Apart from the benefits, technology tends to impose huge amount
of threat to the overall business of Westpac bank (Dutta, Geiger & Lanvin, 2015). Cloud
computing has created a platform where business can outsource their resources to third
party by making use of internet technology. Cloud computing has removed different kind
of issues like data crashes and data loss.
Conclusion
From the above pages, the point can be concluded that the report is all about
importance of information technology is Westpac bank. The main use of technology is
all about proper integration of communication within this financial institute. By the help
of technology, Westpac bank can keep their employees on same page so that everyone
is updated about the ongoing facts in business. The way in which it is synchronized with
business can help it a lot to improve their overall productivity. Westpac bank can make
use of technology to deliver quality services to its customers.

3IT MANAGEMENT
References
Dutta, S., Geiger, T., & Lanvin, B. (2015). The global information technology report
2015. In World Economic Forum(Vol. 1, No. 1, pp. P80-85).
Jackson, S. (2016). No variance for filed orders: Hayes v Westpac Banking Corporation
[2015] QCA 260. Proctor, 36(2), 42-43.
Lee, A. R., Son, S. M., & Kim, K. K. (2016). Information and communication technology
overload and social networking service fatigue: A stress perspective. Computers
in Human Behavior, 55, 51-61.
Rehmani, M. H., Reisslein, M., Rachedi, A., Erol-Kantarci, M., & Radenkovic, M. (2017).
Guest editorial special section on smart grid and renewable energy resources:
Information and communication technologies with industry perspective. IEEE
Transactions on Industrial Informatics, 13(6), 3119-3123.