What Is The Integration Level Offered By This System Is High?
Automatic Information Systems are extremely necessary in the functions and operations that are carried out by the organizations in the present times. Execution of these operations through manual processes is no longer feasible and it has become essential to adapt latest technology for operational, technical and administrative activities that are carried out in the organization. Accounting Information Systems are one such information systems that automate the operations associated with the accounts department. Banking sector is one of the prime users of such information systems as the majority of activities that take place in banks are related to finance and accounts.
The business processes that are carried out in a bank are as listed below:
The requirements of business of a bank in terms of accounting information system are associated with the implementation of an integrated system that shall be designed in such a manner that the accounting, auditing and bookkeeping activities are carried out and managed automatically. Also, the management of database along with customer relationship will also be some of the mandatory requirements in association with the banks.
The accounting information system for the banks will be required to have the functional specifications and abilities to carry out the tasks around account management activities such as opening of a new account, closing of account, modifying the account details etc. with ease. It will also be necessary for the system to have features and algorithms for loan processing activities such as processing of application, sanctioning of loan, calculation of premiums etc. Credit Management activities such as management of card requests, activation and generation of cards, pin generation etc. will also be done through the system along with collation of the mortgage details. There will also be requirements around the fulfillment of accounts transactions such as deposit in the account, withdrawal from the account and reconciliation activities. There must be procedures and programs installed for bill payments and corporate vendor payments along with streamlining of online banking activities. Customer service and support along with employee management and payroll activities will also be done through the information system (Ryan, 2016).
The accounting information systems designed for the banks would also require having the following set of system qualities:
Some of the popular accounting information system packages and vendors that are available in the market to choose as per the needs and requirements are as listed below.
Intuit QuickBooks is one of the accounting information system packages that is being widely used because of its amazing performance and the unique set of features that come along with this package. The system fulfills the requirements of various user types such as home users, small business vendors along with large enterprise and can also be customized at the time of purchase to include only the features that are required. The essential and advanced accounting activities are offered by this package with some of the features as listed below.
MYOB is one of the accounting information system packages that is being widely used because of its amazing performance and the unique set of features that come along with this package. The system fulfills the requirements of various user types such as home users, small business vendors along with large enterprise and can also be customized at the time of purchase to include only the features that are required. The essential and advanced accounting activities are offered by this package with some of the features as listed below.
Reckon is one of the accounting information system packages that is being widely used because of its amazing performance and the unique set of features that come along with this package. The system fulfills the requirements of various user types such as home users, small business vendors along with large enterprise and can also be customized at the time of purchase to include only the features that are required. The essential and advanced accounting activities are offered by this package with some of the features as listed below.
Saasu is one of the accounting information system packages that is being widely used because of its amazing performance and the unique set of features that come along with this package. The system fulfills the requirements of various user types such as home users, small business vendors along with large enterprise and can also be customized at the time of purchase to include only the features that are required. The essential and advanced accounting activities are offered by this package with some of the features as listed below.
Xero is one of the accounting information system packages that is being widely used because of its amazing performance and the unique set of features that come along with this package. The system fulfills the requirements of various user types such as home users, small business vendors along with large enterprise and can also be customized at the time of purchase to include only the features that are required. The essential and advanced accounting activities are offered by this package with some of the features as listed below.
Some of the software and packages that is available to be adapted and implemented by the banks have been listed above and there are a number of other vendors in the market as well.
Banks can make use of custom developed software to implement the same in their architecture. Custom developed software is the one which is designed and delivered as per the exact specifications and requirements that are demanded by the customer. There are certain functional aspects that are required by a particular bank which may be of no use for the other. For instance, there will be difference in the desired features for a small scale bank and a large scale bank. Custom software has the ability to fulfill the requirements of all. However, there is one drawback that is associated with this option as it scores high in terms of the cost.
There are also ready to use packages that are available in the market to be purchased and used as it is. The costs that are associated with such packages are generally lower and these also take lesser time to be implemented. There is also a high degree of reliability that is associated with these packages as the customers can easily look through the reviews and feedback provided by others. Trainings are also available easily through this package and the documentation is also available in abundance. There are certain drawbacks that are associated with this package in terms of the mapping with the requirements as the features are already designed.
It is a method in which a third party will be contacted to accomplish the design, development and implementation of the accounting information systems in the banks. The entire responsibility of carrying out these activities will be on the third parties which will involve lesser administration and management by the banking staff. This process may however take an increased time and will not fit if there is an immediate requirement.
There are a number of success factors that shall be evaluated to understand the efficiency of the technological implementation of accounting information systems that will take place in the banks.
There are a number of channels and activities that are involved in the business processes of a bank. These entities may be internal or external to the organization which leads to the inclusion of a number of different access points. It is because of this reason that eavesdropping in to the system can be easily done to capture confidential data (Wood, 2016).
Unauthorized Tracking
Banks are associated with a lot many and certain non-stop transactions and activities. There is huge to and fro of information that takes place through several channels which leads to unauthorized tracking by the malicious entities in one of the channels. These attacks become difficult to track as there are varied entities involved.
Data Mining Attacks
Data mining and data analytics is used in the information associated with the banks to apply the concepts of business intelligence to achieve streamlined results. However, the attackers often execute data mining attacks on the information to cause damage to the confidentiality of the same (Amato, 2016).
Reconstruction Attacks
During the exchange of the information, it is often observed that the attackers capture the banking information and reconstruct it to give it a new shape and structure. Such attacks have a huge impact on the confidentiality of the information.
Message Alteration
Integrity plays an extremely important role in case of the information that is associated with the banks as it is necessary to have authorized modifications failing which there will be huge damage that will be caused. Integrity of the information is violated by the execution of message alteration attacks in which the exchange of messages that take place between the two banking activities is modified and changed in an unauthorized manner (Microsoft, 2016).
Media Alteration
Integrity plays an extremely important role in case of the information that is associated with the banks as it is necessary to have authorized modifications failing which there will be huge damage that will be caused. Integrity of the information is violated by the execution of media alteration attacks in which the exchange of media that take place between the two banking activities is modified and changed in an unauthorized manner (Aws, 2016).
Server Impersonating
There are many servers that are associated with the accounting information systems that are used in the banks. Server impersonation is done to trick the users to gain important information (Mahmoud, 2015).
QoS Abuse
QoS stands for Quality of Service and it is often put at risk because of the malevolent activities that are carried by the attackers to impact the system availability. Issues with the availability of the system impact the quality immediately (Panetta, 2016).
Accounting Information Systems are one such information systems that automate the operations associated with the accounts department. Banking sector is one of the prime users of such information systems as the majority of activities that take place in banks are related to finance and accounts. The requirements of business of a bank in terms of accounting information system are associated with the implementation of an integrated system that shall be designed in such a manner that the accounting, auditing and bookkeeping activities are carried out and managed automatically. Also, the management of database along with customer relationship will also be some of the mandatory requirements in association with the banks. The accounting information system for the banks will be required to have the functional specifications and abilities to carry out the tasks around account management, loan processing, reconciliation activities, online banking, customer relationships and many more. There are a lot many vendors in the market that may be selected to acquire the desired system. The acquisition of the technology can be done through a number of different methods such as custom software, outsourcing, packaged purchase and many more. There are numerous security issues and problems that may emerge with the implementation of automated systems in terms of information security and data protection issues. These issues and risks shall be handled with the aid of the implementation of basic and advanced security mechanisms
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