Use of information systems as well as information technology obtains momentum in the organizations and even in banking sector that are determined to use the process properly. Strategic information system planning is one of the important area for which managers of financial institutions are concerned. The strategies of information system have discussed in the present report. It ensures that the organization invests on IT and gain success as well. In addition, present report deals with definition of business of Riyadh Bank of KSA. The system requirements for strategic information system and software as well as vendor selection along with the level of efficiencies of technology implementation are described in the report.
Business processes are collection of linked tasks that find their end at the end of delivery of service or product to clients (Haux et al. 2013). The inputs are developed of all factors that contribute to the added value of a particular service as well as a product. Moreover, the products are categorized into the management processes as well as operational processes along with the supporting business processes.
Management process has ability to govern the entire operation of a specific operation system of an enterprise (Fichman et al. 2014). Operational processes constitute core business. On the other hand, supporting processes like human resources as well as accounting are generally put into the place in order to support core business process of the organization. The definition of the business process and development of the definition was started by Adam Smith in the year of 1776 led the study of operational development. Management of the operations as well as development of several business management systems is included in this. A procedure requires a particular series of the actions in order to achieve specific objective. Business process management is continuous to allow ad-hoc action. The processes can be simple as well as complicated based on the number of steps as well as number of systems that are involved with the process. The longer processes have tendency to multiple dependencies as well as greater documentations needs.
As banking sector has various critical activities, which require to be consisted of in strategic information system plan requirements (Peppard et al. 2014). Product development includes population as well as demographic factors that are changing as per requirements. Riyadh Bank of KSA needs to analyze the existing products against demands as well as launches of new products across the branches of the bank. The procedure of devising new product is rigorous as well as time consuming. Hence, development of the products takes benefits. In addition, inadequate information is passed to the staffs at distinctive branches of the bank that has risks to lose money. On the other hand, information systems are used in order to ease the procedure of decision making.
Sales and marketing is one of the major requirements of business. The products are usually developed critically for the banks to the particular market as well as avail them to various customers. In addition, the marketing department is necessary for any bank (Twati 2014). Technology has developed the process of commercialization of various products to make easier as well as cheaper for undertaking. The bank has relied on the process of mainstream media in order to promote products as well as their services. Technological advancement needs to be changed on this. On the other hand, operations and service delivery are required to be processes properly in the organization. Transactions in internal banking includes opening of account for clients, debiting as well as crediting of several customer accounts that are primary procedures considered in Riyadh bank (Gorton and Winton 2016). The operations are achieved by visiting of customers in physical branch where a teller of the bank helps clients and a customer utilizes the automated teller machines in order to access services. Performance monitoring is one of the major requirements of any type of banking processes. The bank management requires a mechanism in order to make sure that there is efficient service delivery. However, different department as well as branches set targets to achieve. Technology has provided several tools to monitor different market parameters, which has ability to affect performance of the organization.
Chorafas (2016) commented that system requirements are vital factors to be considered while developing and managing strategic information system in any type of organizations. In the present case study, it is required to set objective for faster delivery of the services in cost effective way. In addition, it is required to maximize productivity of bank staffs and provide quality services to the customers of bank. Moreover, the target serves to help the banks in attracting as well as retaining highly skilled staffs. In order to enable development of the bank and encounter requirements of the changing customer, departments will require practicing teamwork as well as integrity and servicing ownership to understand the needs of the clients.
The bank requires introducing more number of applications for the mobile banking. Development of more number of modules for internet banking is required for the system. In addition, it requires launching agency banking that will be helpful to meet the objective as strategic information system (Bernus et al. 2013). Providing shares resources for office and development of resource allocation along with the monitoring tools. It is important to develop infrastructure, which is scalable as well as reliable between several branches of the bank. Furthermore, it is vital introducing cloud based back up as well as email services and archiving services for promoting security infrastructure system that has stability of system. Minimizing paper based transaction is one of the major requirements for strategic information system. The staffs of the bank need to encourage the clients to use mobile as well as internet banking. Adoption of information technology service management as per the standard of international organization of standardization is required for delivering quality service (Oliveira et al. 2014). Moreover, minimization of single point of failure in the banking system needs to be ensured by Riyadh Bank. System monitoring tool is also required for the bank in order to deliver quality services.
Strategic planning is widely considered by most of the banks across the world. They have applied concept of strategic planning, tools as well as techniques in order to fulfill mission as well as vision of the organization (Abdelhak et al. 2014). It is important select vendor and software for applying for the strategic information. Selection of bank imaging as well as documentation of the management system can be overwhelming. There are several banking software organizations who can understand the requirements of the bank. Successful implementation of the bank document management software starts with the needs of the organization is adequately encountered. There are several steps that can help to select and implement banking software system, which is a bet fitted to the organization.
Understanding the resources is one of the major steps that need to consider including technological, financial, staffing as well as availability. Identification of the stakeholders as well as creating own tem helps to identify the resources for the bank in order to consider the process. Senior management, compliance as well as audit departments, servicing of loan, lenders and branch managers, trust officers and legal counsel are including into the process (Rainer et al. 2013). Analyzing the requirements and specification of the needs is to be reviewed after the recent processes. Moreover, starting with prioritization of the requirements as well as wishers is included in the process. Developing a slate of the questions to be asked for banking software based organizations are included in the particular approach. On the other hand, it is required to develop system for the organizations are required to evaluate and select vendor for the bank. Demonstration of the project is valuable for getting information regarding products of the vendor. It is required to review the top vendors in order to perform depth reference of checking as well as adaptability of the reviews.
In addition, it is required to manage the process of implementation in order to ensure timely deployment. It is crucial for assigning the project manager along with implementing in published timeline (Simon et al. 2014). The appropriate resources need to ensure the image conversion as well as sufficient training that are completed on the time. Opening and frequent communication with vendor as well as internal stakeholders is key way to get success in the business. Considering tremendous development of internet usage as well as statistics done by various company like Etisalat, the number of internet user are represented by 30 % of total population. The mobile phone users need to have identification of high percentage in the population. The brokerage has an important role in the banking system. The market makers as well as buyers along with sellers are involved with the transaction process. The retailers are selling products directly to the buyers (Wagner et al. 2014). Moreover, it is important to collect and distribute the system through web in order to reach to the buyers. Elimination of the wholesalers as well as retailers is included in the process. Payment of fees in order to access information as well as services helps to develop the process.
Stair and Reynolds (2015) stated that the annual reports of Riyadh bank for the year 2010 to 2014, it has been analyzed the purpose of detecting the strategic planning of the bank. In this perspective, brief analysis can be helpful for the bank of KSA. It has been reported that accomplishments as well as primary strategic plan is helpful to provide services for the organization. On the other hand, the strategies are achieved through developing the areas of community (Shaikh and Karjaluoto 2015). One of the ways to improve the business efficiency needs to improve the efficiency of online transactions. It is required to analyze that comfortable management of the accounts as well as funds with the help of internet can gain success. On the other hand, successful accomplishment as well as revenue generating model get extent to the model that would be helpful in integrated system. The core categories of the system help to develop strategies that would be helpful for the organization in order to get success in the business of Riyadh Bank. The objectives of the assets help to ensure high quality assets that need to be maintained in the organization (Shaikh and Karjaluoto 2015). The bank intended to have high quality work that helps the business through processing leadership in the economic scale.
Retail services have been managed through getting proper value through managing the support activities and educations aspects as well. Corporate banking services are encountered through developing IT governance program (Baskerville et al. 2015). It is important for the organization to ensure that It governance program requires improvement in the core activities of the program. The ratings of credit need to ensure through turbulence in the banking sector. Financial improvement through making effective strategy would be helpful for the organization in order to get competitive advantages. There are 11.5% operating incomes would be helpful that helps to obtain total assets for the organization (Dinev et al. 2013). Plans need to improve through making proper statistics and report along with corporate financing plan. The Government has an important role trough providing loans to the organization along with massive development initiatives.
It is important to increase efficiency through technology deployment in the organization. The changes that meet with the new technologies have gained successful plan with the help effective strategy. The benefits accruing from making then computerization are generally moves three directional to the customers (Mols 2013). Banks are generally aware with requirements of customers that help the services as well as plan in order to make the services available. Development of the service integrates with the new technologies for satisfying the customers. The technologies are required to satisfy with the customers. Development as well as implementation of specific number of solutions is included in the services.
Facility to log-in to the services would be helpful to make the terminals for inquiring as well as viewing the transactions. Hence, self-inquiry facility can bring several advantages for the organization. On the other hand, remote banking terminals at the site of customers are usually connected with to the service without moving from the office. Anytime banking is one of the approaches that can bring competitive benefits for the organization. Installation of ATMSs offers non-stop cash withdrawal and remittances along with inquiry facilities. Networking with the services makes balance as well as transaction the account over the phone. Electronic banking enables the bank proving corporate high value customers with the graphical user interface software. It is important to have enquiry with the financial activities of transaction as well as accounts of cash transfers (Gregory et al. 2013). Issuing cheque book as well as inquiry on the rates without visiting the bank can be useful to send the issues. In addition, LC text as well as details on the bills cannot be sent by customers. It is generally utilized to transmit the transactions of business through computer readable machines between the organizations as well as individuals in a standard format.
Financial data is most appealing targets for the hackers. Hence, it is important to deal with the finance in order to remain additional vigilant regarding cyber security. The security experts for cyber threats are involved with financial markets. In order to assist the plan of the organization, it is required to plan for securing the services offered by the bank in order to secure the service. Sensitive data are not properly encrypted with expensive at the time of financial data breaches (Montazemi and Saremi 2013). Stolen data cloud is used by the hackers. It is required to make plan for gaining appropriate encryption data breaches. The stolen data need to be used by the hackers after data breach. It helps to protect the financial services business through using appropriate encryption technique.
The technologies can protect financial services through utilizing recovery technique for the users. It is required to create preventive methods for cybercriminal scopes. Cyber security professionals need to confirm that there are adequate preventive methods through implementing effective channel for security management. Developing cyber security policy helps to get financial organization from several vendors and partners as well as third parties. It is important for the organization to identify the risks for mobile banking that can be usable by customers. On the other hand, string sensitive information on the devices of the user can present major security risks for the organization (Montazemi and Saremi 2013). Encrypting the data for mobile devices requires solution in order to store little sensitive data. Cyber security from the previous stages makes the financial services of the organization. Hence, ensuring regular testing as well as update with the available services helps to protect security threats before implementation of third party solution. Deliberately change in the manipulation of data at the time of hacking occurrence damages deletion of data through making data untrustworthy.
It is required to have mobile banking system explode by the customers. On the other hand, storing sensitive information and the user device presents major security risks. The financial system having major security need to design properly with greater convince of the solutions. Interconnected devices are connected with the network and have proper security measure and sophisticated use of the system that steals login information of the user. The results are displayed for penetrating security of the program. DDOS, Slowloris,SYN Floods, phishing attacks and online banking fraud are most frequent attacks that are against the banks as well as accounting firms imitating the authorized users in order to obtain attacks banks as well as well as other accounting organizations.
It is important to take appropriate strategies that would be helpful to prevent and mitigate security attack. On the other hand, customers need to be aware for internal system of the bank for providing security to the users. Responding in the network needs to be breached. Hence, adoption of mindset forces that IT team is to be prioritized for most of the business in critical parts of the specified network. Network segmentation and strategy is used network segmentation as one of the major strategies. The creation of network zones has limits in the ability for the hackers for moving around the comprised network. Infected computer as well as assisting the services is included in the organization wide security policy (Montazemi and Saremi 2013). Well defined services and crucial road map would be helpful for the organization to protect the system of banking. It is important to assist the tasks to achieve. Security policy enforcement is one of the things that have security policy defining the platform behaving enforced across the network. Some of the regulations are involved with comply the regulations. It is important to have changes for approving as well as compliant with the policy.
Customers need to focus on the cyber attacks are required to provide lax regarding safeguarding the information as well as quickly notification of the bank. The government has an important role to have authorization process. Banks have assurances from remaining solvent whether the major cyber attacks. The attacks are target bank for processing of the system. Hence, it is required to have effective strategy plan that would be helpful for overcoming the security issues in the organization.
Conclusion
From the above discussion, it can be concluded that it is important to have proper security plan for the banks that helps to secure the system. Business processes are required to obtain the secured system. Business requirements would be helpful for the organizations to gain competitive advantages. Software requirements would be helpful for the bank need to be properly planned. In addition, the organization needs to analyze the level of efficiency for technology implementation. On the other hand, mitigations techniques would be helpful for the organization would be useful for potential securities prevention.
References
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