Westpac Bank was the first bank of Australia which established in 1817. It offers banking service and financial amenities through some splits: Business bank, Westpac Institutional Bank, Consumer Bank, and Westpac New Zealand. The total number of employees is 32,000. It’s headquartered in Sydney (Crane, 2019).
Information and communication technology plays an important role in a financial institution. The requirement of technologies identifies the competencies, system and project. Organization perceives the investment and estimate the cost or service provider. Information technology helps to make the interaction between bank managers.IT provide strong support in generating the goals and objective of the organization. It set the priority and determines the resulting budget.
Role of Information and communication technologies are applied in various areas like:
Management System: Bank manager need to communicate in various areas during the process is taken place. They can easily focus on all the transaction which is placed at the bank or taken place as online methods. The expenses or the service cost need to be minimized if manager track over all the system. Now organization use advanced technology methods which stores all the database of the bank and helps in their further processing (Yanover, 2015).
Efficient Transaction: Information and communication technology processes the business transaction in an efficient and accurate manner. All the transaction placed is the track in the supervision of the manager.
The database of employees and customers cannot be shared with the other. Technology proves that security and privacy is the first rule in the banking environment. The resource planning system and customer relationship management system associate for building the relationship between the management system in the bank or the financial institute.
Information is a valuable asset in the financial institute. Westpac Bank brought various changes throughout time. Technology offers the fastest means of transaction. Online banking system builds a supportive area and breaks the myth of banking hours. Now the availability of bank is 24 hours. The main aim of the information and communication technologies of Westpac Bank is they provide a well and good service to their customer. It helps in making good decision and strategies. Nowadays by the help of technologies branches of the bank may connect or make interconnection between them.
The good quality information can go in a long way in helping the managers to take the correct decision regarding services provided by the bank. As everyone knows how important good decision is to an organization and since this decision all depend on the information so it must be ensure that it must be always reliable and efficient. Accurate information reduces cost and saves time. The accurate information emphasizes further planning of the organization and it reduces the cost of the research, campaign, survey etc. Since these, all activities are done through technologies. After the introduction of digitization financial institute saves their time and consumer can able to perform the transaction and taking advantage of the banking service through the mobile application and official website of a particular bank or financial institute. The responsibility of the organization is to accurately operate the network operation, security, setting the global technology standard and the strategies (Ahnert,2018).
- Ahnert,T., & Georg, C. P. (2018). Information contagion and systemic risk. Journal of Financial Stability, 35, 159-171.
- Crane, A., Matten, D., & Spence, L. (Eds.). (2019). Corporate social responsibility: Readings and cases in a global context. Routledge.
- Yanover, V., & Ziv, N. U. S. S. (2015). U.S. Patent No. 9,148,838. Washington, DC: U.S. Patent and Trademark Office.