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BUS707 Banking Technology Assignment Help UK

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BUS707 Banking Technology Assignment Help UK

 Research Background 

Impacts of technology in banking industry business

The term banking technology refers to information and communication. Advanced tools and types of equipment of technologies make the work easier and time save.. It helps to sustain the competitive advantages against other banks. The ANZ bank is one of the biggest examples of changed banking regulation system by using several ideas of technology into their management (Hammoud, et.al., 2018). ANZ banks are the most reputed and recognizable bank in Australia that changes their banking system according to the time.

There are various changes they did, were even effective also in getting competitive advantages. Although other banks are also aware of changing technologies timely changes into regulation and operating systems are the main concerns. Australia and New Zealand banking group limited is the third largest banking group in the continent that has changed the meaning of market capitalizations. They gave a significant part to commercial banks and retail banking domination. ANZ banks also introduced international expertise to share advice on the strategic planning of bringing new technologies in their banks. Introduction of new technologies is the biggest opportunity to create better support to customers and administrate strategic direction. There are three big ideas that have dropped good impacts on banking of ANZ banks such as:

Democratization with mutual reinforcement:

World economic forum that has reasserted the technology that upgrades the global banking systems. New technologies are designed to work hand-in-hand. The reinforcement of work engagement and maintaining customer focus they provide the best interest to the customers (Pham, et.al., 2018). The democratization of new technologies addresses this article that in the 1960s the automated teller machines were introduced, personal computers in 1980s and Smartphone in late 2000s. The technology means refers to the application of knowledge that focuses to bring powerful tools and equipment that decreases the operating cost and expands their financial institutions as much as possible even in rural and low-income areas 

In today's world of banking orders, several technologies are identified such as cloud computing, the block chain, distributed ledgers and facial recognition. Certainly, these changes lie ahead in the development and administration of the strategic direction of banking activities that focus on the centre of attraction that is its customers (Demirbas et.al., 2018). The massive adoption of technologies that are automatable could affect the Australian economy by up to 50%. This change in technology provides better customer service, great products verity, quick response time and effective customization of services in the context of banking activities. The development in technologies of communication made the administration effective and widespread because the cost-effective strategies will also be followed by another branch of the bank.

Digital transformation: 

The digital transformation is the biggest step that has taken by the ANZ bank chain in order assumes the responsibility of digital banking strategy in commercial deliveries. ANZ bank has appointed Jennifer Scott as a general manager of digital performance and transformation. Talent acquisition and group executives identify the roles and responsibilities in order to drive organizational changes (Holotiuk et.al., 2017). The environment of banking remains constraint due to high competition and pressure of work. The swiftly changing customer expectation, increasing regulation and scheduled lending growth chock half of the results of banks. However, the introduction of digital transformation was the way to get the things sorted in minimum possible time.

The participation of the managerial workforce in moving further the digital transformation was decided by the new general manager of this bank Jennifer Scott (Krishna, 2015). She has introduced this idea in order to globalize its services and expand business growth in the banking business. Ultimately, this idea worked so effectively that the total per cent of its customers increased much in minimum time.

Changed internal approach:

Every time the threats do not due to customer segmentation or market segmentation. Some of the problems also come from the environment because there are some situation happens where the control is not possible therefore, the business manager uses their secret tools to at least reduce the problem. The ANZ bank had changed its internal approach this was on rolled while the budget six months was calculated. This idea was decided to put into the action plan for three years. This change was meant for effective direction of investment capital as an area of greatest value. The implementation was not the only factor because the entire banking system of ANZ bank was looking like cogs in a watch. 

The internal approach was working so efficiently that if one department is working on a project then another was automatically correlated with working one. This idea was helpful in encouraging the workers to nominate for higher positions and promotions in banks (Krishna, 2015). So they could apply new technologies and learn the use of new tool and equipment for the business activities and roles in administrating effectively.

 

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