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Interaction between Information Systems (ISIT) and business strategies in an Banking organisation - Essay Example

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Summary
Due to rapid advent of globalization, banks have been faced with a challenge of streamlining their operations and have resulted to use of IS as a strategic move to cope with the rising pressure. However this has not gone well in all banks and some banks have found the system inefficient and leading to a lot of frauds…
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Interaction between Information Systems (ISIT) and business strategies in an Banking organisation
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Download file to see previous pages The study will use case studies where a sample size of 10 banks will be randomly selected in London and used for the purpose of study. For data collection, face to face interview will be conducted with the general manager and the IS manager of these banks. An observational check list will be used to collect information to assess the effectiveness of the model in each bank. Data will be collected over a period of one month. The data collected will be analyzed using simple analytical means of percentages, means and deviation and later subjected to regression analysis. The study will assume that the sample selected will be a representative of the whole population and that researcher will secure appointments with the managers.
With the world turning to a global village, the world financial sector is under pressure to catch up with the new developments. Having been a conservative economic sector confined to their indigenous areas of operation, banks are facing pressure with increasing competition. Many banks have resulted to expansion strategies in order to serve their customers wherever they travel in this dynamic world. This has posed a challenge to many banks in terms of coordination of its services. Many other banks have resulted to mergers in order to have an international presence. Ideally, all banks have resulted to expansion strategy in one way or another. Due to large area of operation, banks have been faced with a problem of coordinating all their braches or merger partners. Banking industry has been in the front line in embracing the ever changing face of information system in order to coordinate their services well.
But at the same time, many banks have found that embracing information systems may not stream line their services as intended. They have found information system has come up with its own woes. In some banks it has been found to be too expensive, cumbersome and creating a lot of inconveniences. It has lead to a lot of frauds which has led to losses to many financial institutions.
This research aims at investigating how banks are implementing their information system, the reason for turning to information system, and the challenges they are facing in implementation of the strategy. The research hopes to compare information systems strategies in different banks to show models which have succeeded and which have failed in order to provide banks with resource material which they can refer if they want to implement a new IS strategy or to upgrade their existing one.
Statement of the problem
Many financial institutions have found it difficult to keep up with the changing demand of the banking sector in wake up of globalization. They have been faced with numerous challenges in streamlining their operations and relationship with their customers. Having resulted to new strategies using IS, many of them have found that the systems are not that efficient and they are faced with the same problem of efficiently.
Purpose of the study
The study aims at proving a critical comparison of different IS models that are being used in the banking sector today to provide resources information for the banking sector on the most efficient models as it will have studied. It aims at giving ...Download file to see next pagesRead More
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