With the rise of internet and various forms of technologies, there have been severe forms of opportunities for the processes of business. The impact of Information Technology (IT) have been helpful for providing different kinds of advantages for the various forms of business operations. This report help in focus on the different forms of changes that have been made within the banking sector of the Commonwealth Bank of Australia (CBA). The CBA is one of the largest forms of banks that have been recognised within Australia. The CBA is dedicated for serving the people of Australia (Weill and Woerner 2013). They also help in providing different kinds of services in various other countries. The bank also provides the facility of loans to different other kinds of retail sector of banks. These kind of services have been provided by creating a form of string within the market. The entire report is based on the focusing of the different forms of modification within the current strategies within the market.
The Critical Factors of CBA
With the different improvements within the sector of banking there have been major factors that are helpful for improving the various kinds of strategies within the market. The rise of technical devices have helped in the improvement of various forms of strategies and have thus helped in modifying the current strategies of the market. With the global based impact of technological based systems, the CBA have developed a form of mobile banking system. The CBA has a huge base of customers (Mortimer et al. 2015). Hence they thrive on the embarking such kind of technologies within the market, which would helpful for them to expand the market of their business and thus gain the respect from their customers. This would thus prove to be beneficial for the growth of the sector. With the impact of the mobile banking systems within the business, the CBA has been majorly been helpful for expand their banking services in various parts of the world. The bank has also been helpful for meeting with the expectations of their customers by providing them with different forms of business based solutions.
Some of the major form of critical factors that have helped for the success of the bank in the global market are:
The various objectives that haven presented by the CBA include:
Relevance of the Objectives
With the rapid change of business strategies within the organisation, the CBA have helped for maintaining their competitive structure within the existing market. With the expanse of the growth of the business of the bank, there has been a large number of customers who have joined the services of the bank. This has been helpful for increasing the sales structure of the bank within the global market (Brown 2014). The primary goal of the bank is to expand within the internet based market. They would also make the use of the current form of business strategies to serve a proper form of service to the people who would be involved within the business processes within the bank. The major forms of success that have been maintained by the bank is based on the expanding of the market of the banking sector. This kind of facility has been majorly been possible with the expanse of the internet platforms (Charles Jr, Schmidheiny and Watts 2017). Different kinds of initiatives have been majorly been taken by the banking sector in order to improve the financial stability of the sector and thus bring innovative processes within the existing market.
Mission Statement of CBA
The mission statement of CBA is to accomplish high level of services to their customers based on meeting up to their requirements and needs.
The Formal Organizational Structure of CBA
(Fig 1: Organizational Chart of Commonwealth Bank of Australia)
(Fig 2: Data Flow Diagram of Commonwealth Bank of Australia)
Existing Structure at CBA
The CBA is one of the largest privatised bank within Australia. The bank has thus been listed as one of the largest bank within the Australian Securities Exchange. The bank has been able to provide a vast form of services to different other banks that have been located in different other countries that includes Asia, USA, New Zealand and Fiji. The bank is dedicated towards providing vast form of services to the customers and users who majorly invest within the banking sectors clients (Tonts, Martinus and Plummer 2013). The primary aim of the bank is based on becoming one of the largest sector of banks within the Australia sub-continent. Based on the internet technology frameworks there have been major form of changes that have been incorporated within the banking sector. The integration of IT based services within the banking sector have been used for improving the daily operations within the banking sector. With the help of providing a vast form of services, the banks have been able to search form different form of upgrades within the service sector (Schlagwein, Thorogood and Willcocks 2014). With the impact of the mobile based banking within the sector it has been majorly been possible to perform the daily operations of the bank in a new format. The versatility of the improvement within the banking sector have helped in organizing and picking up new form of business involvement with the aid of improved form of gadgets.
The CEO of the CBA banking organisation has recently announced that the newly designed portable management framework would be able to account for the various forms of business improvements within the sector. Another newly adopted service within the banking sector of CBA is the impact of SMS systems that are also incorporated within the mobile banking systems. Based on the various forms of framework within the internet framework, it has been noticed that there have been several forms of improvements in the banking sector of CBA. The CBA have also implemented different kinds of security measures within their mobile banking systems. The different forms of utilization of the various portable mobile applications of CBA have also helped in the versatility of the mobile application. The crucial form of motivation for the CBA organization is based on expand of the higher level of security within the current forms of database systems.
Control Weaknesses of CBA
Based on the focus of the current situations, it has been noticed that there are several different forms of cases of hacking in the saving of money based on the current forms of framework. On proper form of assessment of the frameworks of security, it has been noticed that there could be several forms of improvements within the current sector of work. There have been major form of security based tools, which are necessary for the protecting and security of the devices (Hasan and Xie 2013).
Based on the several kinds of improvements within the sector, it has been noticed that the different cases of extortion within the cash structures have provoked the bringing of trust within the organisation. The CBA would have to spend a considerable amount of time in gaining back of the trust of their customers (Abbott and Cohen 2014). In order to achieve such form of business objectives, the CBA would have to gain different measures of security of their devices.
There is another kind of problems for the CBA is that the banking sector mainly outsource the facilities of the banks from various other sectors. These kinds of third party organization mainly handle the business procedures of the banking sector. This could be viewed as a problem as any form of business related problems would be reflected in the banking organization (Brown and Davis 2015). They would majorly be responsible for the bad experiences that would be experienced by the banking sector.
The Primary Features of the New Improved System
There should be a flexible form of dealing of the computing systems of the CBA. The banking sector has a wide reputation in the business market. Hence they should focus on the improvement of the mobile banking systems that have been majorly been implemented within the banking systems. There are various forms of improved features within the mobile banking systems, which are able to improve the systems of banking at CBA (Brotchie et al. 2017). These form of features mainly focus on the implementation of biometric systems, high form of integration of PLS with the standards of HLS and thus upgrade their various services within the mainframe systems based on the UNIX platform and DB2.
The impact of the biometric systems have majorly helped for the improvement of the banking sector. They help in enabling of higher form of security measures within the organization. Based on the recent cases of attacks on the systems of banking, it has been understood that the use of biometric systems could be a major form of relief for the sector. The biometric systems depend on the uniqueness of the individual. They vary from person to pardon and thus form a major factor of identity of the systems (Wood and Shearing 2013). As each person have their personal identity, hence the detection of frauds within the system could be prevented to a huge extent. Some of the different other kinds of features that have been included within the banking systems of CBA include the use of facial recognition, fingerprint recognition, iris detection and voice recognition.
The integration of the PLS with the HLS systems have helped in the effectiveness of the implementation of the perspectives of security (Abawajy 2014). The basic user interface of the mobile banking systems within CBA would be based on a non-supportable platform. The people who would be involved within the banking sector should deserve a better form of interface based on the aspects of functionality within the various kinds of systems. The different forms of improved functionalities within the banking systems at CBA would be helpful for improving the forms of infrastructure for the benefit of the systems. The implementation of the highly supportable IT systems within the banking sector at CBA would be helpful for managing the improved forms of decisions, funding of the newly implemented systems and thus invention of greater kinds of products (Hirst, Thompson and Bromley 2015). They would also invent great form of products that would be in relation with the newly developed systems. Hence they would have higher rates of approval.
The CBA have also partnered with the IT based infrastructure and they have also implemented newer forms of IT based systems. The CBA have also partnered with different other software based companies who are majorly responsible for handling the security aspects and the website maintenance performances. The business structure of CBA would also hold the responsibility of upgrading the security aspects of the organization (Haslam Mckenzie 2013). The various business partners in the domain of IT help in the upgrading of the older systems and thus provide new forms of infrastructure to the systems. Hence it could be discuss that the CBA should be able to rethink the existing technologies and should bring a higher level of efficiency within the various processes of work within the sector. These processes would be able to increase the level of security within the organization. They would also be able to keep a high level of monitor over the infrastructure systems of the organization.
Relevance of the New Advanced Technologies
The different forms of relevance of the advanced technologies within the sector would be based on the implementation of Electronic Data Interchange (EDI). These forms of EDI systems would be able to process different kinds of information in a faster manner. These information would be in relation with the business sector. The IT based systems would be helpful for the transformation of the banking sector at CBA. The bank is responsible for securing the data of the people within the organization (Mossialos et al. 2016). The implementation of the EDI systems within the banking sector would help them to improve the process of business. These forms of systems would be helpful for tracking the different kinds of transactions based on real-time analysis.
The latest form of designs within the banking sector at CBA would be helpful for improving the business processes in the sector. The flow of work within the sector would be highly improved with the latest forms of innovations within the sector. This form of process would be helpful for streamlining the data within the organization and would also improve the simulations within the current working sector (Moradi-Motlagh and Babacan 2015). Hence the implementation of the EDI systems would prove to be a major form of help within the banking sector. This would enhance the business processes within the sector.
Technological Platforms for the System at CBA
The implementation of the mobile banking systems at CBA would be helpful for the organization. These are a certain form of processes that would be able to improve the systems at CBA and would thus be able to gain the trust of the employees. The CBA helps in engaging with different kinds of services with their customers (Oliveira et al. 2014). With the implementation of the mobile banking systems, the customers would be able to get served by the bank in whole new form of process. The mobile banking system would be helpful as they would be able to deliver better form of outcome and improve the flow of operations of different kinds of tasks. There are different kinds of technical platforms, which would help in the easy form of implementation of work within the sector. Hence the proper form of implementation of the banking systems would be able to simulate the various processes of work within the sector (Lovelock and Patterson 2015).
Potential Forms of Risks within CBA
There are different kinds of attacks on the systems at CBA as they would be able to majorly focus on the banking systems at CBA. The various forms of attacks within the banking systems at CBA could include:
Man-in-the-Middle (MITM) Attacks – These are the kinds of attacks on the current systems, which would be able to hack the entire banking systems. The attacks are based on the creation of newer form of websites that would be fake. As the customers would click on the links, they would be redirected to the fake website and they there would be a breach of privacy (D’orazio et al. 2017). The attackers would steal the data of the customers and might lead to the bankruptcy of the customer.
Phishing Attacks – The rise of the storage devices, which are responsible for storing the personal data of the customers should be highly secured. This is highly necessary as banks mainly store the account details of the customers along with other forms of personal details. The vulnerability of the data of the customers could lead to tremendous forms of impacts for the customers as well as the organization (Hooper, Martini and Choo 2013). The banking systems at CBA should be kept highly secured and hence the banks should take different forms of necessary steps for protecting the data of the customers from such kinds of attacks.
Trojan horse Attacks – the different forms of attacks on the systems would lead to the invitation of the Trojan virus within the banking systems at CBA. The different kinds of Trojan attacks within the systems at CBA would be in the form of program based on key logger systems (Alazab and Broadhurst 2017).
Accounting Controls
The different kinds of controls within the systems based within the banking sector at CBA include:
Approval Authority – A proper committee within the banking sector should keep a proper form of check over the various kinds of business processes at CBA. They should be able to guide the various functions within the organization (Loeffel 2015).
Physical Audits – There are various kinds of audits that are conducted within the organization. They would help in gaining of valuable information about the different forms of internal systems of the organisation (Morgan et al. 2014).
Access over Controls – There should be proper kinds of controls over the newly developed systems within the organisation. The various kinds of controls within the systems such as passwords, lockouts would prove to be helpful for accessing the real form of banking system. There should be a higher form of tracking that would be implemented for serving in various cases of fraud within the banking system (Chan, Watson and Woodliff 2014).
Conclusion
The discussion from the report would help in concluding the fact that the use of Information Systems within the internal systems at CBA would prove to be majorly helpful. The different kinds of processes within the organization would be hence improved with the new kinds of information systems at the organisation. Hence it could be concluded that the impact of the IS would prove to be a major form of help within the sector of the banking at CBA.
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