Introduction to Information Technology
Abstract
The assignment focuses on the IT software developed by the organisation to analyse the effective role of IT tech in the banking sector. Moreover, it also showcases the overall growth of the organisation by identifying the success of failure of using IT software in banking activities. Therefore, it also displays the importance of social media reference towards accelerating the banking activities in ineffective areas. Furthermore, it provides detail information about the benefits and drawbacks developed by IT software in the banking activities of HSBC.
Introduction
IT software is the best solution for organising, developing, documenting, and others to accelerates the organisational activity. Moreover, for the smooth and proper process of banking activities, many banks adopt different IT software to promote organisational activity properly. This assignment will focus on the role of IT in promoting or degrading the organisational activities. It will also highlight the social issues and ethical conflict faced by HSBC while running the organisational activity. Moreover, it will also shed light on the distinction between network technology and the importance of social media in promoting organisational activity. In addition to this, it will also display the stages of the software development cycle along with the potential benefit and drawbacks of the software used by HSBC.
Potential benefits and drawbacks of IT software used by HSBC
HSBC is a British multinational organisation that promotes all the activities in the worldwide region. Therefore, promoting all the financial activities in the worldwide region requires the use of technology advancement. However, HSBC uses a wide range of software, which has some benefit and drawbacks towards the organisational activity.
Accounting software integration
Accounting is an essential part of the banking sector that promotes all the banking activities for proper result. Moreover, accounting software integration is mainly used for analysing the cash flow statement of the company for growth and promotion. HSBC implements this software in the organisational activity for developing all the activities in a organiser and understandable manner. Thus, accounting software implementation is essential for accelerating the processing activity of the company.
Benefits of accounting software integration
Visibility of cash flow statement– The accounting integration software is very much beneficial in terms of improving the cash flow statement of the organisation. HSBC uses this software for analysing the cash earned by the organisation while processing the operating activities.
Assistance in developing the annual report– Accounting integration software is very much beneficial for developing a proper annual report of the company (business.HSBC.uk, 2021). Thus, HSBC increases its overall growth by accumulating the result from annual report. Moreover, the company uses the software as a tool to compare all the organisational activity.
Drawbacks of accounting integration software
Learning cost and time– The learning process of the software takes excessive time to gain knowledge about using the software (accotax.co.uk, 2021). Moreover, this is a disadvantage of the software as for implementing in the organisational proper training is required for accomplishment.
Cost of operation– The software is not a budget friend as HSBC can use it for some high costly activities for growth and development.
Digital account opening
Digital account opening is a technology software that assists in an opening bank account from anywhere through the digital method. Therefore, HSBC uses this software to assists individuals to open their respective accounts from their residence. Moreover, it promotes all the simple organisational activity in a digitalised method.
Benefits of DAO
Fast opening of saving accounts- While opening the saving account fast and speedy processing for opening the savings account is very much beneficial (civic.com, 2019). Moreover, it is very much beneficial for the clients to open bank accounts form their own residents in a simple processing system.
Modernised checking system– As all the operation in DAO is based on an online method. The checking system proposed by the software checks all the ethical and legal documents for further processing. Therefore, if anyone tries to cheat the software will not open the app.
Drawbacks of DAO
Limitation on deposits– In the DAO system, the limitation of deposits in the system degrades the working limit. Therefore clients have to visit the bank and provide physical effort to deposit a large amount.
Network interruption– It also has a drawback of network disruption while operating technological services (Natter, 2019). Moreover, slow internet connection disrupts the services and fails in the opening account.
Cloud computing
Cloud computing is a traditional software system that is used for analysing the financial investment and benefits earned by the organisation while operating the banking activities (Shevlin, 2020). HSBC uses the software to analyse the result of financial investment in different sources for earning profit.
Benefits of cloud computing
Reducing the cost of managing IT system– The cloud computing system is very much beneficial in terms of reducing IT cost of managing the IT system (idexcel.com, 2017). Therefore, cloud computing automatically updates the IT software to the next level for proper formulation. Moreover, it also reduces the cost of energy consumption while operating the activities.
Collaboration efficiency– The cloud computing system is also beneficial in terms of collaboration and proper communication between the two parties. Therefore, It promotes collaborative activities in an efficient manner.
Drawback of Cloud computing
Issue of security and privacy- The cloud computing software is an old software system that doesn’t promote security and privacy in the organisational activity (LARKIN, 2019). Therefore, privacy security is a negative factor that doesn’t promote cloud computing in the context of HSBC. Moreover, the security issue disrupts the organisational activity of HSBC.
Improper flexibility- The software does not work in a flexible manner as the accessor has limited control over the software. Therefore, it degrades the operation of ineffective areas.
Conclusion
It has been concluded from the assignment that IT plays a crucial role in the banking sector for the successful growth of the organisations. Moreover, it also provides essential information about the ethical and social issues faced by HSBC due to adaptation of IT software. In addition to this, it also showcases the distinction between networking technologies in various operations. However, it proves a detail discussion on the importance of social media in promoting the organisational activity of HSBC. The IT technology used in different operating activities promotes the overall banking sector for growth and promotion. Therefore, IT development in various banking operation increases the overall growth and potential access to the company. It has also been concluded that HSBC uses the potential benefit of IT software for accessing the overall banking activities. In addition to this, the drawbacks decrease the overall operation of the IT software.