Information Technology and Information Systems in Australian Banking

This report analyzes the role of Information Technology (IT) and Information Systems (IS) in the Australian banking industry, focusing on the challenges and opportunities presented by emerging technologies such as Cloud Computing (CC), Big Data (BD), Artificial Intelligence (AI), and Mobile Computing (MC). The report examines the strategic imperatives for IT in the banking sector, addressing challenges related to security, the regulatory environment, and outdated legacy systems. It also explores opportunities arising from these technologies, including improved data security, innovative services, and enhanced customer relationships. The analysis considers the context of major Australian banks (ANZ, NAB, CBA, and Westpac), highlighting how they are responding to the evolving landscape of IT and its impact on their operations and customer services. The report concludes by emphasizing the importance of adopting new systems for better performance, governance, and productivity in the banking sector, ultimately benefiting both users and banks.

2/3/2020
Running Head: MANAGING INFORMATION TECHNOLOGY 0
Managing information technology
Report
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Table of Contents
Introduction................................................................................................................................1
Discussion Strategic imperative.................................................................................................1
i.Challenges & mitigation......................................................................................................1
1.Security...........................................................................................................................1
2.Relevant regulatory environment....................................................................................1
3.Issues with outdated legacy system.................................................................................2
ii.Opportunities.......................................................................................................................2
Conclusion..................................................................................................................................2
References..................................................................................................................................2

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Introduction
In the banking industry, most processes have handled using the Information System (IS) and
Information Technology (IT). In addition, the banking industry has adopted online services,
which are based on IS/IT (Akturan & Tezcan, 2012). In addition, Cloud Computing (CC) has
used to provide services at anytime and anywhere. This paper will describe about the role of
IT technologies in the banking industry including CC, Big Data (BD), Artificial Intelligence
(AI), and Mobile Computing (MC). This report will analyse ANZ, National Australia Bank
(NAB), Commonwealth Bank of Australia (CBA), and Westpac based on various factors
(Smyth, 2019). They came under fire for their lack of honesty greed and misconduct. This
report will analyse all the things, which are affected by emerging technologies (Chen, 2013).
Mobile computing is necessary at the end of users. Most of the works have finished using
mobile banking as well as online services. It is the best way to improve the online services on
banking. There are some basic changes in the banking sector, which are not good for the
customers because of the personal benefits them. AI-enabled systems have provided help into
loans and other processes. However, BD is the base of the banking sector to integrate and
manage large amounts of data (Chavan, 2013).
Discussion Strategic imperative
I. Challenges & mitigation
1.Security
There are many challenges faced by the banking industry because of the IS-system in their
security and privacy. In addition, many processes can be affected by cybercrimes and cyber-
attacks. In addition, physical and technical security is necessary for all transactions and data.
It is necessary to improve cybersecurity (DeLange, 2019). Moreover, there are many good
options are presented in the market. Moreover, there are many users, which are suffered
because of data breaches and technical issues in the banking sector (Butler, 2019).
2.Relevant regulatory environment
The government should monitor banks for their processes and services. In addition, there are
some basic rules and regulations for banks. Moreover, banks have created a different culture
and environment, which is not suitable for users (Liu, 2015). Moreover, the government
should make transparent processes in the banking industry. Australian Securities and
Investments Commission (ASIC) and the Australian Prudential Regulation Authority

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(APRA) has provided regulations for banks in their performance and governance, which is
directly connected with users as well (BV, 2013).
3.Issues with the outdated legacy system
Older systems make a huge impact on the performance and productivity of the overall
system. In addition, the government has managed all the processes of banks using online
services. The government has provided mitigation straggles for managing many types of
issues and challenges (Mahalle, et al., 2018). It is necessary to upgrade and update systems,
which are used for banking processes. Moreover, it will improve the performance of banking
systems. Customer satisfaction is necessary for banks as well (AlSudairi, 2012).
ii. Opportunities
Banks have taken many opportunities using emerging technologies. Data can be secured
using new systems (Schroeder, 2019). There are many disruptive technologies in the market,
which can be used for banking processes, such as payment transfer, authentication, and many
others. IT-system can be used for the satisfaction of users of banks (Al-Hawari, 2014).
However, many processes can be used to develop a good relationship between users and
banks (Vilar, 2019).
Furthermore, there are many good things in the CC, which can provide new systems for the
management of various risks and threats, which is a reason for financial losses. In addition,
basic processes can be managed using emerging technologies. There are various opportunities
in the field of the banking sector because of CC, MC, BD, and AI. CC has provided a good
platform to develop new systems (Mahalle, et al., 2018).
Innovation effects in smarter apps, advanced statistics storage, faster processing, and wider
information distribution. Innovation makes corporations run extra efficiently. And innovation
increases fee, enhances pleasant, and boosts productiveness. In addition, the company can
improve their business as well as other factors. Corporations that follow a low-value product
approach can look to information era solutions to reduce their expenses thru extended
productiveness and decreased need for employee overhead. groups can also construct-in data
technology to their merchandise that makes it difficult for customers to interchange systems
or merchandise (Butler, 2019).
Conclusion
In conclusion, the banking industry has improved its working systems because of IS/IT
systems including CC, MC, BD, and many others. Moreover, there are many benefits of all

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those technical in working processes as well as the security of data and information. In
addition, basic processes can be improved based on the CC, and BD. However, there is a high
level of competition between different banks because of technologies. Finally, banks have
adopted new systems for better performance, governance, and productivity. It will be good
for users as well as banks.

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References
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Al-Hawari, M. A. A., 2014. Does customer sociability matter? Differences in e-quality, e-
satisfaction, and e-loyalty between introvert and extravert online banking users. Journal of
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greed'. [Online]
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DeLange, N. N., 2019. The Future Of Banking: Fintech Flags Turning Point For Australian
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Liu, H., 2015. Constructing the GFC: Australian banking leaders during the financial ‘crisis’.
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Mahalle, A., Yong, J., Tao, X. & Shen, J., 2018. Data Privacy and System Security for
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Explore, pp. 407-413.
Schroeder, P., 2019. Explainer: Australia's biggest banks reel from string of scandals.
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Available at: https://in.reuters.com/article/us-australia-banks-regulation-explainer/explainer-
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