A Brief Introduction of Commonwealth Bank of Australia
The use of Information Technology (IT) has formed a major part and focus within any kind of organisation. The report is able to focus primarily on the various forms of changes that are taking place on a daily basis within the IT sector. With the rise of technological aspects, there have been several kind of reforms that have been taking place in the Commonwealth Bank of Australia (CBA). The CBA is regarded as one of the large retail sector within the banking sector and is primarily based in Australia. The CBA is the dominating banking sector and has a huge base of customers (Weill and Woerner 2013). They provide various kinds of facilities such as retail based deposits and various kinds of loans. The CBA has also made their immense presence in various kinds of segments based within the area of the retail market.
With the large forms of innovation that are taking place in the banking sector in day-to-day life, there have been several forms of innovation of methods and strategies that have been adopted by the CBA banking sector. The CBA has various kinds of stories of success in the recent past history. Hence they have continued to improve their success paths and has brought much innovations within the sector (Lovelock and Patterson 2015). The CBA is hence considered as one of the largest storehouses of finance within the banking sector. They have hence been accepted by the people who take the full form of advantage of the organisation.
Some of the primary objectives of CBA are:
The critical factors for CBA includes:
The CBA would have the basic form of need for maintaining a high competitive gain within the market. This would be extremely meaningful for maintain the huge base of customers and thus be able to gain a competitive advantage within the market. Use of internet connected products and mobile devices have shown a major growth of the business. There is a high level of pressure in the highly competitive market. There have been different kinds of strategic advantage within the market. These kind of initiatives would be helpful for ensuring the maintenance of quality and hence gain the advantage of the low cost structure (Murray et al. 2014).
The mission statement based on the client business is – To provide high kind of services for the customer, which would help in meeting the business requirements.
(Fig 1: Organizational Chart of Commonwealth Bank of Australia)
(Fig 2: Data Flow Diagram of Commonwealth Bank of Australia)
The Commonwealth Bank of Australia is a public sector bank, which is primarily situated in Australia. It is thus listed as one of the top quality banks by the Australian Securities Exchange. CBA is one of the multinational bank based in Australia. The bank offers sever services based within the financial sector and helps in assisting the business owners and other clients (Tonts, Martinus and Plummer 2013). The banking structure of CBA is formed in a vertical manner, which helps them within the operation of the network based structure. The vision of the organization is to become one of the finest banking sectors within Australia and thus maintain a fine strategic aspect within the business. The different kinds of strategies that have been adopted by the banking sector is based on the improving the quality of banking experience of the people and stakeholders.
The rise in the high form of technical aspects have majorly helped the CBA for the purpose of integrating Information Systems within the various kinds of business processes of the organization. With the various upcoming technologies within the sector, the bank has hence improved their conditions within the various kinds of services within the sector. They have made different kinds of technical changes within the use of computing systems and the use of systems software by the employees (Schlagwein, Thorogood and Willcocks 2014.). These kind of improved systems softwares and advanced functionalities within the banking website of CBA would prove to be helpful for resolving the various kinds of issues of the customers. The use of high form of technical systems is also a major critical aspect of the organization as the customers would like to access the website of the bank from their personal mobile devices.
The general manager of CBA have hence declared the fact that the mobile banking systems have been regarded as one of the secure form of systems within CBA. The CBA has various kinds of secure methods within their website, which protects the security of the devices and the accounts of the customer. The use of mobile banking systems would be helpful for improving the conditions of the banking sector. The mobile devices have the inbuilt functionality of SIM, which would be helpful for connecting with the database of the bank (Smith 2018). The current systems of the mobile banking systems of the CBA would be helpful for securing the customers from any form of hacking based systems. Banking systems are mainly prone to various kinds of security attacks related to ransomware attacks, malware attacks and virus systems, which are vulnerable for the banking systems. The high form of security systems within the banking sector of CBA would help for availing the banking services in a highly secured manner (Podger, Stanton and Whiteford 2014).
The rise of different kinds of systems based on mobile banking would be helpful for CBA in order to maintain higher kinds of security aspects within the website of CBA. The website should be able to meet the basic security standards that are previously set by the organisation. The different banking systems of CBA and the various kinds of services that are provided by the organisation help in maintaining the aspects of security within the organisation (Hasan and Xie 2013). The customers who would be availing the vast form of high technological systems of banking systems would be heavily dependent on the mobility and the security aspects that have been provided by the organisation. The use of the systems of mobile banking would help in providing the vast form of services based on the transfer of money. The customers would also be able to check their balance in their savings and current accounts, purchase items with the help of the internet banking methods and perform other kinds of banking based functions (Brown and Davis 2015). There are also some kinds of situations in which the banking customers would not wish to avail the banking services due to a short level of trust on the banking organization.
With the rise of high form of technological advancements within the sector, there have been several forms of reports based on the cases of hacking and forgery, which leads to various forms of vulnerability within the banking systems and services. With these kinds of arising reports, this has been the leading factor of lowering of trust within the banking systems. The cases of theft of banking services that are offered by CBA provide inconvenience on the user based part (Hooper, Martini and Choo 2013). The various kinds of mechanisms based on security aspects that are mainly been adopted by the organization help in securing the data of the clients and employees within the banking environment. This form of systems of security should be the utmost priority of the organization. As the organization has a huge base of customers, hence they should provide higher forms of security mechanisms and encryption systems for the banking services.
There are other kinds of weakness that have majorly been viewed by the banking systems of CBA. The banking systems of CBA primarily outsource the various kinds of services based on the architecture of third party organisation. The CBA also holds the responsibility of performing and maintain secure kinds of transactions within the management systems of the organisation. The different kinds of methods that have been adopted by the internal systems of the organisation help in the mitigation of various kinds of issues related to the authentication purposes. Trust is a major form of issue that is mainly breached within during cases of exploitation by various forms of attacks. Some of the main issues that are faced by the organisation based on the security aspects include the issues based on providing of services by the third party services (Gitman, Juchau and Flanagan 2015). These include the control over the security of the network, standardization of interoperability, controls over parental methods of payment, liability, prevention of frauds based on authentication methods, privacy of the employees and customers and permissions based on payment methods.
The systems of mobile banking within CBA are considered to be highly secured within the sector of banking. The technologies based on mobile banking are rising at a huge pace besides the several kinds of banking based services. The rise of mobile banking technologies have shown tremendous forms of improvements within the higher banking services (Brotchie et al. 2017). These systems of banking have showed severe form of threats within CBA. There are various forms of improved features within the systems of mobile banking, which mainly focus on the use of biometric systems, high level of integration of PLS with HLS standards and thus the upgrade of the mainframe systems based on a UNIX platform and DB2.
The use of biometric systems is a high form of method based on the security of the mobile devices. The CBA would be able to adopt extreme form of levels of trust based on the mobile based transactional systems. The biometric systems would be helpful for the purpose of identification of the physical behavior of individual (Smith 2013). The biometric details are unique for every individual and hence the detection of frauds based on these systems would be very much helpful with the huge cases of forgery within the banking systems. As each person have their own personal unique identity, hence the detection of frauds based on the systems would be highly useful. The use of the mechanism of biometric based security would be helpful for improving the systems within the banking sector. There are various kinds of mechanisms based on biometric recognition and authentication of devices. The biological features of a person vary from one person to another. Hence the biometric ways of authentication of the user would be described as the most vital form of security measures. Some of the other kinds of features that have been majorly been included within the banking systems of CBA include fingerprint recognition, voice recognition and facial recognition (Moscardo et al. 2013). The different kinds of research within the field of biometric based recognition are being widely developed by the security aspects of the banking sector. New kinds of sensors are being developed by the experts who are responsible for designing the security services.
With the integration of PLS with the HLS systems, it would be highly effective for implementing the security perspectives within the banking sector. The user interface based within the website of CBA would be mainly operated based on a no-supportable platform. In the banking systems of CBA, the bank would have to enter the intrinsic form of details based on the different forms of applications based on the internet systems (Wu-Bin et al. 2014). The banks would have to optimize the functionality level and thus they would have to improve the functionality of different parts within the system. These high form of functionalities would be helpful for reducing the incurred costs and hence these kinds of systems should be integrated within the banking features of CBA. With these forms of high forms of functionality integration within the website systems of CBA, they would be able to excel in the field of customer service and thus put satisfaction for the users. The high infrastructure of IT systems within CBA have a major history of success. Hence the improved versions of implementation of IT systems that are newly developed should be provided by the users in order to increase the effectiveness of customer services (Erickson and Warren 2013). The implementation of high IT supported systems would be helpful for managing the improvement of decisions, funding of new systems, inventing greater form of products, which would be highly useful for gaining high rates of approval.
The CBA has a high form of IT based infrastructure and they are implementing new kinds of IT based systems. They have partnered with high IT software based companies who are responsible for dealing with the security aspects and maintenance of the websites. The IT business partners help in upgrading the older and existing infrastructure systems of the organisation. The previous versions of the IT systems based within CBA were much based on the older versions of Windows Operating Systems (Gurran and Phibbs 2013). They should be highly updated on a UNIX and DB2 systems. Although the updating of the existing systems to the new structure would lead to improved form of functionalities, yet these might lead to the various kinds of vulnerabilities within the systems. Hence the systems should be highly protected with various forms of antivirus softwares and latest form of security patches within the existing systems. The CBA should rethink the infrastructure of their existing systems, which would help in increasing the level of efficiency of security within the systems. The CBA should implement better automation systems within the organisation. This would be useful for the purpose of increasing the levels of security, keeping monitor over the existing infrastructure systems and thus be enable to increase the higher levels of speeds for the benefit of performing business transactions.
The high IT implementation of software systems could be easily classified based on the Electronic Data Interchange (EDI). The EDI systems based on electronic interchange of information would be based on information, which would be available in relation within the organization of business (Mossialos et al. 2016). The IT systems help in the processing of vital information based within a standardized format. The use of EDI within the banking services of CBA would prove to be extremely helpful for reducing the immense forms of risks within the system. The CBA stores extremely valuable information that are in relation with the private and confidential information of the clients and the customers. The EDI systems would help the services of banking to be improved on a new format. These EDI systems would help the banking services to avoid the loss of data from the organizations if the sector faces problems during the transit of information. The EDI systems could easily track the different kinds of transactions that are performed on a huge basis. Hence these transactions would be tracked on a real-time basis and any kinds of arising disputes and fraud cases would be reported to the “smart” systems that would be installed within the banking systems (Moradi-Motlagh and Babacan 2015).
The latest forms of designs of the EDI systems within the banking systems of CBA would be helpful for supporting the efficiency of the banking sector. The workflow of the system would also get improved with the implementation of the EDI system. This would help in streamlining of the processes of workflow that would relate to processing of documents, reduction of errors and saving of huge amount of time. They would also improve for the bringing of accuracy of documents and enable faster business processes related to business transactions (Jain, Keneley and Thomson 2015). The implementation of EDI systems would also be a cost effective measure for the organization. Hence, with the implementation of EDI systems would prove to be a very useful decision for the organization.
The mobile banking services are a much vital part of the organisation. These are a form of services that are provided by any form of financial institution or the sector of banking. The use of mobile banking systems would help the organization for the conduction of various kinds of financial based transactions with the help of their mobile device. The CBA also helps in providing various kinds of services to their customers. The system is highly responsible for bringing vast forms of efficiencies within the existing system (Newcombe 2016). The systems of mobile banking helps in bringing of efficiency within the process of banking. There are different technical platforms that help the mobile banking systems for performing the various tasks that would be mainly required for the sector. There are different kinds of technical based platforms such as HTML5, CSS and JavaScript that have been used majorly for the major purpose of development. Hence, with the proper use of these technologies within the banking sector, it would be extremely vital for improving the various forms of functionalities based on improving the service provided to customers and develop better products (Singh and Ilavarasan 2016).
The different forms of potential risks that could be majorly focused on the banking systems of CBA are:
Man-in-the-Middle (MITM) Attacks – The attacks based on MITM are mainly faced by the sector of banking. In these kinds of attacks, a fake kind of website is majorly created for gaining the attention of the customers. As the customers would enter into the website, they would be redirected for entering their credentials. Hence the attackers would get prone to severe forms of vulnerabilities based on an untrusted source.
Phishing Attacks – With the rise in the storage of personal information of the customers, there should be high form of security systems that should be installed within the systems. The banking systems of CBA have majorly faced the problems based on phishing attacks and hence should take necessary steps based on the detection of such kind of attacks (Hooper, Martini and Choo 2013).
Trojan horse Attacks – These forms of attacks involves the invitation of a Trojan virus onto the banking systems of the CBA. The Trojan attacks could be in the form of a key logger program based on the targeted host computer. These kinds of attacks would generally get initiated when the user would perform some form of interactions with the computing systems. Whenever the user would perform log in operations within the banking sector, their details would get captured within the particular operating session and hence this information would be passed on to the attacker (Kshetri 2013).
The breach of personal data and information from the banking systems is also another form of threat that is mainly faced by the systems of banking. Data breach could lead to tremendous impacts for the organisation of banking. Hence they could lead to the information of the user to be put at stake and could lead to the ruining of the data of the customers.
There are various process of controls over the accounting services that could be hugely followed for gaining control over the private data within the sector of banking. Some of the form of controls that could be performed are:
Physical Audits – There should be rigorous audits over the internal processes of the system. This would help in gaining control of the use of information within the sector (Lee, C.C., Hsieh and Yang 2014).
Approval Authority – There should be a committee within the organisation, which should look over the intrinsic details of the organisation and thus would be able to guide the functioning of the various processes within the organisation (Plumb, M., Kent, C. and Bishop, J., 2013).
Access over Controls – Proper form of controls should be performed within the banking systems such as use of passwords, lockouts, which would help in the accessing of the real banking system. A high form of tracking should be implemented in order to serve any kind of fraud activities within the system (Weill and Woerner 2015).
Conclusion
Based on the discussion from the report, it could be concluded that Information Systems have become a vital part of each organisation. The various processes within the system would tend to improve with the huge rise of technical aspects and the varying form of changes. IS helps in the modification of various existing processes and also brings immense possibilities within the sector of banking within CBA. Hence, it could be discussed that the impact of IS within the systems should be improved and more focus should be put on improving the business systems at CBA.
References
Brotchie, J., Hall, P., Newton, P. and Nijkamp, P., 2017. The future of urban form: the impact of new technology. Routledge.
Brown, C.A. and Davis, K.T., 2015. The sub-prime crisis down under.
Erickson, J. and Warren, M., 2013, March. Modern system on chip challenges demand development of new skills in electronic engineering graduates. In Interdisciplinary Engineering Design Education Conference (IEDEC), 2013 3rd(pp. 32-35). IEEE.
Gitman, L.J., Juchau, R. and Flanagan, J., 2015. Principles of managerial finance. Pearson Higher Education AU.
Gurran, N. and Phibbs, P., 2013. Housing supply and urban planning reform: the recent Australian experience, 2003–2012. International journal of housing policy, 13(4), pp.381-407.
Hasan, I. and Xie, R., 2013. Foreign bank entry and bank corporate governance in China. Emerging Markets Finance and Trade, 49(2), pp.4-18.
Hooper, C., Martini, B. and Choo, K.K.R., 2013. Cloud computing and its implications for cybercrime investigations in Australia. Computer Law & Security Review, 29(2), pp.152-163.
Hooper, C., Martini, B. and Choo, K.K.R., 2013. Cloud computing and its implications for cybercrime investigations in Australia. Computer Law & Security Review, 29(2), pp.152-163.
Jain, A., Keneley, M. and Thomson, D., 2015. Customer?owned banking in Australia: From credit union to mutual bank. Annals of Public and Cooperative Economics, 86(3), pp.465-478.
Kshetri, N., 2013. Cybercrime and cyber-security issues associated with China: some economic and institutional considerations. Electronic Commerce Research, 13(1), pp.41-69.
Lee, C.C., Hsieh, M.F. and Yang, S.J., 2014. The relationship between revenue diversification and bank performance: Do financial structures and financial reforms matter?. Japan and the World Economy, 29, pp.18-35.
Lovelock, C. and Patterson, P., 2015. Services marketing. Pearson Australia.
Moradi-Motlagh, A. and Babacan, A., 2015. The impact of the global financial crisis on the efficiency of Australian banks. Economic Modelling, 46, pp.397-406.
Moscardo, G., Lamberton, G., Wells, G., Fallon, W., Lawn, P., Rowe, A., Humphrey, J., Wiesner, R., Pettitt, B., Clifton, D. and Renouf, M., 2013. Sustainability in Australian business: principles and practice. Wiley-Blackwell.
Mossialos, E., Wenzl, M., Osborn, R. and Sarnak, D., 2016. 2015 international profiles of health care systems. Canadian Agency for Drugs and Technologies in Health.
Murray, D., Davis, K., Dunn, C., Hewson, C. and McNamee, B., 2014. Financial system inquiry.
Newcombe, I.T., 2016. Mainframe Relevance in Modern IT: How a 50+ year old computing platform can still play a key role in today’s businesses.
Osei-Kyei, R. and Chan, A.P., 2015. Review of studies on the Critical Success Factors for Public–Private Partnership (PPP) projects from 1990 to 2013. International Journal of Project Management, 33(6), pp.1335-1346.
Plumb, M., Kent, C. and Bishop, J., 2013. Implications for the Australian economy of strong growth in Asia. Sydney: Reserve Bank of Australia.
Podger, A., Stanton, D. and Whiteford, P., 2014. Designing social security systems: learning from Australia and other countries. Public Administration and Development, 34(4), pp.231-250.
Schlagwein, D., Thorogood, A. and Willcocks, L.P., 2014. How Commonwealth Bank of Australia Gained Benefits Using a Standards-Based, Multi-Provider Cloud Model. MIS Quarterly Executive, 13(4).
Singh, A.N. and Ilavarasan, P.V., 2016. Information and Communication Technologies (ICTs) are impor-tant in bringing transparency in governance. They control corrup-tion. India Connected: Mapping the Impact of New Media, p.122.
Smith, R., 2018. Crime in the digital age: Controlling telecommunications and cyberspace illegalities. Routledge.
Smith, R.G., 2013. Biometric solutions to identity-related cybercrime. In Crime online (pp. 54-69). Willan.
Tonts, M., Martinus, K. and Plummer, P., 2013. Regional development, redistribution and the extraction of mineral resources: the Western Australian Goldfields as a resource bank. Applied Geography, 45, pp.365-374.
Weill, P. and Woerner, S.L., 2013. The Future of the CIO in a Digital Economy. MIS Quarterly Executive, 12(2).
Weill, P. and Woerner, S.L., 2015. Thriving in an increasingly digital ecosystem. MIT Sloan Management Review, 56(4), p.27.
Wu-Bin, L., Ze-Ran, Z., Bao-Gen, S., Fang-Fang, W., Wei, X., Ping, L. and Yong-Liang, Y., 2014. A waveguide overloaded cavity kicker for the HLS II longitudinal feedback system. Chinese Physics C, 38(3), p.037003.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download