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You are to research a real-life business example of your choice and the impact of IT on that business.

1) Does your chosen business need IT?

2) Why IT is important for business survival?

3) What is required to apply IT into your chosen business? (I.e. cost, planning, designing, equipment, installation, training, etc.)

4) How does your chosen business use IT? (internally such as employees, and externally such as customers, suppliers)

5) What benefits and advantages does IT bring to your chosen business? (I.e. revenue, flexibility, reduces cost, etc.)

6) What type of risks does IT bring to your chosen business? (i.e. security, privacy, confidentiality)

7) How can your chosen business maintain and monitor IT?

Your report will be assessed on the quality of your research and report presentation.

Discussion must be relevant to your chosen business. Your report is to be in the style of a business report

You can choose a business from any of the following industries:

  • Healthcare
  • Food processing
  • Banking and finance
  • Telecommunications
  • Library
  • Transport
  • Airlines
  • Printing and publishing
  • Media
  • Computer gaming
  • tourism

The need for IT in the business

The “Commonwealth Bank of Australia” is one of the most popular and largest banks in Australia. It has developed in an organization with more than 50000 employees and 800000 stakeholders. It has been helping through a wide range of financial services by helping Australians managing and creating their finances.

For business as well as individuals banking and finance has been affecting many things. The impact of IT on business and finance has been required to be analyzed.

The following report explores the requirements, significance, methods, benefits and risks related to the usage of IT over banking and finance.

The financial and banking areas like the Commonwealth Bank of Australia need to confront the difficulties with respect to business and innovation. They are required to react and adjust the progressions of industry alongside new requests of the experts and clients. They needed the help of customers to remain on the cutting edge of the Internet world (Miller and Skinner 2015).

The "Commonwealth Bank of Australia" has been expected to offer the suppliers with the advanced solutions of IT. The customers expected to go for administrations from the business counseling to the administrations of IT framework. The arrangements have been conveyed to the clients as administration. The business has been required to take up the total responsibility regarding the usefulness of the resolution and guarantee that each administrative necessity has been fulfilled. 

The banks have expected to plan the solutions of digital banking proactive and customized in nature for the clients. They have additionally expected to build up the mobile banking solutions improving the experiences of the clients (Davenport 2013).

The business has been likewise needed to advance themselves in social networking sites to draw attention of the clients. Finally, the most recent innovation of the cloud for the information in their database is required to be put away viably. Because of these endowments from the innovation and data world, the IT has been basic for managing finance and bank sectors.

The innovation of data in dealing with the banking industry has been changing altogether. IT made the e-business possible. The inward frameworks that empower the bank to do e-business have been the "solutions of analytics e-business “and "automation of sales force".

The IT underpins the banking business across the country with the sales force of mobiles. It has been further giving more workers to access the "Customer Relationship Management System" through the web. IT helps in updating and concentrating client around various channels of communications. It is giving propelled answering to investigating data from each client transactions, planning incentives and compensation management around different selling channels (Frame and White 2014). It conveys correct administration of quotes of clients, real-time proposals, revenue pipeline and sales leads. IT recognizes the up-selling and cross selling scopes. The sales channels must be additionally stretched out through the Web.

The importance of IT for business survival

Using an online framework for enrollment makes the path toward applying for any job effortlessly. The IT framework spares time in screening and gathering applications with sending notifications and doing arrangements for examinations and interviews. The IT has been securing lots of costs by dispensing with the use of paper censuring and getting application on the web.

According to the concern of the clients, the banks gives ATMs, machines for money deposits, online banking, mobile banking with many more. These are the products of data and innovation propels making the experience of banking exceptionally less demanding (Fraser, Bhaumik and Wright 2015).

Costs: The expenses to carry and enable IT in the “Commonwealth Bank of Australia” have been needed to be imposed smartly. This has been carrying the cost of the crucial programs and software. This has been delivering the abilities to fulfill the necessities. The bank could save the costs with the help of models and architectures of IT. In order to improve the rise the IT, the bank and finance sectors must put lots of time. This would lead in complicacy in business operations.

Designing: The banks have been requiring hiring the smartest experts and the experts in designing with large budgets for architecting the dashboards. Numerous banks have been thinking that maximum clients are utilizing the mobile applications and less graded devices. For this cause numerous banking sectors have not been using the mobile banking. The feature with restricted operations with awful designing has been provided “Commonwealth Bank of Australia” (Laeven, Levine and Michalopoulos 2015). The suggestions from the expertise about the further conditions of banks should be lying on the basis of aesthetic, holistic, simplicity, self-service, personalization, transparency and mobile first principle.

Planning: The additional cost over the information technology with moving by the changes of strategy is just a portion of the equation. The smartest practices required by the banking has to give birth to more valuation through better effective operating IT models that are also structured well.

Training: It has been a great challenge to determine the training tools at different levels of the professions. The functions should be diversified since the technical qualities of individuals have been to control and operate the network. This has resulted in huge necessities to design particular courses and create domains for particular study materials. The studies are ought to be of lesser time-periods and its structure must be modular (Marin? 2013). This must help the employees to know and upgrade their qualities quickly. The courses and the materials for the courses have been needed to go through with proper reviews. They are needed to be updated on regular time basis in line with the problems with the emerging of the complex technologies. There must be also utilization of the e-learning, the virtual learning and many more experiences delivered through direct hand. All these have been needed to be incorporated into the system.

Necessities to be applied in IT for banking and finance

Installation: About the installation part, the example of the ATM methodology could be taken. This would help in scanning the checking, delivering the cash over coins, permitting customers to apply for the loans (Grubel 2014).

Equipments: The electronic banking has been the expansion of the conventional banking using the Internet in a path for electric delivery. It includes various electronic tools like the mobile banking, net banking, ATM, DebitCredit Card, EFT and AFT.

Internal approach: The information technology in the banking and finance sectors has been improving the productivity through numerous methodologies. It has been performed by efficient time-consuming calculations and tasks such as interest calculating and balancing within the given time (Hanafizadeh, Keating and Khedmatgozar 2014). There are automated printing of routines, deposited receipts, pass book and so on. This helps in concentrating over the requirements of the clients. This further helps in large domain of inquiry facilities, assisting the banking sectors on business development and follow-up.

External approach: The “Commonwealth Bank of Australia”, have conveyed specific resolutions such as the facilities of self-inquiry. There are also facilities of remote banking and features like “anytime-anywhere banking” and e-banking and tele-banking (Berger, Molyneux and Wilson 2014). Further, the information could be centralized and upgrades are available at any place at concurrent time.

This has been one of the secure methods to circulate the moneys. Whenever the money is stolen, this could be replaced easily. This has been further useful in retrieving personal loans or the business loans whenever required. The finance and banking areas have been acquiring particular causes for embracing the outsourcing with high values for the employees. The time spent over the internal process is the hours lost for revenue generation.

Another major benefit is the cost-cutting. The outsourcing has been converting particular fixed expenses in variable expenses. From the view-point of the investors, the outsourcing has been positive in nature (Hanson et al. 2015). Further the information technology has been helpful for the banks to go for suitable suppliers who have the ability to complement the structure and process of the business. As the banks has been turning into more digital and shifting to IT for automating their processes, the operational risk has been a popular risk as considered by the banks. Operational risks could take place as the IT or system risks. Here the potential losses occur because of the programming errors and system failure.  

The most crucial rising risks in financial services under this environment are the incident response risk, cyber-security, resiliency risks, IT continuity and the strategic risks of the IT. Various risks have been originating from the vendors of technology and the privacy from the external parties. The risks of confidentiality have been including suitable proper data management (Chae, Koh and Prybutok 2014). Finally there have been lying the risks of failed or ineffective risk management.

For controlling the risks about IT, the board of the Australian bank must know the technologies of risks. They are needed to ask questions to the management to make sense of the actual definition of the risks. This should be done through understanding the landscapes of risks. Clear expectations and the directions are required to be set up. Numerous management systems of risks have been considering various sectors of the IT distinctively (Safari and Liu 2014). For concentrating on the insight of IT coverage, numerous frameworks are furnished like the ISO 2700X, CRAMM and the ISF. These have been useful in doing conversion of the systems across the IT risk management. This has been without the attempt to incorporate them with business risk management.


The fundamental model of “Commonwealth Bank of Australia”, is improving through various conflicts. This has been regarding the supplying requirements of the customers and changes in the services and products. It has been estimated that huge number of banks would be providing value to the networks. They have already felt the necessity to create the “IT distributive System”. This ought to be comprehensive manner. This would also enable the customers to interact with their system at different points. There has been also a necessity to find the way to deploy the IT infrastructure. These have to be performed by them or by the external providers of service. Despite that, IT could not alone resolve the issues or give birth to the benefits.   The information technology has been needed to be incorporated in the finance and banking systems connecting the people. Further it needs effective communication and simply defined strategies of the business. The IT has various utilizations in the finance sectors. Organizations of today has been using the technology in various methods from the financial trading to the reporting the business earnings. The organizations in the financial services have been used regularly. The IT has been permitting the industries to calculate the “financial statistics” very fast and the usage of the electronic money transfer.  Thus the efficient systems of IT in the funds have been of important advantages to the organizations and permitting them to compete for new world of business. The banking scenario is largely competitive in the current environment. In order to survive and develop in the altering market the environment of the banks have been moving for new technologies. This has been seen as the “enabling resource”. This has helping the learners to develop and creating much flexible framework that could react fast to the dynamics of the quickly changing scenario of the market. This has been seen as the tool to reduce cost and efficient interaction with the institutions and individuals attached to the business of banking. The banks have been slowly moving from the conventional banking to the relationship banking. In previous levels the relation between banks and customers is one-to-one stage through the hierarchical network. This has been applied to clear and make decisions the responsibilities focused at every level of the branches. The head office of “Commonwealth Bank of Australia” possess the responsibility to clear the entire network, the branch network size and employee trainings in that hierarchical network. The bank has been managing the performance of their organization and creates parameters of decision making. However, the data available to the customers and employees has been restricted to a single geographical situation.


Berger, A.N., Molyneux, P. and Wilson, J.O. eds., 2014. The Oxford handbook of banking. OUP Oxford.

Binuyo, A.O. and Aregbeshola, O., 2014. The impact of information and communication technology (ICT) on commercial bank performance: evidence from South Africa. Problems and perspectives in Management, 12(3), pp.59-68.

Bloom, N., Garicano, L., Sadun, R. and Van Reenen, J., 2014. The distinct effects of information technology and communication technology on firm organization. Management Science, 60(12), pp.2859-2885.

Chae, H.C., Koh, C.E. and Prybutok, V.R., 2014. Information Technology Capability and Firm Performance: Contradictory Findings and Their Possible Causes. Mis Quarterly, 38(1), pp.305-326.

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

Frame, W.S. and White, L.J., 2014. Technological change, financial innovation, and diffusion in banking.

Fraser, S., Bhaumik, S.K. and Wright, M., 2015. What do we know about entrepreneurial finance and its relationship with growth?. International Small Business Journal, 33(1), pp.70-88.

Grubel, H.G., 2014. A theory of multinational banking. PSL Quarterly Review, 30(123).

Hanafizadeh, P., Keating, B.W. and Khedmatgozar, H.R., 2014. A systematic review of Internet banking adoption. Telematics and informatics, 31(3), pp.492-510.

Hanson, S.G., Shleifer, A., Stein, J.C. and Vishny, R.W., 2015. Banks as patient fixed-income investors. Journal of Financial Economics, 117(3), pp.449-469.

Laeven, L., Levine, R. and Michalopoulos, S., 2015. Financial innovation and endogenous growth. Journal of Financial Intermediation, 24(1), pp.1-24.

Marin?, M., 2013. Banks and information technology: marketability vs. relationships. Electronic Commerce Research, 13(1), pp.71-101.

Miller, G.S. and Skinner, D.J., 2015. The evolving disclosure landscape: How changes in technology, the media, and capital markets are affecting disclosure. Journal of Accounting Research, 53(2), pp.221-239.

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Tayeh, M., Al-Jarrah, I.M. and Tarhini, A., 2015. Accounting vs. market-based measures of firm performance related to information technology investments.

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