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Evaluation Of Effects Of IT Application In ANZ Bank

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Question:

Discuss about the Evaluation Of Effects Of IT Application In ANZ Bank.
 
 

Answer:

Introduction

Background and statement of the problem

Since the inventory of information technology, several industries have implemented it (Escobar & Carvajal 2013, p.228). IT is a vital resource to any organization wishing to dominate the market. Hospitality industries have been slow to adopting IT in their operations. The banking system is radically affected by information technology developments. Information technology has been embraced by many organizations as an essential resource since it facilitates good decision-making and business success.  Through modern technology new markets have been opened, new products, new services and efficient delivery channels especially for the banking industry. Electronic banking, internet banking, and mobile banking are amongst the many advantages. IT also offers wherewithal to banking industries to ensure that they move hand in hand with the economy. Once a bank adopts the IT system it is most likely that the transactions are involving finance are fast and strengthening of the banking sector. Widened market is a result since any company can access customers globally. Incorporating IT in banking industry also provides for back office requirements and taking care of the bank accounting procedure. In the banking sector the global cost of funds transfer has also been reduced as well (Cantallops & Salvi 2014 p. 41). The operational cost seems to reduce while productivity increase thus increasing revenues. 

Although the banking industry has been keen to adopt the modern technology, there are some issues concerning how technology should be applied to obtain excellent results (Baskerville & Wood-Harper 2016, p.169). Adoption of technology does not guarantee exceptional performance (Xiang, Wang & Oleary 2015, p.511). To achieve the objectives and succeed, the banking industry should be keen on how they apply the available technology (Xiang, Maginni & Fesenmeir 2105, p.244). ANC bank having incorporated information technology into their operation with several goals, this study is interested in determining the level of the company towards the achievement of the goals. Some of the targets included enlarging the operational region, increasing the satisfaction of clients and facilitating quick operations as well as facilitation of banking network transactions. The overall objective was increasing the profit margin by cutting down expenses, as it is the case with any other organization. This paper, therefore, aims to determine whether Australian New Zealand Banking group is getting the value of its IT investments.

 

Rationale

This study has been done with the particular intention of evaluating the effects of adopting information technology to business performance. The fast growing technology has attracted maximum application in different enterprises. The industries and companies expect increased output thus increased profit margins. Researches have been conducted showing the main reasons why many organizations have preferred to go online. However, there exist little-conducted studies showing business performance after the adoption of the information technology. This research aims at evaluating whether a particular company (Australian New Zealand banking group) is getting the value of its IT investments. The study will provide adequate knowledge to the management of ANZ bank as well other organizations operating online on the necessary measures to ensure that they enjoy high returns. The topic is very crucial since it affects all organization embracing IT in their operations in the financial returns aspect.

Research questions

  1. Does adoption of IT have an impact on timesaving of the employees and customers of ANZ bank?
  2. Is the application of information technology in ANZ bank cutting down expenses?

iii.    Does incorporation of informatics in ANZ bank facilitate network transactions?

 

Literature review

Information technology is a computer-based system as well as telecommunication technology for processing, dissemination, and storage of data. Currently, information technology has widely grown (Mishra & Akman 2014, p.29). Organizations have established IT departments and acquired qualified IT personnel ensuring that information technology is applied in all departments of the organization. IT is applicable in many different areas. Industries and companies have not been left behind in the incorporation of IT into their daily processes (Nieves & Segarra 2015, p.51).  Applying IT in an organization enables customers to have better experience and employees work more efficiently. Use of the information technology has led to increased customer satisfaction (Law, Buhalis & Cobanoglu 2014, p.727).  Clients can make orders online and goods delivered within a short span of time. Operations are also made faster since they are computerized, and records are kept safely (Galliers & Leidner 2014, n.p). The organization can avail its services at any time of the day using online services. Most companies have created their websites where they display the services they offer (Creswell & Sheikh 2013, p.73). This platform acts as an advertising channel since customers usually visit their websites and they can view and access the documents provided. These processes are made towards enlarging the operational market and identifying new potential clients. The increase in the volume of sales undoubtedly leads to high returns (Davenport 2013, n.p).

Information technology has several advantages in the banking industry (Law, Buhalis & Cobanoglu 2014, p.727).  . The benefits can be divided into communication, connectivity and business process reengineering perspectives. A study conducted in India revealed that information technology was providing solutions to banks to safeguard their accounting and back office requirements. New delivery channels like automated teller machines, net banking, and mobile banking have been introduced (Mishra & Akman 2014, p.29).

A study conducted in the USA found that information technology application does not necessarily imply positive results (Leung & law 2013, p.25). Some organization was reported to adopt modern technology in their operations, and the expected outcomes were not witnessed at the long run (Cummings & Worley 2014, n.p). The banking industry is not exceptional in this case since we have many banks who have adopted information technology and laid down objectives, which have not yet been achieved. Lack of good performance or low returns for the companies applying technology can be directly associated with the poor application (Willcocks 2013, n.p). Before a company wholly incorporates technology in its operation, it is necessary that a pilot study be conducted. All departments wishing to apply the information technology should be involved in the survey. The study should concentrate from subordinate to senior staff. The issue pertaining customers should be well addressed (Schwalbe 2015, n.p).

It is advisable that a company takes the necessary steps before adopting information technology to avoid unnecessary loss. All the mechanisms should be laid down accordingly, and the IT experts should be dedicated to making the substantial capital intensive. There is no doubt that once a firm adopts information technology in its operation and the practice is done on the real high returns will be obtained.

 

Research design

Descriptive survey design was used in this study. A survey was given to the identified sample involving the employees and the customers of the ANZ Bank (Melbourne branch). A sample survey in the form of the questionnaire was developed and used to gather research information covering timesaving, cutting down expenses and facilitation of network transactions. The study incorporated both primary and secondary data. Primary data was collected by giving questionnaires randomly to the identified sample size (employees and customers of ANZ bank). To collect secondary data, the designed questionnaires were uploaded online to give customers chance of quick participation. The collected information was then analyzed using the SPSS software.

Time saving

To determine whether adoption of IT brought about the significant effect on timesaving relevant questions were developed. The effectiveness of transactions involving banking process and calculation between customers and employees of ANZ bank were used to determine the extent of time-saving. Acquired data was entered into SPSS software and analyzed.

Cutting down expenses

To determine the effectiveness of IT in cutting down costs both employees and customers of ANZ Melbourne were used to provide the data. Employees were questioned whether they noticed declined transactions costs involving banking after the adoption of IT. To determine whether ANZ bank was operating on low cost than before the management was used to provide the information.   Acquired data was entered into SPSS software and analyzed.

Network transactions

To determine the effectiveness of network operations in ANZ bank after the adoption of IT, customers and employees were questioned on mobile banking, internet banking, and money transfer. The Acquired data was entered into SPSS software and analyzed.

Analysis and discussions

The questionnaires were randomly supplied to the identified sample and primary data collected. The link containing the online questions was given to the respondents (customers of ANZ bank Melbourne). The filled forms were then downloaded. The information was then edited. The SPSS software was used for analysis.

Description and presentation of data.

The data was well described by the research variables. This ensured effectiveness in the understanding of the data. The data was presented in questionnaires. The filled online questionnaires were downloaded and availed for data entry.

 

Analysis of the data

To analyze the data SPSS software was applied. Descriptive statistics were used to come up with inferences. The mean, standard deviation and variance were used to show the extent of the variables. Bar charts, histograms, and pie charts were also employed in the analysis. The data was analyzed on the research objectives to answer the research topic.

Inference making

After the analysis of the data, it was clear that the ANZ bank has excelled through the incorporation of IT in the organization. Previously the bank could not identify widened market. The operations were also labor intensive, therefore, subjecting it to many errors. The data obtained proved that network transactions had increased continuously since ANZ bank went the technology way. Many customers are now using mobile banking, internet banking and transferring cash. This process has been very convenient and saving time.

Australian New Zealand Banking group was found to have cut down the operational expenses. The bankers claimed that the transactions cost had continuously reduced for both sending and transferring cash. Services can also be available to all customers globally, therefore, widening the market. Through the online platform, services are also improved. The bank was also found to have reduced its operational services by embracing informatics. When some transactions increase, it is most likely that the profit margins are also increased as well.

The ANZ bank was also found to have reduced the number of employees. Application of computer in its services has led to reduced man labor. It is because a lot of tasks are performed by use of computers. Computers are very active since a lot of time is saved despite being cheap and economical as well. The information technology in ANZ bank has proved to be capital intensive.

Recommendations

Since adopting technology in an organization does not necessarily imply active performance firms should lay down necessary mechanisms to ensure that benefits are realized. The information technology experts understand better on how an organization should apply technology to achieve the highest returns. In the case of ANZ bank, the application of IT has performed exemplary. High financial returns have been completed, and there is empirical evidence that the bank will maintain the performance if it keenly follows the current trend. For any business to perform well the volume of sales should be increased by identifying widened market. It can achieve through the application of information technology with the guidance of IT expert.

Conclusion

The study has found the ANZ bank to have performed well through the application of information technology. It has been achieved through evaluation of time-saving, cutting down costs and facilitation of network transactions. The results were obtained as per the study objectives. The findings of this study apply to any other organization wishing to incorporate information technology into their operations

 

References

Baskerville, R.L. and Wood-Harper, A.T., 2016. A critical perspective on action research as a method for information systems research. In Enacting Research Methods in Information Systems: Volume 2 (pp. 169-190). Springer International Publishing.

Cantallops, A.S. and Salvi, F., 2014. New consumer behavior: A review of research on eWOM and hotels. International Journal of Hospitality Management, 36, pp.41-51.

Cummings, T.G. and Worley, C.G., 2014. Organization development and change. Cengage learning. Cresswell, K. and Sheikh, A., 2013. Organizational issues in the implementation and adoption of health information technology innovations: an interpretative review. International journal of medical informatics, 82(5), pp.e73-e86.

Davenport, T.H., 2013. Process innovation: reengineering work through information technology. Harvard Business Press.

Escobar-Rodríguez, T. and Carvajal-Trujillo, E., 2013. An evaluation of Spanish hotel websites: Informational vs. relational strategies. International Journal of Hospitality Management, 33, pp.228-239.

Galliers, R.D. and Leidner, D.E., 2014. Strategic information management: challenges and strategies in managing information systems. Routledge.

Law, R., Buhalis, D. and Cobanoglu, C., 2014. Progress on information and communication technologies in hospitality and tourism. International Journal of Contemporary Hospitality Management, 26(5), pp.727-750.

Leung, R. and Law, R., 2013. Evaluation of hotel information technologies and EDI adoption: The perspective of hotel IT managers in Hong Kong. Cornell Hospitality Quarterly, 54(1), pp.25-37.

Mishra, D., Akman, I. and Mishra, A., 2014. Theory of reasoned action application for green information technology acceptance. Computers in human behavior, 36, pp.29-40.

Nieves, J. and Segarra-Ciprés, M., 2015. Management innovation in the hotel industry. Tourism Management, 46, pp.51-58.

Schwalbe, K., 2015. Information technology project management. Cengage Learning.

Xiang, Z., Magnini, V.P. and Fesenmaier, D.R., 2015. Information technology and consumer behavior in travel and tourism: Insights from travel planning using the internet. Journal of Retailing and Consumer Services, 22, pp.244-249.

Xiang, Z., Wang, D., O’Leary, J.T. and Fesenmaier, D.R., 2015. Adapting to the internet: trends in travelers’ use of the web for trip planning. Journal of Travel Research, 54(4), pp.511-527.

Willcocks, L., 2013. Information management: the evaluation of information systems investments. Springer.

Zhao, Y. and Zhu, Q., 2014. Evaluation on crowdsourcing research: Current status and future direction. Information Systems Frontiers, 16(3), pp.417-434.

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