Proposal For MIS Banking System Essay For Bank Of Queensland. (70 Characters)

Developing and Implementing Information Systems

To evaluate your capability to use a systematic process (i.e., SDLC discussed in Topic 4 of the subject) to make a comprehensive proposal to a sponsor to get approval for selecting, developing, and implementing an information system (also loosely called implementing an information system in the UIG), which could help the chosen organization by :

Improving an existing system
Introducing a new system
Creating a new business opportunity
Improving organisational productivity

1.Describe the system approach to problem solving
2.Describe and Explain the steps of the systems development life cycle
3.Explain the need for successful project management
4.Compare different development approaches organizations can apply

The MIS system will be provided to the Bank of Queensland (BOQ). The BOQ is working for the keeping information of accounts, withdrawal (by cheque/cash), and for deposit amount. Through the help of new MIS, the bank can easily keep the day to day banking transactions. The objective of this report is to prepare a proposal for the system applications that can maintain and offer the user-friendly interface for collecting customer details in less time and with complete accuracy (Adebayo, 2007). MIS will be completely computerized; therefore, it’s not a time-consuming process. In this system, no paper will be needed and can be easily implemented. The system will also facilitate the inclusion of new customer accounts, deletion of previous account and modification in the current customer account. In order to explore the individual accounts for the specific customer, all transactions will be shown, and any account can be easily opened in less amount.

The primary objective of the system is:

• To permit the authorized users to access the different functions available in the MIS system easily.
• Easily explore the account wanted by the user.
• Minimize the clerical job, because computers will complete most of the work.
• Offer the high speed and minimization of time.
• To enhance the account number and customers
• It minimizes the manual workload and provides instant information
• The system will maintain the account list, along with balance status and customer record (Ajayi and Fadekemi, 2007)
• The system will be user-friendly so that new users can efficiently operate the package and efficiently manage their account status and balance.

The MIS banking system for BOQ is proposed to automate the banking system and to deal with the present account with or either without check facility. The user administrator will be able to check the account through their login ID and password and can work with account holders for withdrawal/deposit. This will enable the quick transitions like the creation of a new account, cash withdrawal, cash deposit, and checking account balance by admin (Baskerville and Myers, 2002).

This report will try to make a sincere effort in offering the features mentioned above for fulfilling the need of BOQ. The project category will management information system having System approach.

Planning

The request of the client is reviewed through the committee that includes around ten people in SCMS, such as managers, vice president, and non-managerial staff. In this phase, projects ideas are collected and reviewed; projects ideas are set as per priority; resources are allocated, and the project development team is created.

Analysis

A complete investigation is done through personal supervision as the explicit recognition of problem terms that arise at the time of preparing a feasibility report.

Design

The system is designed for coping up with errors and various subsequent modifications and changes (Kozak, 2005). When the specification of the user system get finished, it should be shown to management that will outline the design features and offer a revision of cost, objectives, and benefits.

Analysis

Development

In this phase, the system is constructed. In the first stage application programs will be developed. In the next stage design document is analyzed as per design. This activity needs the highest workforce and resources in the complete system life cycle.

Testing

This phase includes testing the complete system. Firstly it separately examines the system. Every independent program is tested and by the interface of various other subsystems, the entire system is tested.

Implementation

In this phase, the system is implemented, and testing and integration are done. It also includes various activities like system test, development of the unit testing module, manage release, install and test the new system, initiate beta test, regression test, conduct software quality assurance, implement the system, training, develop the specification of training, explore training methodology and develop a mechanism for training delivery (Kozak, 2005).

Maintenance

In this phase post implementation of the new system is reviewed; documents are learned and given to team members. The software maintenance team is created, and errors are explored.

The Bank of Queensland (BOQ) is the retail bank of Australia, having its headquarters in Brisbane, Queensland. This bank is the oldest Queensland financial institution and has around 252 branches all over Australia, which includes 78 corporate branches, along with 166 owners managed branches. In the year 2007, the satisfaction of customer with the bank was around 88% (Fabunmi, 2003).

Vision

BOQ is established as the most trusted investment bank, which is governed through integrity and discretion along with commitment towards corporate customer base and individuals with the cross-connection between the regional footprint of BLOM and Australia.

Mission- the mission of the bank is to come up as most leading offeror of added value financial products, which are tailor-made to fulfil the requirement of clients and to offer the qualitative advisory services, with the application of intellectual capital as well as an innovative approach for creating value and for preserving the wealth (Meliha, 2001).

Porter’s Five Forces model

Industry rivalry

Rivalry existing among the competitors might link with size or scale. As per APRA (2014), there were around 68 banks in Australia, among which approximately 20 were domestic banks, 40 were a foreign bank, and 8 were foreign subsidiary banks. The industrial evolution has depicted the trends in the merger and acquisition like Adelaide Limited and Bendigo in the year 2007. This trend represents the interest of existing players for dominating in the market. The contestability of the market and policies of government indicate the competition. In the context of products, both quality and innovation are needed. Small market players try to distinguish the products through emphasizing over the products (Kozak, 2005). Many important banks had invested in the technology for satisfying the customers, for example, providing mobile applications. As the services and products are identical and concern with the industry, it can be mentioned that current customers are imposed with the medium threat.

Design

Entry

The new entrant’s threat in the industry is quite low for the market of Australia, because of the entry barriers like regulations and APRA examines capital, cost of switching, scope, and learning, economies of scale and reputation. New entrant opportunities relate to the new technologies. Kozak (2005) has mentioned that new entrants might disrupt the current business model of banks by new technology like payment method applied by Pay Pal and Google Pay to compete with previous existing banks.

Substitutes

In the present trend, the critical substitution threat of the banks is not ADI, but it’s the financial organizations, investment banks, and general financers, which provide similar products and services. There are two significant types of non-ADIs, which offer lending services like finance companies and market corporations. As per Laudon and Laudon (2003), investment banks provide business loans, along with general financiers and financial institution. Truth is essential in the industry like customers are less sensitive towards the changing price. Therefore, the threat of substitutes in the industry is moderate.

Supplier power

The principal market suppliers of banks are customers, legal services, accounting services, and financial market. Legal entities offer legal services to the banks associated through contracts with clients and various other legal problems; where else, accounting companies offer accounting services related to the financial statement, preparing tax auditing. As the suppliers are not concentrated, the power of supplier holds medium threat (Liu and Young, 2007).

Power of buyers

The Australian bank customers are households and individuals from retail and mortgage banking. Customers within this industry have the bargaining power to select the substitute products of foreign, regional or national banks. This power creates the bank more competitive towards price for attracting the customers. As the buyers are not concentrated, the power of buyers creates moderate threat over the industry profits.

Problem identification

The new opportunity, which is present in the system cannot manage the pressures. Non-managers, managers or environment components usually identify the issues that are rarely created by the information specialist. Managers explore the existence of the problems and what lead to it.

The problem definition exists in the manual system and a completely automated system.

Manual system- the system is lazy and consuming a lot of time. This system is getting prone towards the error and approach to different issues is unstructured (Newman, 2001).

Technical system- through the advancement of technology, if the system is not updated then the business might face the loss slowly with time. The technical system includes the latest trend tools, like fax, computer printers, and the internet. The system through the use of technology gets accurate, fast, reliable and user-friendly.

Development

For explaining the problem, it is important to explore what creates the situation more challenging by observing the process; take interview of respondents; address the documentation; explain the human activity system, and identify environmental constraints (Obi, 2003).

Economic feasibility

Economic analysis has mainly applied the technique for the purpose of evaluating the proposed system effectiveness. In this procedure cost/benefit is determined for both savings and benefits. In this procedure, benefits and savings are determined, which is expected from the proposed system and the comparison is made with cost (Shu and Strassmann, 2005). On the basis of this, the decision is taken, and the new proposed system is implemented.

The manual efforts included in maintaining the account, information of customers, deposit, withdrawal, and calculation of balance is highly tremendous.  This had happened due to the information volume. Maintaining the records of various customers is not an easy task, and it requires workforce (Rimvydas, 2001). Through the support of computers, it becomes straightforward to manage the book and library and easily keep track of the books.

In computerization case, the associated cost is not so high, as it used to be challenging 507 years before. Every management of banking requires desktop computers initially, along with UPS and printer for maintaining the regular electricity supply. The individual operator can efficiently manage various queries. In conventional terms, it should not take more than 10-15 minutes to enter the customer information. In terms of feasibility terms, a measurement can be made whether the explored user requirements might be satisfied through the present hardware and software (Whitten, Bentley and Dittman, 2004). In this case, the user includes the one head clerk who initiates every task. Other clerk maintains the records related with the new account and deletion of the account, as well as removal and addition of customers, and keeping the balance amount. As the information volume is managed through the individual person is quite tremendous.

Having the quantifiable measures as well as target markets create ease for the strategic performance management down in the structure of the organization. BOQ strategic objective is to enhance the profitability of customers or something which is equally straightforward. The balanced scorecard might force to quantify the objective in the context of the particular targets and measures (Asemi, Safari and Zavareh, 2011).

The measures can be measurably increased in the average quantity of products. It gets the more straightforward task for the bank to allocate the responsibilities for attaining the appropriate target towards the subordinate unit of business. For instance corporate banking or retail banking. Indeed, it can become easier for BOQ to allocate the granular measures quickly and quickly target the strategic objectives of the staff. This is the logical allocation in a balanced scorecard

Testing

The question is how BOQ has changed the retail banking in Australia. The implementation of IT in the current years has proved to be the boon for the banking industry, and it has also changed the manner banking services are initiated in the present time  (Beaumaster, 2002). The point is that how IT has enhanced the retail banking from the viewpoint of balanced scorecard. The proposed system from customer perspective will:

• Enhance the multi-utility of ATM availability in every branch; this will minimize the cash bank branches.
• Mobile and internet banking services
• Service availability by various channels, such as kiosks, branches, call centre, and the internet.
• Non-banking service viability such as reward points, travel insurance, utility service payment
• Customized services and enhanced products in the portfolio cater towards the customer requirement.
• The mobile establishment in rural areas.
• Internet technology also assists in permitting the cross-link transactions that support the BOQ in increasing the new geographies.
• Product portfolio review regularly and exploration of changing customer demands.
• Suggesting customers about the loan products, and simultaneously checking their profiles (Davenport, 2000).

Features proposed in the new MIS system at BOQ:

• Any data can be searched easily
• Every record about the account and customer can be stored in the different files
• These files can be updated and maintained constantly
• Specific information of mind can be updated
• The particular customer record can be updated for single or more customer address, and through offering number of account
• The customer record can be deleted easily through offering many accounts

The proposed MIS system at BOQ will provide fast access to data, reliable and user-friendly services (Davies, 2009). The proposed system wouldn’t have any possibility of data loss at the time of processing. In the testing of the system, below testing will be conducted:

Operational feasibility- it will be based on specific parameters:

• The proposed system effectiveness in the BOQ
• The effect of the new system over the previous system
• User preferences gathered during the interview
• New system requirements

Schedule feasibility- it will be based on below parameters:

• Project deadline, either reasonable or not
• Calculated time for completing the project

Technical feasibility- it will be based on below parameters:

• Software and hardware needed for the project
• Propel availability while delivering and assisting the new proposed system

Economic feasibility- it will be based on below parameters:

• Proposed system benefits for BOQ
• The relationship between cost and benefits related to the use of the system.

In the testing of the new proposed system below testing will be conducted:

Acceptance testing- it’s considered as the testing process before the system is approved for the operational application. The system gets tested through the information supplied through system procurer, instead of stimulated test information (Gunasekaran and Ngai, 2004). The acceptance testing might show the errors in the system needs, due to the actual information exercises the system invariant ways for information testing. Acceptance testing will also show the requirement issue, in which facilities of the system fulfil the user requirements or accept the system performance.

Documentation

Operation systems are considered for granted. Every need of the system will be evaluated periodically after the system implementation. Just like the system testing that examine, whether the system got to fail, the operational documentation will examine how properly the system moves to fulfil the performance specification. It will also offer data for determining the fundamental redesign required (Gurbaxani and Whang, 1991). The review of documentation will extend the system evaluation in the context of the extent to which the system can meet the objectives and actual cost and initial estimates. The study will begin with a review team for collecting and reviewing the request for the purpose of evaluation. It will also file the discrepancies after the acceptance of the system. The changes in system impact the user or performance of the system, as the primary factor, which initiate the review of the system (Hevner, March, Park and Ram, 2004).

Implementation

Implementation

The critical base of the system life cycle is the right implementation of the new proposed system. The implementation stage implies the conversion of the new proposed system design into the system operation (Zmud and Cox, 1979). This will include creating the computer files that are compatible, providing training to operational employees and installing the hardware terminals, as well as telecommunication network before the working of the system and its running. In the implementation of the system, user training is essential for reducing the resistance to change and provide the new system with the change to prove its importance (Kuruppuarachchi, Mandal and Smoth, 2002). Training aids like user-friendly manuals, job performance, and data dictionary aids communicate data about new proposed system and as it the screens.

In the post-implementation activities of the new proposed system, documentation lessons are learned by the staff and the same will be distributed to all members of the team. A team will be created for maintaining the system (Lucey, 2005). Errors will be identified and improved. Finally, system performance will be monitored after its implementation.

In the system development, different security risk might occur, that can lead to the loss of information. Below are the security risks that should be presented for information loss:

1. Downtime of server- Server downtime might lead the server not to work, and this will result in complete bridged of a computer with the server and will get unable to get connected. This might also lead to loss of information when information is passed on to the server (Milis and Mercken, 2002).
2. Obsolete tools and applications- Because of the application and tools defect, the information loss might take place. Software failure or hardware crash might also happen and lead to loss of information.
3. Computer Worms, virus and Trojans- there is a various malicious logic program that might work without the support of user knowledge and can alter the operations of the computer and lead to loss of data (Murthy, 2006).
4. Denial of service attack- the DoS attack is designed for server overloading. It uses software codes to be sent too many requests over the server so that actual user don’t get connected with the server.
5. Backdoors- they are the programmer who is created as algorithms, and they bypass the mechanism of security and offer program access for troubleshooting or for scanning the time of development (O’Brien, 2004). But the crackers and hackers apply backdoor for attaining the program access and inject the malicious code, which results into loss of data.
6. Failure of hardware- it might cause information loss, which is saved in hard drives (Tripathi, 2011).

Conclusion

This proposed MIS for the Bank of Queensland will act as a helpful approach to the database dialog box for the purpose of depositing and for withdrawing the money. It will also serve as an essential approach for users. It will also offer the easy ways for withdrawal and deposit of money. It will also minimize the time incurred by the user for saving the amount. Therefore, this system will apply the user-friendly approach.

References 

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Maintenance

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