IT for Business: A Comprehensive Analysis of Westpac's IT Strategy

This report provides a comprehensive analysis of Westpac's use of Information Technology (IT). It begins by highlighting the importance of IT in the modern banking sector, emphasizing its role in enhancing customer service, facilitating financial transactions, and managing large datasets. The report then delves into the specific IT needs of Westpac, including online access, money transfer systems, and data management. It identifies key components for successful IT implementation, such as resources, people, structure, systems, and culture, and discusses the importance of cost estimation, planning, and equipment. The report also examines the advantages of IT in business, such as increased employee productivity, reduced errors, and improved communication, and contrasts these with the risks, which include general IT threats, criminal attacks, and natural disasters. Finally, the report explores various solutions to mitigate these risks, including the use of assessment tools, policy development, and employee training, concluding with a summary of Westpac's current IT usage and recommendations for improvement.

IT for business
9/13/2019
Student’s Name

IT for Business 1
Contents
Introduction.................................................................................................................................2
Analysis.......................................................................................................................................2
Conclusion..................................................................................................................................4
References..................................................................................................................................5

IT for Business 2
Introduction
In the 21st century, businesses are becoming smart and updated. They are increasing the
use of information technology in their operations. Such use makes their working easy and
helps in serving their customers and clients in a better and smart way. Nevertheless, to say
that increased use of IT also increased the risk of security breaches. Many such issues used
to report daily in media. The data security breach selected for this report is related to Westpac
banking Group that is a leading financial service provider in Australia. Company is having its
headquarters in Sydney and recently been in news for being a failure to maintain a strong IT
system at the place. In the presented report, the discussion will be made to many of the
aspects related to this case such as the need of IT in Westpac, required elements for the
application of IT, the risk associated with the use of IT, solutions to mitigate these risks and so
on.
Analysis
As mentioned above, the selected data breach case is of Westpac, which is a banking sector,
and hence IT is required for various reasons. In the market full of competition, businesses are
required to make them different in the eyes of customers and clients. People use banking for
almost every other transaction in their lives and therefore they need access to their bank
accounts and financial services 24*7. For this reason, Westpac is required to provide online
access to customer and need IT for business. For Transfer of money, exploring investment
opportunities, issuing draft and other tasks, an online platform is required to provide to
customers. Further Westpac has millions of customer and maintaining data of such a huge
number of people in physical form or b using manual efforts is not possible for organization
and for these reasons IT is needed by Westpac.
IT is important for the survival of the business as it resolves many of the issues and makes
the working fast and smooth. It does not only make the process faster but also reduces the
chances of errors. Firstly, the use of technology simplifies communication for businesses.
Further, it helps in marketing as well as in business growth. For the survival of every
business, continuous growth is important and IT helps in the same. Decision-making is an
important aspect for each business and IT assist the same. By using IT, businesses may
keep records of market conditions, customer satisfaction, and financial resources and by
using these trends; they may take a sensible and efficient business decision. Correct and
efficient decisions are truly important for the survival and success of the business and due to
this crucial role, IT is important.
For the successful implementation of IT in a business, many aspects are important to
consider. If to see in a broader context, mainly five components are required in this process,
which are resources, people, structure, system, and culture (Olsen, 2019). Further, if to
discuss individual aspects that are required to keep in consideration while IT implementation
in Westpac, this is to state that the very first aspect is cost. Before applying any new tool of IT
in practice, Westpac is required to consider the element of cost. Estimation of cost is the
much-required thing to do while applying IT to Westpac. It gives an idea about the expenses
and also let the management know whether to implement a new IT tool/software of not.
Without investing in money, the selected business may not implement IT hence; money is one
of the important requirements to apply IT. The second necessity is planning. It involves the

IT for Business 3
development of strategies and procedures. Planning helps to identify the areas that are weak
and need more support. By using proper planning Westpac can understand what technical
support is required actually and can prevent wastage of resources. Planning helps to check
the manner in which IT delivers value. Once when an organization is done with planning, it
requires equipment, which can be needed for the implementation of new technology. This
equipment generally refers to hardware. In the case of Westpac, such equipment includes
system and related devices, networks and so on. Only purchasing of equipment is not enough
but the installation of the same is also important. In the whole process of IT implementation,
installation is one of the important steps. Unless the equipment is not installed, IT cannot be
implemented. After installation, employees may work on the new technology. However many
of the times they feel issues while using these techniques or new tools and for this reason.
Westpac is required to provide training to them. They learn and understand to manage data
and resources. Further, they also come to know the changes in the current system as well
reason behind these changes and for this reason, training is required to implement IT in
Westpac (Lithoprobe.ca, 2019).
Westpac uses IT for internal as well as for external use. Employees of the company often use
electronic mode of communication such as email where IT plays an important role. Further, if
to discuss in house use of IT in this organization, the same has trialing artificial intelligence-
powered video cameras to keep an eye on staff members and visitors (Eyers, 2017).
Company is using IT for developing and maintaining an agile working environment
(Westpac.com.au, 2019). Internal accounting and management is another important area
where IT plays an important role. Employees of Westpac use IT for keeping their internal
records and references. The company majorly uses IT while dealing with outsiders. It has
developed its website and mobile application that is used by customers. It also provides the
facility of online investment to its customers. Company is focused to provides access of each
and every of its services online to its customers. Further ATM is also a result of the use of IT
in business. While dealing with the government also, Westpac uses technology and send the
periodic returns and documents to different regulator online. In such a way, Westpac uses IT
in a significant way.
After the above-mentioned discussion, it is far clear that Westpac requires IT for internal as
well as for external use. Now another issue is to check the advantages and disadvantages of
IT to Westpac. Starting from the benefits this is to state that it increases the productivity of
employees. They can generate different reports just by giving a command to technology. Risk
of error becomes less and crosschecking of work became very easy for Westpac. As the
productivity of employee becomes high, it ultimately reduces the cost for business.
Businesses can communicate between different branches via IT and it saves time and
traveling cost again (Feroz, 2018). The same goes for Westpac. Mobility is another advantage
that Westpac and its employees are enjoying by using IT. Customers can use services
provided by bank from anywhere and in this manner, IT is serving greater advancements to
the company. However, in addition to advantages, certain harms of using IT are also there.
These are risk associated with the use of IT. Mainly three types of risk are there. These
threats are general IT threats, criminal IT threats, and natural disaster. General It threats
include threats to data and IT system because malware, viruses, human error can destroy the
whole system as well as data. Secondly, data and system of business are also under risk of
criminal attacks. Criminals often use IT of an organization to get organizational information
(Hamami and Hussein, 2014). The recent data breach is an example of such a risk. Fraud,
password threat, security breach, and so on is a major kind of IT risk for Westpac. Floods,
cyclone, fire are some of the common natural disasters that can lead negativity to business

IT for Business 4
(Business.qld.gov.au, 2019). Westpac believes that many of the times, negligence, and other
conduct of staff members lead cyber risks to the company.
It is clear that Westpac has exposure to various type of risk while it is using IT and therefore
solutions are also required to know and understand. Westpac may choose various modes to
maintain and monitor information technology. Tools and resources are the first way that can
be used to ensure efficient IT. These tools involve technology organizational assessment
worksheet, technology planning, information, and technology system. These tools let the
organization know what kind of information they need to share and how much access is
needed to give to different people. Secondly, the company also has the option to develop
policies and regulations. It can maintain an automated record-keeping system for maintaining
effective oversight (Eclkc.ohs.acf.hhs.go, 2019). These policies and procedures outline
expectations of the organization from different stakeholders with respect to the use of IT.
Westpac already has a security policy but the company can make further updations in the
same considering threats identified in recent security breach incident.
Conclusion
Conclusively to state that Westpac is currently using IT as it is required for its internal as well
as external uses. Business uses cost, equipment, installation, and planning for better
implementation of IT. Use of IT lead many advantages and risk to the company and such
risks can be reduced and eliminate different techniques and tools. The company can update
its current policy and provide training to employees for efficient and safe use of IT. can
updates it current policy and provide training to employees for efficient and safe use of IT.

IT for Business 5
References
Business.qld.gov.au. (2019) What is an information technology risk? [online] Available from:
https://www.business.qld.gov.au/running-business/protecting-business/risk-management/it-
risk-management/defined [Accessed on 14/09/2019]
Cavus, N. and Chingoka, D.N.C., 2015. Information technology in the banking sector: Review
of mobile banking. Global Journal of Information Technology, 5, pp.62-70.
Eclkc.ohs.acf.hhs.go. (2019) Maintaining Technology and Information Systems. [online]
Available from: https://eclkc.ohs.acf.hhs.gov/organizational-leadership/article/maintaining-
technology-information-systems
Eyers, J. (2017) Westpac testing AI to monitor staff and customers. [online] Available from:
https://www.afr.com/technology/westpac-testing-ai-to-monitor-staff-and-customers-20171114-
gzks7h
Feroz, R. (2018) Advantages of technology in business. [online] Available from:
https://technofaq.org/posts/2018/07/advantages-of-technology-in-business/ [Accessed on
14/09/2019]
Hamami, A. and Hussein, A. (2014) Handbook of Research on Threat Detection and
Countermeasures in Network Security. USA: IGI Global.
Lithoprobe.ca. (2019) Importance of Information Technology Training To Your Future. [online]
Available from: http://www.lithoprobe.ca/importance-information-technology-training-future/
[Accessed on 14/09/2019]
Pearson, G. (2009) Financial Services Law and Compliance in Australia. Australia:
Cambridge University Press.
Turner, L. and Weickgenannt, A., B. (2008) Accounting Information Systems: Controls and
Processes. US:John Wiley & Sons.
Westpac.com.au. (2019) Work environment. [online] Available from:
https://www.westpac.com.au/about-westpac/careers/working-together-at-westpac/where-we-
work/work-environments/ [Accessed on 14/09/2019]