Westpac Banking Corporation is commonly known as Westpac in Australian Bank. The financial service provider headquarter is in Westpac Place in Sydney. Westpac is known as one of the largest bank in Australia. The bank is known as second largest bank in Australia and is the second largest bank in New Zealand. The structure of the bank involves five key division that include Consumer banking, BT Financial group Westpac Institutional Bank and Westpac New Zealand (About Us, 2017). The consumer bank is responsible for sales and services for the customers in Australia. The activities are conducted in order to manage the activities in an effective way. The bank is also known for providing sales and services to the small and medium sized business enterprise. Sales and services are one of the important parts for the business and corporate customers. Westpac Institutional bank delivers commercial, corporate and government customers. Today Westpac has branches in entire Australia, Asia Pacific and New Zealand. They are known to serve customers as per their choices and growing requirements in the market (Company Overview, 2017).
The report is based on the importance of information and technology in formulating the business strategy. Westpac as a banking organization that requires an effective IT mechanism that allows in strengthening the internal and external structure. Information and technology is important for a business organization in order to gain efficiency on a long run. An effective use of information and technology allows in gaining reputation in the market and help in managing the overall cost of operations. The report provides potential threat of IT in banking sector and how banking organizations around the world are eliminating its effects.
Increasing cyber threat is causing a need of information and technology. There is a need of efficient software to manage the daily banking affairs. There is a need to implement strategies in an effective way. Rapid development of information and technology is important to coordinate the function in a financial institution. A Banking organization in today’s scenario requires a competent information and technology software to accelerate the business functions. Most of the financial organizations have changed the banking structure by incorporating information and technology. They have reorganized the overall banking structure in order to manage efficiencies. An organization has created a democratic and harmonized system that has allowed in managing the financial institution in an effective way. All research has shown that an investment made in Information and technology has allowed in gaining efficiency by improving the efficiency (Paul & Kourouche, 2008).
Moreover Information and technology has helped in enhancing the auditing mechanism in an organization. It allows a banking organization to improve the overall structure in an effective way. The overall improvement is necessary in the organization to manage the online banking facilities. This has allowed Westpac in emerging as a competitive banking organization against others. In the world of cut-throat competition it is important for a banking organization to provide its customers with effective services so that they do not switch to another banking organization (Maxwell, 2015).
The revolution in the Information and technology has allowed a banking organization to develop the overall facilities. The use of information and technology has become critical for an organization. It is important for a banking organization to enhance the overall capacity by improving the financial activity across the globe. The IT revolution has set the stage at unprecedented increase in the financial activities. The progress in the field of information and technology has allowed in meeting the expectation of the customers (Pennington, 2013).
Nowadays the consumers are using cashless transactions in order to meet the needs of the consumers. There demands regarding the effective banking facilities are increasing causing a requirement of an effective banking mechanism. A cohesive information and technology system will allow in managing the activities in an effective way by interconnecting the system to different places. The information system is now exposed to various system mechanisms causing a need to improve the system. The technology does affect the banking facilities. The information and technology influences the banking organization largely. They are affecting the three factors mainly:
Technology is enabling competition and allows contestability. The financial products have now become transparent. Customers now can make comparison with the products provided with the other banks. It is due to excess competition in the market that the banking sectors are now looking for effective strategies in order to gain efficiency.
The technology is one of the factors that affect the economy of scale. The completive pressure force on the banking sector creates a requirement to develop effective banking structure (Celik, 2014).
Technology does affect the economies of Delivery. It is important to deliver the work in the best possible way through an effective delivery mechanism. These reduce the dependence on the branch network as a core delivery mechanism. Westpac has to understand the different avenues that need to be managed in order to guarantee effectiveness at banking organization. The strategic importance of Information and technology in the banking organization is important to implement an effective framework for an indefinite tenure (Schwalbe, 2015).
Westpac has a vision to become one of the great service companies, helping customers in attaining effective services. The strategy is to gain effectiveness by strengthening stakeholders and building a deep impact on nurturing customer’s relationship on a long run. The key element of the organization is o foster effective growth through information and technology. This has helped the organization in gaining long term effective results by enabling information and technology (Brigham & Ehrhardt, 2013). In implementing the strategies they have developed the overall mechanism in a manner that allows them to improve productivity. Information and technology is an integral part of Westpac. Attention is been given on every single aspect in the organization. The purpose of the approach is to gain long term sustainability by adhering to effective goals. Most of the services provided at Westpac involve information and technology. This has become important for the organization in gaining long term desired results through a focus on the effective information and technology strategies. These strategies has allowed in gaining sustainable results by improving the internal as well as external mechanism (Willcocks, 2013).
Information and technology has benefited the organization in different way. They have enabled themselves in becoming one of the competent organizations in the field of information and technology. The continuous use of information and technology has helped Westpac in gaining efficiencies against the other banking organization. The bank is known as second largest bank in Australia and is the second largest bank in New Zealand. Under such a competitive environment it is important to implement effective technology in order to gain long term sustainability (Frame & White, 2014). The banking sectors do face different typed of issues on the daily basis. The banking sectors are using effective technology at every place in order to gain effectiveness. This has helped in benefitting the organizational goals and managing different activities relating to information and technology. Priority is been given to different factors that have enabled the banking sector to understand the issues they are facing on daily basis (Galliers & Leidner, 2014).
There are different types of risk that are associated with the banking organization. In a competitive business environment there is risk evolving in the surrounding that is affecting the strength of the organization? It is important in the benefit of the organization to develop an effective framework to safeguard the organization against any type of damage. There are potential risks arising due to cyber threats from the third country these cyber threats need to be dealt with efficiency. There should be an effective interface in between the whole mechanism that allows the users to gain effectiveness. The bank is known as second largest bank in Australia and is the second largest bank in New Zealand. The increasing competition among the banking sector is increasing the malpractices. This has increased the risk in the banking practices as used in order to gain effectiveness (Laeven, Levine & Michalopoulos, 2015).
The IT department of Westpac is effectively using the monitoring process. The process is important to manage the work in an effective way. Most of the financial organizations have changed the banking structure by incorporating information and technology. They have reorganized the overall banking structure in order to manage efficiencies. The organizational proficiency depends upon the monitoring the different process. The process of monitoring in the organization includes an effectible framework that is developed by the organization in order to manage different roles. A Banking organization in today’s scenario requires a competent information and technology software to accelerate the business functions. The different function in the organization is carried through a head that has a role to look into different department and to check that the Information and Technology is guaranteed in the banking organization. The IT department at Westpac keep a check over the activities that are been carried internally and externally. This is to ensure that the activities are been carried with uniformity by ensuring effectiveness.
Conclusion
Information and technology are important for a business organization in order to gain efficiency. The report includes the need of information and technology in the competitive scenario. It includes the factors that are important for a banking institution in managing work with the help of Information and technology. Further the report provides necessity regarding IT in managing work. Recommendations are made in order to guarantee efficiency. Westpac has to appreciate the diverse possibility that have to be managed in order to guarantee effectiveness at banking organization
References
About Us, (2017). (Online). Retrieved from: https://www.westpac.com.au/about-westpac/westpac-group/company-overview/our-strategy-vision/ (Accessed on: 30 May 2017)
Brigham, E. F., & Ehrhardt, M. C. (2013). Financial management: Theory & practice. Cengage Learning.
Celik, H. (2014). The Impacts of Information Technologies on Financial Institutions. In Globalization of Financial Institutions (pp. 175-183). Springer International Publishing.
Company Overview, (2017). (Online). Retrieved from: https://www.westpac.com.au/about-westpac/westpac-group/company-overview/ (Accessed on: 30 May 2017)
Frame, W. S., & White, L. J. (2014). Technological change, financial innovation, and diffusion in banking.
Galliers, R. D., & Leidner, D. E. (2014). Strategic information management: challenges and strategies in managing information systems. Routledge.
Laeven, L., Levine, R., & Michalopoulos, S. (2015). Financial innovation and endogenous growth. Journal of Financial Intermediation, 24(1), 1-24.
Maxwell, M.(2015). An ambitious strategy will test Westpac. (Online). Retrieved from: https://www.theaustralian.com.au/business/business-spectator/an-ambitious-strategy-will-test-westpac/news-story/e2966b9da8395ab2a5318319fcbcbdf1 (Accessed on: 30 May 2017)
Paul, S., & Kourouche, K. (2008). Regulatory policy and the efficiency of the banking sector in Australia. Australian economic review, 41(3), 260-271.
Pennington,S.(2013). Westpac to take on more tech graduates. (Online). Retrieved from: https://www.smh.com.au/it-pro/business-it/westpac-to-take-on-more-tech-graduates-20130418-2i24f.html (Accessed on: 30 May 2017)
Schwalbe, K. (2015). Information technology project management. Cengage Learning.
Willcocks, L. (2013). Information management: the evaluation of information systems investments. Springer.
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