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Discuss about the Technology and Banking Sector.



Importance of Technology for Banks

The importance and significance of technology in banking industry cannot be denied. The main objective and goal of the company is to serve customers excellently in order to achieve more revenue and income. The industry of bank has contained the utilization of technology to facilitate customers’ quick as well as fast service (Lee and Lee 2001). The banking sector has completely modified due to implementation of new and innovative technology. The paper banking and division based banking is changed into digital banking facilities. Previously, the utilization of broadband internet has made it easy to transfer the information. The utilization of technology has modified the systems of management and accounting of all bank especially in New Zealand. Currently, it is modifying the method how banking industry is delivering customer services to its clients. The role of technology in the industry of bank is enormous (Lichtenstein and Williamson 2006).

Due to E-banking, the banks are now capable to transfer its facilities without any difficulty to its loyal and high-class clients. Banking institutes has employed a Graphical User Interface to create the system user approachable to all customers (Laforet & Li 2005). Through this software, the consumers can get complete information about their banking accounts in their computer. Customers can transfer amount from one account to other account easily and they can get pricy of statement of bank without any hesitation through this software. In some bank, Electronic Date Interchange software is being used. This software is used to transfer the information among customers and banks. This may be utilized to communicate transaction of business in a form of computer-readable. The data can be read by customers easily without any hesitation. In banking sectors of different nations such as New Zealand, USA, UK and India, the NRI Banking Services Technology is used (Lee & Feick, 2001). This is new technology but is used in different nations. Through this technology, the people who work in foreign country can send amounts to their families. This technology is excellently used to send money from foreign banks to domestic banks. This expertise has created it easy for foreigners to transfer cash to their relatives in order to support then excellently.


In previous years, the banking facilities was offered in just cities and urban areas. Nowadays, the technology has created it easy to initiate facilities of bank in rural areas. For instance, the Mobile money banking services has introduced in New Zealand. In this situation, a rural citizen can contact with Mobile Corporation which is started for free. This company can deposit cash on their account through a close operating center of mobile money (Luarn, 2005). This cash can be achieved at any time in that rural area as well as the money can be sent or received through this method as well. This mobile money banking services made it easy to send or received cash at any time in anywhere. Through introduction of plastic card, the flexibility of banks has increased. The debit cards as well as credit cards have created industry of bank more elastic and convenient. A client can borrow a particular amount of cash from banking company to buy a thing through utilization of credit card. The bank deducts this amount later from their account. In this situation, the customer do not require to go through the irritation and annoyance of advancing little cash. A client can give money for anything through Smart Cards. The banks deduct cash mechanically later. These cards are utilized by customer to give or send cash from their banking accounts utilizing a machine of ATM. The introduction of these cards made banking system more flexible and convenient (Parker, 2011).

Facility of self-inquiry is another technology used in banking systems. All banking institutions of New Zealand have provided this facility through which they customers don’t bother to lineup the help desk. The ATM card can be used by customers to know the actual position of their accounts. These cards provide complete information regarding money and consumptions made by customers (Sathye, 1999). Remote banking is an excellent technology involved in banking sectors. The banking industry has fitted machines of ATM in diverse areas. The customers is not required to go to the core branch to do dealing. This service has made banking capable at any time. The consumers may utilize the machines of ATM to deposit cash on their banking accounts. They can get cash from any ATM machines. The facility of remote banking has assisted individuals in rural areas enhance on their civilization and tradition of saving cash. The banking institutions of New Zealand are also using service of centralized information. This makes capable the banks to convey data and info from one branch to other branch of bank (Yang, 2005). For instance, if a client of Westpac New Zealand Bank registered his account with the rural branch, he can achieve information on his account even though at the core branch of Westpac in a urban area. The chances of frauds and errors have been decreased due to implementation of technology. Technology has performed a vital part in declining deception in banking institutes with secure its clients. For instance, banking institutes utilize an expertise which variables signatures prior a consumer extracts big amounts on a particular account as well as this decreases on the frauds or danger which happen because of counterfeit and fake.

In the banks, the Tele-banking also performed vital and significant role. The customers are provided complete information about their accounts and accounts status through telephone in banks of New Zealand. It embodies directing monetary dealings by computer as well as a telephone. An automated answering phone system is used in various New Zealand banks such as Westpac. The operators of telephone complete guide customers regarding their accounts and transactions. In numerous banks of New Zealand, the SMS banking is also used. This allows the clients to function the services of banks on mobiles utilizing SMS or messages. The banking of SMS is much 

The technology is playing vital role in the success and development of banking companies. Al most all banks in New Zealand are using technological advancements in banking services to enhance the profitability and customer service. The role of technology in success and development of banks cannot be denied as it made banking services more flexible and convenient. No bank can make progress without implementing lasts tools and techniques. The implementation and execution of technology in all banks is essential.


The Benefits and Costs of Adopting New Technological Frameworks and Tools in New Zealand Banking Industry

Implementation of technological tools in a bank shows diverse set of costs to management. It contains several benefits and costs. The below mentioned are costs and benefits of adopting new technological frameworks and tools in the banking industry of New Zealand:

The managers who lead technological modification should frequently facilitate as technological creators as well as appliers. As a strategy, one bank makes the expertise as well as provides it to employers, who have limited information but well-informed regarding their fields of implementation (Narendiran, 2011). Practically, the manipulator bank is not agreeing to get on accountability for the expertise at the point in its assessment as which the growth team desires to provide it. The person who is responsible of implementing new technology should make a comprehensive plan. In order to implement successfully, it is responsibility of managers to perform a role of creators as well as employers (Zheng & Chen 2003)    

It is announced by the Scott Collary, the chief executive of Australia and New Zealand Banking Group, that application of Gerard Florian as a technology of group executive has implemented. Before this, Florian performed the role of policy office for Business Unit of Dimension Data’s Global Cloud. At the worldwide tech giant of division of Australia, he will do the roles of chief marketing officer as well as chief technology officer. The technology will be defined by Florian at ANZ. He will make strategy for technology and plan for implementation of technology. The whole infrastructure for adopting new technology will be managed and handled by Florian. Through implementation of latest technology, the ANZ reported AUD 5.7 billion of profit in 2016 and it currently completely focused on digital age. The application of internet banking was introduced in Auckland Savings Bank initially in 1966. In 1999, the National Bank of New Zealand and Bank of New Zealand adopted new technology. The number of customers enhanced by 54% in banking sector of New Zealand as compared to past year.

According to market perspective, the implementation of new technological tools enhance the satisfaction of users, but the appropriate substance, timetable and kind of employer participant will differentiate extensive from bank to bank. In order to implement a new technological tool, the marketing perspective must be kept in account. It assist prepare a bank to get innovative technology. Numerous application tries fail as institution undervalues the level or significance of this preparation. Numerous managers cannot implement new technology as they spend enormous amount on generation of technology but spend limited time on implementation. It is suggested that not just extensive investment by creators in the plan is required but a suitable level of investment in the properties of banking company also required (Centeno, 2004).

Multiple internal markets also impact the application of new technology. The greater the level of managerial hierarchy in a company, the greater the chance of fruitful application. On the other hand, the limited hierarchal structure makes extensive issues. It is responsibility of managers to make internal plans of marketing excellently to avoid issues and problems. In this process, the manager recognize the teams whose approval and recognition is greatly essential for success and development of the banks. The manager should demonstrate the appropriate approach that is essential for success. Higher level of management as well as end users have to purchase in the creation to generate it successful, but the idea of marketing required differentiation techniques. When Westpac introduced internet technology, it verified the charges on the basis of saving across time. The excellent of customer service enhanced, decreased the costs of manufacturing directed to extension of share of market, and the bank proved capable to facilitate as a service site for additional facilities. On the other hand, BNZ introduced M credit system, through which details are provided on mobiles about accounts. In the same way, the ANZ bank developed electronic wallets as well as apps for smartphones such as Fastnet Classic app. The banks can cover extensive portion of market through mobile banking. The offers introduced by ANZ can be used for limited customers who have high quality phones and iPhones (Giannakoudi, 1999).


The processes are greatly impacted by the application of new technology. The customers and management process are impacted by this process. It is proved that application of latest technology has enhanced the quality of procedures through improving negotiation, standardization of process and improving workflow. Through introduction of internet technology, the banking sector of New Zealand improved inclusively. The introduction of use friendly websites of banks improved customer services excellently. The customers can get complete information regarding bank through websites (Schwarzer, 1992)

It has been announced by the Westpac that it has created more than 170 branches in rural areas due to implementing new technology. The ANZ bank is considered to open more 6 branches in different areas. The National Bank and ANZ brands merged in 2012. It is said by the head of digital and transformation, Liz Maguire, at ANZ that more than 50% operations are performed through digital channels. As the branches are widen up, impacted negotiation have increased matters that oldest individuals will try with the evaluation from banks to performing their banking online, whereas owners of business are more worried about payments and withdraws. More than 50% of people are frightened to implement new technology (Elleithy, 2008).

In order to manage the challenges of implementation of new technology, ANZ used iPhones and iPads to teach consumers how to utilize latest technology. The bank motived to people to use phone banking who did not have availability of internet or computer. Due to implementation of new technological tools, various banks of New Zealand opened more branches in 2015. ANZ has 225 braches of bank and it is making plan to make 6 more. BNZ has 171 branches in 2015. Kiwibank has 265 branches in 2015. Westpac Bank has 189 branches in the 2015 (Brown, 2006). 


Various creators of technology will admit confusion that creations do not gain unconscious approval (Barton, 2000). It is assumed that sale of an innovation is essential to gain acceptance, whereas it is similarly hazardous to whole the system. Innovative as well as mysterious technologies are defenseless to publicity. The prospective employers of the technology make disappointments when the desired results of the technology are not achieved. For instance, when a software is applied in a company, it is thought that this last product. The break among awareness as well as authenticity was noticeable to the active exertions of one manager in the banks. The managers are required to implement a technology in such a way as no issue can happen. Before application of extensive technology, it is recommended to conduct a pilot test for introducing new and innovative technology (Palmer, 2002). The risks of implementing a new technology cannot be avoided as sometimes the results of test are considered best but actual results achieved are poor. The criticisms of a particular project cannot be avoided. For successful implementation, the objective of test should be kept in mind as well. In some test, risk factors are not considered essential, while in some tests these tests are considered significantly essential. In order to implement new technology in the banking sector, the risks of implementation should be analyzed and handled. The banking industry of New Zealand managed 8 obstacles while introducing new technology. The managers of Westpac and ANZ made completely plan to handle the issues regarding organization change (Podder, 2005). The issues regarding cyber security, legacy systems, lack of clarity, digital iceberg, and lack of digital literacy, comprehension of demand of customers and participation with giants of digital are managed effectively. These issues occurred during application of new technology in banking industry of New Zealand. BNZ introduced ICT projects that provided the various advantages to the bank in last year involve the migration of information center. The critical IT system of bank’s business was moved in the data center of IBM’s Auckland. Olivier joined Westpac in order to facilitate the decision making process of bank regarding technology and application of latest tools. In order to facilitate various technologies such as ATM middleware, online card instigation as well as Direct from Account payment, Olivier provided great assistance and help (Polasik and Wisniewski 2009).

In this essay, the importance of latest technology has been defined in detail. The banking sector of New Zealand is progressing in last few years due to implementation of latest technology and tools. The importance of technology in banking sector of New Zealand is described greatly. After that, the cost and benefits of applying new technology with perspective of banks of New Zealand are defined in detail.



Polasik, M., and Wisniewski, T. P. (2009). Empirical analysis of internet banking adoption in Poland. The International Journal of Bank Marketing, 27(1), 32-52.

Podder, B. (2005). Factors influencing the adoption and usage of Internet banking: A New Zealand perspective. Published master‘s thesis, Auckland University of Technology, Auckland, New Zealand.

Palmer, J. W. (2002). Web site usability, design, and performance metrics. Information Systems Research, 13(2), 151-167.

Barton, C. (2000). Banking on the future. The New Zealand Herald. Retrieved from:  

Brown, T. A. (2006). Confirmatory factor analysis for applied research. New York: The Guilford Press.

Centeno, C. (2004). Adoption of Internet services in the Acceding and Candidate Countries, lessons from the Internet banking case. Telematics and Informatics, 21(4), 293-315.

Elleithy, K. (2008). Innovations and advanced techniques in systems, computing sciences and software engineering. USA: Springer.

Giannakoudi, S. (1999). Internet banking : the digital voyage of banking and money in cyberspace. Information and Communications Technology Law, 8(3), 205-243.

Lee, E. J., and Lee, J. (2001). Consumer adoption of Internet banking: need-based and/or skill based? The Marketing Management Journal, 11(1), 101-113.

Lichtenstein, S., and Williamson, K. (2006). Understanding consumer adoption of internet banking: an interpretive study in the Australian banking context. Journal of Electronic Commerce Research, 7(2), 50-66.

Laforet, S., & Li, X. (2005). Consumers’ attitudes towards online and mobile banking in China. International Journal of Bank Marketing, 23, 5, 362 – 380.

Lee, J., Lee, J., & Feick, L. (2001). The impact of switching costs on the customer satisfaction–loyalty link: mobile phone service in France. Journal of Services Marketing, 15, 35–48.

Luarn, P. (2005). Toward an understanding of the behavioural intention to use mobile banking. Computers in Human Behaviour, 21, 873-891.

Narendiran, C. (2011). A new approach on secure mobile banking using public key infrastructure. International Journal of Computing Technology & Information Security, 1, 1, 40-46.

Parker, R. (2011). New Zealand smartphone penetration: the facts. Retrieved 11 July 2012 from:

Sathye, M. (1999). Adoption of Internet banking by Australian consumers: an empirical investigation. International Journal of Bank Marketing, 17, 7, 324- 334.

Schwarzer, R. (1992). Self-efficacy: thought control of action. Washington: Hemisphere.

Yang, K.C.C. (2005). Exploring factors affecting the adoption of mobile commerce   in Singapore. Telematics & Informatics, 22, 257-277.

Zheng,X., & Chen, D. (2003). Study of mobile payments system. Proceedings of the IEEE International Conference on Electronic Commerce (CEC), CA, USA.

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