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Information Strategy For Electronic Banking

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Question:

Discuss About The Information Strategy For Electronic Banking?

 

Answer:

Introduction

SISP is an increasingly significant issue for Practitioners and researchers as well. The major issues over the past 15 years, SISP has consistently remained among the top 7 issues. One of the major reasons is that, many of the organisations currently look for innovative usage of IT to something that is of lower cost and also differentiate among products and services so that they can compete more efficiently in the environment of competition (rawani, 2002).

However, all argue that developing countries like India, being at the very first stage of Management Information System (MIS), still struggling with the issues related to operations and seem to have a weak vision for some issues related to deep strategies.

Smith and John have been given two different performed approaches to SISP (Bajaber, 2016). This helps the organisations to use the new IS ways to have a strong base and to have the barriers against any of the new entrants, and by this the basis of the competition is being changed. This would generate new products and also will help in building and initiating the switching of costs. SISP can also be defined as the process to identify the portfolio of applications which are majorly computer based so as to assist a working system in the execution of its current business planning and so as to realize the own existence of internal goals or target. Thus SISP can also be referred as the combination of 2 major processes.

  • Creative and ideal process to use the IS for competing.
  • Identification and selection of right opportunities so as to use them for assisting the working system in a better performance of business to achieve the targets.

There are various studies on SISP, but many of these have tried to find out the different IS planning variables and has compared among various industries. The thing that came in knowledge to the best is that there is no such study yet that tried to correlate both and find the influence of one such variable over the other. The banking sector is being selected for this research just because banking operations are largely dependent on information systems. Banking is now not a business that is confined to money deposition or withdrawals but rather is now a business that is somewhere related to the flow of information from one sector to the other. In the banking sector of India, a drastic growth has been seen in a fast duration that spread in size, and also the activities that were done by the banks over the last 2 decades. Along with the entry of new banks the competition for the users or related people is intensifying. On the other hand, the use of computers and allied technologies by these banks has become so easy to improve the quality of service for its customers. The increased stage of IT Fusion and Diffusion, there is a big need of SISP in this particular banking sector. Just so as to make an attempt to identify and find out the SISP variables and to discover reason that why and how the variables can influence each other.

 

Business process

IS planning is an intensive information exercise that is initially dependent on the information input from strategic business planning so as to provide the guide path and right directions. This need to obtain IS strategy and plans from the strategies of business and planning have been highlighted in the whole literature. The objectives, missions, strategies and plans related to business of the banks provide the essential information so as to guide the IS strategic planning process (Targett, 1995). In the sector of banking, there are different user departments such as corporate banking, retail banking and international banking.

The user system can provide the best input methods to IS planning functions related to IS requirements related to each one’s business (Karim, 2011). These type of inputs can be gained through the series of interviews. Some training of users or participants may be required to help all of them to understand the whole process of planning and the potential of IS technology in the operations so that it can provide important input to the IS planning.

Role of IS- Impact of Present and future IS

For some of the working systems, IS activities is expressed an area of better strategic importance,  while for the others they just express a supporting role. Smith, John and Faraday (1982) have first identified different roles on a 'Strategic Grid'. A strategic grid is a 2 x 2 matrix that is being formed by expressing the strategic impact of current information system on one axis and the impact of future information system on the another axis (Mentzas, 1994). They identified four major roles of an information system that can be expressed as Strategic, Factory, Turnaround and Support.

System Requirements

Formalization can be expresses as the existence of written guidelines and proceedings for better planning process and also the output of the whole subsequent process of planning. A highly formulized and documented process of planning is much more rationalized for constructing strategic plans (Sanjeepan, 2017). The ideal generated formula of procedures leads to generate efficient gains by systematic identification of the issues among them. How so ever the gains in the efficient accruing from the whole procedure should be balanced against reduction in the flexible characteristics. The formulized documented procedure retards efficient eliminations of strategic issues, once they won’t remain that important. Planning must be designed in such a way that a wider variety of opportunities for the strategic support and creating the whole new strategies and their opportunities are being gained and at the same time the planning process facilitates the rapid resolution of issues related to the strategies, in order to adapt the planning for ever-changing technological conditions.

Quality of Support Mechanisms

The support mechanism are somewhere helpful and can also be used to help the plans in business along with the IS plans (Talib, 2012). This could be gained by the active quality interactions of the business planning systems with the IS planning systems. The biggest query that is being faced in IS planning is the major lack of understanding among the top management’s goals and the plans of business by the main IS planners.

Top Management and User Involvement

Involvement of top management profiles provides the basic directions for IS planning. This communicates a very positive signal to other members in the organisation and also helps in obtaining a better commitment and user involvements (Rahman, 2012). It is very essential to get a very clear commitment from senior management profiles, and if somehow they are agreed that competitive advantages can accrue by means of a new IS, they are ready to share their major goals with IS executives. An equally important issue is the participation in the process of planning.

 

Business Domain Analysis

This identifies and obtains the various alternatives for using IS to support the bank’s business objectives and also find out various opportunities of using IS for the banks to gain the advantage of competitiveness (Gupta, 2015). This explores environmental opportunities and also the threats to the use of IS would also somehow fall under this classification.

Technology Domain Analysis

This converts the bank’s business needs into a set of plans to get to the bank’s goals. In India, it is a belief that there was more focus on the aspects of technology of IS planning as compared to those of the aspects of business (Maiya, 2017). The importance of the aspects of business in IS planning is being realized by the organisations like banks that have the significance in IS stake in their business.

Planning Effectiveness

The planning is initiated to attain the major goals and the extent of fulfilment of these goals can be considered as planning effectiveness (Hershberger, 2013). In the case of baking sector, the key goals can be found out of new service delivery channels such as Automatic Teller Machines (ATM), mobile banking, internet banking and identification of new back office applications, better plans and their controlling among the software and human resources, with increasing satisfaction of users.

The research variables were being measured by using multi-indicators. For all the constructs, a five point Likert-type scaling had been used. Input information was measured using four items that assessed levels of awareness among the planners of IS on the business strategies of bank (Rawani, 2001).

The role of IS was assessed by the use of two dimensions described by Cash and Vital of the “Strategic Grid”. The multi-item construct was used to identify and evaluate the present and future impacts of IS in banking sector. Firstly, as per the guidelines provided by McFaraly et al. (1982) and in consultation with IS executives of the banking sector. Subsequently, two items had been dropped out just because of some problems in convergent validity (SJ, 1999). Thus, the seven items were used to measure the 2-dimensions with the present and future impacts of IS on the banks. In such ways the contribution of IS to the banking sector and its performance was so calculated by obtaining the average of the contribution of five measures that were evaluated by their respective degree of importance.

Data Collection

To measure the different research variables, a detailed questionnaire was being developed. The items in this questionnaire were being obtained from a brief literature review (G., 2013). These suggested some of items that adds briefing of some items and rewording some of the basic questions. Certain editing in the sequencing of the questions were also made at this stage so as to maintain the natural flow of thoughts.

Data Analysis and Discussion

The data that is being collected on a basic level is then being analysed by the usage of path analysis. Path analysis is basically a multivariate analytical methodology for examining the sets of bonds in the form of linear and casual models. Path diagram is an explicit hypothesis of cause and the effect that is to be tested using the path analysis.

Strategic information system implementation examples

Strategic planning has been widely adopted concept around the world. Most of the banks worldwide are planning to implement it to fulfil their fundamental requirements. The bank of Kwangju in Korea was facing challenge in the implementation of SIS. The existing system of bank was online and based on the client server architecture. The main problem of this system was that it was not integrated and the changes done in one of the system must be followed by other systems as well. It needed more time for processing (Smith, 2014). The bank was in need to replace the system with new modified flexible and well integrated enhances system which must have the capability of data sharing. This new system has been proved as strategic information system. By the adoption of SIS in bank, they can eliminate the delicacy.

 

Banking in Lebanon

One more example of successful SIS implementation was in Lebanon. The banking sector in Lebanon was highly effected during last civil war. The implementation of informational technology was needed at all stages in banking sector. There were many reasons behind the need of SIS. All the branches were connected with other using online framework. The new technologies like tele-banking, etc. were launched (Ghaziri, 1998). The bank has started building their database and automated work stations. Banque du Liban et doutre-mer has developed own automated information system using SIS. Voice response system was started in many of the banks in Lebanon such as Allied business bank, BLOM, British bank of the Middle East. To improve the telecommunication system a private network was proposed by four banks Arab bank, Bank Audi, BLO and Byblos bank. They faced issues regarding the license approval, high cost equipment and the communication gap between members of Lebanese banks association.

Banking in Unites states of Emirates

In Emirates the Citibank was founded in 1964 and the first bank who introduced e-business in UAE. This bank introduced 24 hour phone banking service, Internet shopping card, corporate internet banking and retail internet banking service etc. Citibank was interested in developing a strategy of launching multifunctional online banking services with minimum service charges. Following are the main objectives of above strategies:

  • Spreading the branches all over the country
  • Increasing funds by occupying clients to the online services
  • Providing secure, fast and convenient services to its clients
  • Improving brands in the mind of customers
 

Conclusion

This report has explained the uses of strategic information system in the banking sector. It is proved that SIS has drastically improves the services of banking sector, which can be seen in almost all banks in form of enhanced performance, productivity, better online services, automated system and improved customer satisfaction. The implementation of strategic information system planning can be short to long term (Bajaber, 2016). The report shows the impact of SIS through information received nowadays from banking sectors. It also shows the impact of information system as a dominant factor in banking sector. The technological services of SIS can be better utilized by their clients if they would be familiar with latest innovative technologies. This field has significant options of future research. The top level management is continually involved in finding the new challenging factors and the solutions which can be beneficial for the SIS. This report has some limitations also which must be recognized. The data collected from many banks are showing that there are many factors which can be used to explain the role and involvement of users and stakeholders. IT applications which are now being used in banking sectors must have feasibility so that the economic growth of country can be influenced.

 

References

Bajaber, W., 2016. An Overview of Strategic Information Systems Planning. International Journal of information and technology, 144(5), p. 6.

Bajaber, W., 2016. An Overview of Strategic Information Systems Planning in banking sector. International Journal of Computer Applications , 144(7), p. 6.

G., P., 2013. The Impact of Management Information Systems. International Journal of Computer Theory and Engineering, 5(2), p. 4.

Ghaziri, H., 1998. it-banking.html. [Online]
Available at: https://almashriq.hiof.no/ddc/projects/business/it-banking.html
[Accessed 1 October 2017].

Gupta, B., 2015. analytics-in-indian-banking-sector-on-a-right-track. [Online]
Available at: https://analyticsindiamag.com/analytics-in-indian-banking-sector-on-a-right-track/
[Accessed 1 October 2017].

Hershberger, T., 2013. 5-keys-to-strategic-bank-marketing-plans. [Online]
Available at: https://thefinancialbrand.com/35523/5-keys-to-strategic-bank-marketing-plans/
[Accessed 11 October 2017].

Karim, A. J., 2011. The significance of management information systems for enhancing strategic and tactical planning. JISTEM, 8(3), p. 13.

Maiya, R. V., 2017. 6-technology-trends-that-will-transform-banking-in-2017_a_21645614. [Online]
Available at: https://www.huffingtonpost.in/rajashekara-v-maiya/6-technology-trends-that-will-transform-banking-in-2017_a_21645614/
[Accessed 1 October 2017].

Mentzas, G., 1994. Information systems strategy for electronic banking. ACM DL, 14(3), p. 16.

Rahman, Z., 2012. 256040249_Impact_of_Total_Quality_Management_and_Service_Quality_in_the_Banking_Sector. [Online]
Available at: https://www.researchgate.net/publication/256040249_Impact_of_Total_Quality_Management_and_Service_Quality_in_the_Banking_Sector
[Accessed 1 October 2017].

Rawani, A. M., 2001. www.eprint.iitd.ac.in. [Online]
Available at: https://www.eprint.iitd.ac.in/bitstream/2074/4606/1/TH-2838.pdf
[Accessed 1 October 2017].

rawani, A. M., 2002. www.researchgate.net. [Online]
Available at: https://www.researchgate.net/publication/43656046_STRATEGIC_INFORMATION_SYSTEMS_PLANNING_IN_THE_BANKING_SECTOR-A_PATH_ANALYTIC_MODEL_STUDY_IN_THE_INDIAN_CONTEXT
[Accessed 1 October 2017].

Sanjeepan, N., 2017. Strategic Analysis and Strategic Planning for Commercial Banking. Strategic Analysis and Strategic Planning for Commercial marketing, 6 april, p. 10.

SJ, B., 1999. /www.ncbi.nlm.nih.gov. [Online]
Available at: https://www.ncbi.nlm.nih.gov/pubmed/10387656
[Accessed 1 October 2017].

Smith, J., 2014. www.ies.aust.com. [Online]
Available at: https://www.ies.aust.com/ies-projects/kjb/index.htm
[Accessed 1 October 2017].

Talib, F., 2012. Impact of Total Quality Management and Service Quality in the Banking Sector. Journal of Telecommunications System & Management, 8(10), p. 10.

Targett, T. b. a. D., 1995. Strategic information systems in the banking sector. Technology analysis and strategic management, 7(4), p. 6.

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