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Discuss about the Factor Validation and Satisfaction Causation.

Critical success factors

The XYZ bank of the Australia is one of the major bank present in the Australia. The bank helps the customers in enhancing the process of living for the people of the Australia. The bank helps the people by keeping the money of the people in secured manner and also helps the banks in process of giving loans and others. The XYZ bank is one of the largest bank in the Australia that have been providing services across the Australia, New Zealand Asia pacific and the USA.  The organisation provides some of the major financial services including the retails businesses (Aquilani et al. 2017. Although the bank have some of the major problems and some of the major incidents of data loss of the customers. The new information system that have will be discussed in the paper, provides some of the major information about the how these problems can be overcome and how this can help the organisation is providing better support to the organisation. The paper introduces some of the major critical success factors that are responsible in order to increase the revenue of the organisation. The banking sector is the most important sector in the world as without the sector there can be serious outcomes that may lead to disaster to many of the other sectors. The bank can use of the major technology that is been used by the bank is the mobile banking. Although the mobile banking is one of the major technology that have some of the major impact in the banking sectors but there are some of the major backlogs in this system. Further the paper provides the look at the organisational chart to better understand the working of the employees of e bank.

The key success factors or the critical success factors are those factors of the organisation that helps the organisation to that helps in the process of the success in the future. The factors includes all the aspects of the banks, the capabilities, ability of the resource management and others (Vyas et al. 2015). The banking sector is divided in two categories namely the virtual banks and the mortal banks. Some of the major critical success factors that are responsible for the process of better shaping the future of the industry are:

  1. Technology: The technology is one of the most important factor in the process of the critical process factor.  The modern world is full of the technological factors and these factors effects a lot in the process of enhancement of the business. The technology can be used in every step of the progress namely the daily routine, the process of transactions, keeping the data secured and others. It also helps in the process of providing daily support to the customers (Lande, Shrivastava and Seth 2016).  The process of the online transactions are increasing tremendously and are having the most important effect in the customers.
  2. Best Rates:  Providing the best rates helps in the process of attracting new customers. The bank must provide cheaper yet profitable plans to the customers in order to enhance the business. In the current market where the competition level is such high there are some of the major need of providing some of the best rates that can attract more and more customers.
  3. Product innovations: The process of the innovation is one of the other major factor that can help the organisation in the process of the development. The innovation process is related to providing the best results (Swaminathan 2016). Thus the organisation must ensure that there are some of the best results that can help in the process of enhancing the customer satisfaction. The innovation mist not be only in terms of the products but it also must be in the field of the providing the security and other practices.
  4. Brand name: The brand name is one of the other major factor that helps in the process of incrsing the critical success factors. The brand name is something that is required because of the factor that the customers’ believes in the same.  If the brand name is high then the customers believes in the same and hence the sales increases.

The previous systems that is been is used by the bank is one of the most advanced system that have been developed in the past years. The system that is been use by the origination for the process mobile banking is very much sophisticated but haves some of the major backlogs in the process. The mobile banking helps the banks to provide major support to customers of the organisation in accessing the best support from anywhere or any time. But there are some of the other major backlogs of the system. The mobile banking has some of bad effects that have already have affected the organisation. There have been a loss of millions of accounts data in the past. These included the names, addresses, account numbers, and bank statements (Mortimer et al. 2015). The organisation accepted that the data that were stored in the magnetic tapes were accessed. The process of the hacking are yet to be known by customers. The mobile banking process is one of the most complicated process and is increasing with time but the same is happing with the fraud stats. There have been a numbers increase in the attacking the bank through the use of the banking process. Some of the major weakness of the mobile banking process are:

  1. The mobile banking process is accessible though maximum of the mobile phones present in the market. There can be the use of the phasing that can help the attacks to access the information form the uses and reduce the security.
  2. While someone tries to use the banking process, sometimes the device saves the details of the banking application and that can be accessed by the hackers and enter the database of the bank in order to attack.

Previous systems

The use of the hand mode transactions is one of the other point of the older technology that must be changed. The use of the modern technology can help the orgasaition with ensuring that proper steps are taken with the use of the modern technology for the process of ensuring the security (Dauda and Lee 2015). The older technologies included manual checking at the physical access points, use of less secured processes like the passwords and signatures. These are some of the major things that must be changed in order to ensure the proper security of the bank.

The advanced process of the digital banking is one of the most advanced and important technology that can be used for the process of enhancing the experience of the customers. The concept of the digital banking uses the technology for the artificial intelligence and the blockchain technology for the process of enhancing security (Alzaidi and Qamar 2018). This servers the basic purpose of the banks that is to provide security to the customer’s money. One of the major technology that must be used is the use of the virtual payment address.

The Virtual payment address is connected to the users account directly, that is when a sender needs to information the user only needs to provide the virtual address that is connected to the bank details. This ensures that the other information’s like the account number of the person and other detains are not required hence adding up of extra security. The sender needs to send the money to the Virtual address, the money is received by the bank itself. Hence there can be full control of the bank to look for the details of the money. Once the money is received by the bank it can be forwarded to the desired customer (Ajayi and Enitilo 2016). This also ensures that the amount send is coming from authorised sources and reduces the chances of the misconduct. This can be one of the major technology that can help in the process of ensuring customer security. Although this is also an application of the mobile banking, yet this system is far more secured. Unlike the present mobile banking technology there is not any need to use the putting the account numbers and other details. This can also help the customers to ensure that time taken for the transactions are very much low time and in an encrypted process.

New and Proposed Technology

One of the other major thing that can be used is the use of the biometric scanner at the physical deposit points. This is one of the other important technology that can be used. The biometric can help the organisation with the process of the enhancing the security at sight. This will also restrict the unauthorized access of other persons that those are already registered to the device. The biometric can range from fingerprint scanner to iris scanner and all these have some of the serious effects in the regular activities of the bank (Guo and Liang 2016). The online transactions can also use the technology of the bio metric scanners attached to the mobile devices.

The manufacturing resource planning can be defined as the method for the process of the effective planning of all the resources of an organisations. This is one of the major process that is required for enhancing the operational planning and financial planning.  The organisational planning helps in the process of the business planning, bill payments and other processes of production (Sikdar, Kumar and Makkad 2015). This is one of the major thing that must be implemented in a proper manner in order to enhance the business of the banks. While the MRP can be explained as the material requirements planning and deals with bringing in the right amount of raw material at the right time to support production. In this case the raw material can be explained as the money of the people which is needed to be kept safe.

The potential threats that can affect the working of the banks are ransomewares attacks, virus attacks and other theological misleads that can lead to the loss of the data of the customers as well as the loss of money for the organisation. There can be several steps that can be taken in order to enhance the security services of the organisation.

Conclusion 

Thus concluding the topic it can be said the use of the modern technology is one of the most important thing that is to be done by the organisation in order to enhance the security of the money of the people. The organisation must ensure that all the data of the customers are safe and secured. The use of the modern technologies like use of virtual payment addresses is one of the key solution that can help the organisation to ensure that the money of the customers are safe. The use of the technologies like the net banking, ATM machines increases the availability to the customers and also helps in the process of increasing the revenue of the organisation. The primary aims of the organisation is to provide best support to the customers of the organisation and keep the money of the customers safe.   The banking sector is the most important sector in the world as without the sector there can be serious outcomes that may lead to disaster to many of the other sectors.  The use of the biometric scanners can help in proper accounting of the customers. The use of the advanced databases can help in proper storage functions and thus ensuring the properties of ensuring the customer satisfaction.

It is recommended to the organisation then there must be use of the modern technologies for the proper process of enhancing the files of the user. It is also recommended to the organisation that the proper use of the exiting technology must be updated as soon as possible as these can hamper the working procedures of the organisation.

  • The use of the technology like the AI and the blockchain can help the orgasaition is ensuring that the data that are stored in the servers are not accessed by anyone else.
  • The new technique that is proper in the paper that is the virtual payment address is one of the major implementation that can be done. Implementing this process will help in ensuring that the transfer process of the money is always available and there are no need to use of the ATM cards or the details like the account information is not need to be provided.
  • This ensures that the information of the customers are safe and secured. The bank can also keep a track of the information of the source the money is transferred.

References

Ajayi, I.E. and Enitilo, O., 2016. Impact of Electronic Banking on Bank Performance in Ekiti State, Nigeria. Int. J. of Multidisciplinary and Current research, 4.

Alzaidi, A. and Qamar, S., 2018. Factors affecting the adoption of internet banking: a systematic literature review. International Journal of Business Information Systems, 28(1), pp.95-124.

Aquilani, B., Silvestri, C., Ruggieri, A. and Gatti, C., 2017. A systematic literature review on total quality management critical success factors and the identification of new avenues of research. The TQM Journal, 29(1), pp.184-213.

Dauda, S.Y. and Lee, J., 2015. Technology adoption: A conjoint analysis of consumers? preference on future online banking services. Information Systems, 53, pp.1-15.

Guo, Y. and Liang, C., 2016. Blockchain application and outlook in the banking industry. Financial Innovation, 2(1), p.24.

Lande, M., Shrivastava, R.L. and Seth, D., 2016. Critical success factors for Lean Six Sigma in SMEs (small and medium enterprises). The TQM Journal, 28(4), pp.613-635.

Mortimer, G., Neale, L., Hasan, S.F.E. and Dunphy, B., 2015. Investigating the factors influencing the adoption of m-banking: a cross cultural study. International Journal of Bank Marketing, 33(4), pp.545-570.

Sikdar, P., Kumar, A. and Makkad, M., 2015. Online banking adoption: A factor validation and satisfaction causation study in the context of Indian banking customers. International Journal of Bank Marketing, 33(6), pp.760-785.

Swaminathan, S., 2016. Technology Enabled Banking Facilities and Satisfaction-Customers’ View. Namex International Journal of Management Research, pp.139-143.

Vyas, V., Raitani, S., Roy, A. and Jain, P., 2015. Analysing critical success factors in small and medium enterprises banking. World Review of Entrepreneurship, Management and Sustainable Development, 11(1), pp.106-123.

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