ISO Case Study:Banks
ISO CASE STUDY 3
ISO Case Study:Banks
Commbank uses electronic payment system as a model in business which involves no use of paper in transacting money and this has improved business. Commbank in Australia uses a payment device named Albert providing standardized payment platforms. Again the bank uses Pi,s which is a kit for developing software for bank’s application. (Accenture Technology Vision 2015) .Albert and Pi facilitates easier access to services and applications in business and thus can competitively grow in the market. Customers and business oriented persons are able to transact money even without visiting the bank; this saves time and provides firsthand information regarding market trends.
Technological advancements and computerized information systems have changed business process in banks as discussed below.
a).Internet and electronic banking; Involves the use of internet facilities including ATM, mobile banking, master cards ,credit and debit cards and visa. These facilities are important to customers in checking balances in their accounts, withdrawal purposes and international transactions. The customers can carry out these services in any place and at their convenience.(International Journal of Managing Information Technology (IJMIT), 2016).
b). Digital payment technology where there is use of digital currency and electronic wallets. These innovations enable consumers to make fast payments. PayPal, Google wallet, PushPay and ApplePay are among the commonly used electronic wallets acting as online accounts in which funds are deposited. Digital currencies are online and non-domestic and work in the same way as digital wallets. Bitcoin is an example. (Reserve bank of New Zealand Bulletin, May 2016)
Enterprise computing refers to orientation of information technology in business mainly important in operations within a company. It consists of database and relationship management which forms enterprise software. We have various categories of enterprise system (Enterprise Systems Architecture (Fall 2016)
a).Enterprise Resource Planning(ERP
This is a way of simplifying a company’s business process by the use of hardware, software and people to increase profit and productivity.
b).Supply Chain Management (SCM)
This refers to the supervising and managing a product from origin to consumption aided by the flow finances, materials and information to speed the work flow.
c).Customer Relationship Management (CMR)
Refers to the use of technology and information systems in organizations and companies in the managing and recording data when interacting with past, current and potential customers.
d).Enterprise Application Integration (EAI)
Refers to the planning, methodology and tools required to modernize, coordinate and consolidate the applications in a computer within an enterprise. CRM and EAI are commonly used by commbank.
The common website threats are the malware especially financial Trojan malware in which customers credentials and compromised bank systems encourage fraud. Again social engineering where criminals trick customers to install devices to networks thus accessing into their accounts online. To add, spam botnets which are tools created after occurrence of malware and increase criminal activities by damaging services delivered online. The threats can be dealt with when malware and invisible behavior to standard defenses are detected on time and also adapting automatic proactive security alert.(Home, 2014)
Commbank holds the largest share whereas ANZ bank holds the smallest share. Commbank has a better online banking system with the largest ATM network and provide services within 24 hours while ANZ bank operates online for a given time period. ANZ bank has the highest maximum variable rate of savings. The above comparison is observed in Australia.
Miguel ,C.(2015).Accenture Technology Vision; Digital Business Era:Stretch Your Boundaries.Available at http://www.techtrends.accenture.com
Offei,M.O., and Kwaku N.(2016). International Journal of Managing Information Technology(IJMIT)Vol.8,No.1,February 2016.DOI:10.5121/ijmit.2016.8101
An article from Reserve bank of New Zealand Bulletin May 2016,.Vol.79 No.8. Retrived from http://www.rbnz.govt.nz/email-updates
Kari, H.(2016).CS-E5300 Enterprise Systems Architecture (Fall 2016).Retrieved on Thursday 22.9.2016 from http://mycourses.aalto.fi/mod/…/view.ph
Richard H.(2014) .An article on The Cyber threat to banking .A global industry challenge. http://www.bba.org.uk