Business Processes
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Australian and New Zealand Banking Group Limited, commonly known as ANZ Bank is the one the most famous banks counted in the top five list in the banking sector. The ANZ Bank has its headquarter in Australia and the ANZ Bank is the most famous bank of all in New Zealand. The total capital of ANZ Bank is 93. 4 billion dollar and have an asset of total 896.5 billion dollar as reported on 31st march in 2016 (Bank 2014). The bank works with 34 markets all over the markets in Australia, America, New Zealand, Europe, Pacific, and Middle East. The ANZ Bank mostly provides retail customers, commercial customers, and institutional customers. The total number of staffs that ANZ Bank has is 46000 staffs. Mostly customer offerings and corporate offerings are provided in the core marketing. The regional trade and capital flow is mainly offered in all the regions across all the countries. There are total of a 550,000 shareholders associated with the ANZ Bank from which 72.5 percent of the total shareholders are domestic and rest of the shareholders are retail shareholders. All the details about their business is elaborated below.
The Australia and New Zealand Banking Group Limited follows a business process that is one of the most important processes among all in the organization. The main strategy of the ANZ Bank is provide a strong foundation of banking in Australia as well as New Zealand. It also provides a service that basically lead among all in the market. The geographic condition of the organization is also very different from others. The strategy of the bank is to know the needs of their customer and then meet those requirements that their customer needs. The ANZ Bank also captures all opportunities associated with the capital flow and the regional trade. By maintaining the above mentioned strategies, the shareholders of the ANZ Bank can get a very different combination of franchises access that leads to high returning capital and direct exposure that are usually long term mainly in growth of Asia (Moradi-Motlagh and Babacan 2015). The following shows the business process strategy that is mainly followed by Australia and New Zealand Banking Group Limited. The business process mainly follows four elements.
- Making a bank that is best for citizens of Australia and New Zealand, as well as is profitable for the owners of small businesses.
- Make the ANZ Bank the best bank globally for all customers that deals with capital flows and the regional trade.
- Establish a digital infrastructure in the bank to execute its processes and looks at the customer experience, scale, and control in wide range.
- The strategies that the ANZ Bank undertakes should maintain the principles of risks and serve its customer with a higher quality service that they expect from bank.
The ANZ Bank also provides some strategic properties. The properties are stated below.
Business Requirements
The first strategy is to make a balanced bank with simple business process reducing operational cost of its processes. It also concentrates on mitigating all the risks eliminating the complexity of the service or the management that it provides.
The second strategy of ANZ is to win the situation and make it attractive. The possibility where the ANZ Bank can win the situation, is mainly concentrated by the bank and make those areas as an attractive one. The main concern of the bank is for the small business that are situated in Australia as well as New Zealand. The business in which the owner needs capital as well as movement of goods is looked by the ANZ Bank.
The ANZ Bank provides solution to the customers that helps to simplify the life of the customer and improvise them to start a digital life. The bank also maintains all the associated ethics as well as fairness to all the companies involved.
There are some business requirements that essential to start a business similar to the Australia and New Zealand Banking Group Limited. The business requirements that are to be followed to establish a new bank in the banking sector are as follows.
A group of member who wants to establish a bank in a particular area should analyze the need of bank in that particular area. The business requirement should be known to the management team. After determining the needs, board of directors who will handle the strategic system is to be appointed for the further process (Kumar and Reinartz 2018). The appointed directors also looks at the fact that the strategic plan works as expected and also look in to the matter that the employees of the organization at all levels also work well. For establishing the business, the organization should maintain all the rules as well as policies associated with that place. For establishing a bank similar to ANZ Bank, there should be enough cash available with the directors to start the business. When the directors approves the plan, a summary of the business is made defining all the policies as well as procedures are usually planned for the coming five years. To make the system building more efficient, all preparations are to be made by a legal team who will be appointed for this process (Shen et al., 2017). The legal team will look after all the processes of the business and will fulfill all the requirements for building the business. The infrastructure of risk management is also to be established so that there is no risk faced by the employees or the customer associated. The risk management should include about to identify the risk, as well as take preventive control on those possible risks. A special team will look at the plan that is proposed to make the bank and then will investigate why establishment of that particular bank is needed in that area. The last business process that is to be used is that all legal charters for both federal as well as state is to be stated so that the organization satisfy all the business process for establishing.
System Requirements
For using the system of Australia and New Zealand Banking Group Limited, the requirement of system is not much but to use the internet for utilizing the internet banking system of the organization. All the requirements should be fulfilled by the user should be fulfilled to use the system of internet banking of ANZ Bank (Elemuwa et al. 2015). For using the application of the ANZ Bank internet banking, the user must have specific operating system installed in the system such as Internet Explorer, Mozilla Firefox, Google Chrome, Safari Browser, as well as Opera. Chrome work best with the Mac OSX, Windows 7 OS, Windows 8 OS, and Windows 10 operating System. The Safari works best only with Mac OSX operating system. Mozilla application works well with all the operating systems. Opera work best with Windows 7 OS and with Windows 10 OS. These application and operating system are best for internet banking of the ANZ Bank.
Internet banking ANZ Bank also work with the mobile software as well as with the tablets. For accessing the facility of internet baking for the ANZ Bank, a website is available from where the user can take the facility and services of the Bank. The website works with all bowsers available and runs perfectly so that the customers so not face any difficulties while surfing the website of the ANZ Bank (Shakya and Gupta 2018). One particular system requirement is to be maintained by the user as well as employees associated with the organization. All the browser and the applications that are to be used should be updated to the latest version. The customer cannot login in to the system if they are using the older version of application and browser. The system should use all the latest versions of application and browser to use the service of the ANZ Bank. Some of the browsers also run with the beta version. The beta version is not supported by the link of the ANZ Bank. The website of the bank also do not support any browser that uses beta open source. The management team of ANZ Bank does not take any risk of service or product if the user uses such versions of browsers or applications for accessing their service. The management cannot assure the customer about the risk.
The software selection and the vendor selection is the primary process of information technology that are used by businesses and organizations. The ANZ Bank banks also follows the same method of implementing information technology (Marosin and Ghanavati 2017). The software process of the ANZ bank includes the ERP (Enterprise Resource Planning), CRM (Customer Relationship Management), as well investment manufacturing that are mainly associated with the finance, project accounting, human/payroll, utility billing, point of sale, community development, investment management, non-profit, and insurance. Many software system as well as vendor system are available that provides the above mentioned services to organizations an enterprises for conducting their business.
Software and Vendor Selection
The software that is selected by the ANZ Bank is done on some basis. The software is selected on the basis of reviewing the business, defining the requirements, evaluating the software vendor as well as researching the vendor, interview requirement, preparation of REP, evaluating the REP or the software response, software demonstration facilitation, developing script for software demonstration, call the facilitation or visit the facilitation related to the user interface (Wambui and Njuguna 2016). The software is also selected on the basis facilitation that is related to the headquarters visit of the software visitors, following up the software demonstrations, board presentation, and at last finalizing the decision related to the facilitation. All these requirements are to be satisfied before selecting the software vendor for the ANZ Bank.
To maintain the regional strategy of the ANZ Bank, the management team of the organization has decided to choose a famous software vendor in Australia and globally known as the Misys Loan IQ. The Misys Loan IQ software provider helps the bank to manage all its system related with the commercial loan. The company helps the bank to meet the needs of the corporate, commercial banking segments, as well as institutional segments so that they can lend on wholesale (Plataniotis 2017). The banking group of ANZ gives a stable service to all customers associated, manage all its revenue in a better way, as well as give the group a standard process that reduces the management risk as well as operational risk. The software of Misys Loan IQ also helps to control the compliance of the company.
The Misys Loan IQ provides a solution that mainly offers functionality that has rich feature and also helps the bank group to present a robust workflow (Cummings and Durrani 2016). The bank can lend its service widely over the world with the help of Misys Loan IQ only from a particular platform. There are many operational processes that the company of Misys provide that makes the bank to consolidate the institutional as well as commercial lending business. There must be standardization as well automation with the process of the bank that is provided by the Misys Loan IQ. The Misys Loan IQ provides a robust solution to the banking group. The organization records all the service that the bank performs and all the process that is undertaken by the bank as well. The Misys Loan IQ provides a reliable service as well as the functionality of the Misys is best among all the vendors of software (Jiang and He 2014). So, the Australia and New Zealand Banking Group Limited has selected the Misys as their software provider.
To improve the business efficiency of the ANZ Bank there are many technologies that are to be followed. Among all the technologies, the most three prominent technologies that is used to improve the business of the bank are stated below.
- Digital Monitoring- The journey of all the customers who are associate with the bank are monitored digitally. The customers are satisfied with all their bank related problems online by the customer support care (Korhonen and Molnar 2014). The customers are monitored digitally by the officials of the bank. If a customer lodge a complaint regarding their service or products, or the customer asking the customer service for help, the local employees of the bank are made to respond immediately to the customer. This makes the customer to give positive feedback about the bank and in this way the bank can increase its growth. The group of official in the bank studies the issues that are faced by their customers and tries to mitigate all the issues to meet the customer satisfaction. This helps in making the bank famous to all the customers in New Zealand. In Australia, and over the globe. After implementing the digitization process, the bank has increased its revenue to 15 percent and also is successful in reducing the cost of customer service in the bank (Elemuwa et al. 2015). Some of the branches of ANZ Bank also uses IPads for monitoring the problem of customer 24×7 from all places. The digitization process makes the customers happy and helps the bank to learn from their mistakes.
- End-End Digitization- The customer or the user of the bank mainly faces problem from the back end office of the bank. The bank should make all its service digitized so that the customer does not face any issue from the back end office. Not only the front end, the middle end and the back end of the offices should also be digitized. All function in the organization should be digitized in the office. The sustainability cost of the organization is reduced and can create a scale and value among the business process of the organization. There are mainly three sectors that the bank follows to make its process digitized. The sectors involves customer engagement, customer onboarding, and service fulfillment (Shakya and Gupta 2018). Mobile devices are generally used for making the communication better in between the customer and the bank. The involvement of social media is also useful for making the system end to end digitized.
- Go Global- Getting the customer demographics and the diverse regulation in many area is a big challenge for the ANZ Bank (Shen et al. 2017). The complexity of location also makes the bank a big challenge to serve its process all over the world. Making it service digital makes the local people known about the bank service more clearly. The digital strategy play an important role in this. This helps to address the local regulatory as well as in legal constraints. The services of the ANZ bank is spread in the local markets that is useful for the local customers, languages as well as local cultures. This makes the service of the bank more innovative and can target the customer of a particular location (Coles-Kemp and Hall 2016). Many of the banks does not provide facility for the local people which makes them lag behind from the ANZ Bank. The ANZ Bank uses a strategy of business setup that is mainly associated with the agile methodology. The audience that are targeted are mainly targeted by this process. The ANZ Bank provides a quick service globally and is very efficient with the service and products they provide.
For implementing the information technology in the service of the ANZ Bank, the bank faces many problems related to the efficiency that is provided to the customers. The group of bank was pressurized to reduce the cost of the efficiency and productivity (Bowman et al. 2017). The applications that are purchased by the ANZ Bank to implement the information technology in the bank. All the application of the enterprise are integrated by the ANZ Bank. The applications that are needed by the bank are purchased by the technological department of the ANZ Bank. All the applications are integrated in the system. This helps to increase the demand of the bank service in that area. Enough resources are to be added to the system so that they can meet the growing demand of the service. More tools as well as processes are implemented by the group of officials of the technology department in the bank (Ravichandran, Taylor and Waterhouse 2016). This increases the efficiency of the bank and makes all system automated. The ANZ Bank needs good traceability for demonstrating a regulator that are needed to make possible changes that are needed for the regulation as well as possesses. The ANZ Bank initially used a total of a 26 solution as technology for maintaining its processes.
There are many security risks that the Australia and New Zealand Banking Group Limited faces for in providing services to their customers. The security team of the bank needs to protect their data against any kind of data breach in the company. The following are the security risks that the bank may face while service the community.
Phishing- This is a type of security in which the hackers take access of the personal data of others without the concern of the user. The hackers sends hoax emails to the victims that seems to the user as a legal sender (Minervini and Napier 2013). The hacker hacks the system or the data mainly online. The emails that are sent by the hackers basically claims that they are sent from bank office and are sent in large amount. The email asks the user to input username, registration number and all personal credentials of the user. If the user sends all those information, the hacker will know about all details of the user.
Spyware is another security risks that the ANZ Bank faces (Krajewski, Ritzman and Malhotra 2013). This is a software that transforms the information of the user in internet without even being downloaded. This is one of the most critical risks that the banks faces.
There is another type of security risks that is faced by the ANZ Bank. The risks comes from Trojans. Trojan programs are much destructive and arrives to the application as harmless application. Trojans do not have to depend on others for running.
ANZ Bank faced a data breach that sometimes lead its customer to risks. The malware that basically attacks the system of the banks hides itself and do not let others know that the data breach has taken place (Akman and Mishra 2015). The malware gets the access of the files and information of the user and personal details of the customers are also accessed by the attackers.
Risks Associated: The risk culture in ANZ Bank is a framework for management of risks (Chuang and Hu 2015). All the associates associated with the risk management team are expected to mitigate the risks that comes to ANZ Bank. The bank must include a number if policies, processes as well as control in the bank and needs to mitigate those risks.
Mitigating the Risks: The bank includes many framework that helps to mitigate the risks that manages the environmental, reputational as well as social risks in the organization (Klettner, Clarke and Boersma 2014). There is a reputation policy in the bank that helps the employees to find out the issues that are related with the bank. The ANZ Bank needs to implement policy that are included to maintain the reputation of bank. There must also be a reputation risk implementation that supports the policies as well as provide guidance for risk mitigation to all their new customers
Conclusion
The main goal of the ANZ Bank is to establish a shining world, in which all people can communicate with each other easily. The ANZ Bank builds an economy that is balanced as well as sustainable. All the people in that economy can make their life easy and can feel better with their life. The ANZ Bank has another goal or aim that includes unlocking opportunities for communities, individuals, business, as well as families in financing sector as well as in facilitating sector. The bank also faces many challenges because of the changing climate, demographic graphs, globalization, technologies are fast developing with the advancement of technology. The bank also faces includes many opportunities due to the changing factors. This helps the bank to encourage the economic participation as well as sustainable growth. The service that the ANZ Bank provides with the products, network of banking as well as insights makes the banking sector to grow its business and also includes individual growing of the employees in the business. The ANZ Bank helps the people to make savings on their respective investment, helps to make the businesses big from a small business. The bank takes domestic enterprise to an international platform. The bank also helps to make old enterprise to renovate and make them new. Australia and New Zealand Banking Group Limited usually gives suggestions to the organizations and then transforms them to a bigger organization and provides ambition to the enterprise.
From the report above, the details of the ANZ Bank is described that shows the business requirements as well as the software requirements of the bank. This report clearly details all the software selection along with the vendor selection for ANZ Bank and three different ways of technologies that the bank can implement to improve the efficiency of its working. The level of efficiency of the bank is also elaborated in this report so that the technology is implemented and its potential security risks are also discussed in detailed. A data breach took place in ANZ Bank that is mentioned in this report and the proper guidelines is suggested for the bank that can mitigate the risks that is faced by the bank.
References
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