Essay Bank Accounting Information System And Electronic Banking

Information systems interact with the organizations and influences the organization in many aspects of the whole organizational structure to the daily behavior. Information systems can enable strategies in four aspects including low-cost leadership, product differentiation, focus on market value and strengthen customer and supplier intimacy.

| An information system can be defined technically as a set of interrelated components that collect (or retrieve), process, store, and distribute information to support

Information technology is defined as shared technology resources that provide the platform for an organization's specific information system applications. IT deals with the technology involved in the systems themselves. According to our book, it consists of all the hardware and software that a company would need to use in order to achieve its business objectives. This includes not only computer machines, storage devices, and handheld mobile devices, but also software, such as the Windows or Linux operating systems, the Microsoft Office desktop productivity suite, and the many thousands of computer programs that can be found in a typical large firm.

The banking arena during the last decade has seen a significant expansion in banking technology. The most prominent aspects of the

It is generally accepted that information is a vital commodity for the successful operation of today’s organizations. Nowadays modern business organizations are using computerized information systems in order to obtain such information. However as the technology advances rapidly the main issue is how can an organization should effectively use such an information system - which its management sometimes can be unpredictable - in order to effectively help the whole organization structure to improve and take the most out of it.

Information systems have developed rapidly over time and are being relied by more people. With the increasing reliability of Information Systems, businesses have adopted them a lot. Companies or businesses using Information System have an advantage in competitiveness and efficiency (Hilton, 2013). AIC uses an IS in its activities to enhance communication and collaboration. Due to the wide use, Information Systems have become an important part of everyday life for most people. It has made easier to perform tasks faster or even perform some tasks simultaneously.

An information system is a base in today’s business world. Everything is electronic. In various businesses, the survival and ability to succeed strategic business goals is challenging without extensive use of information system. Businesses improve the efficiency of their operations in order to accomplish higher profitablity. Besides that, information systems are important tools available to managers for achieving higher levels of efficiency and productiviy in business operations. For an example, Zara uses the PDA technology to gather customer feedback and input.

An information system can be defined technically as a set of interrelated components that collect, process, store, and distribute information to support decision making

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and

Information system (Laudon & Laudon 2010) is a collection of software, hardware, and data organizations use in monitoring, controlling, transacting, forecasting, problem solving in various levels of management. These systems converts data into information to facilitate the organization in hastening their process in various fields. These systems aid operational level, middle level, and executive level managers in their day to day tasks.

An organization creates value through time, particularly if it is a company that provides services. Therefore, the information generated has an even greater value because it helps to achieve the objectives of the organization. All the information that the organization generates interact together to support the company needs to fulfill. On the other way when organizations interact with information, people and resources (network, hardware, software, etc.) they connect each other in order to meet the demands of the information in an organization either administratively or in the operational area. Consequently generating a process called information system. This information system performs four specific functions: input, processing, storage and output of information. Inputs is when you add customer information on a computer (hardware), such as name, address, invoices, payments, etc. Then in the same way in the process step you can make calculations, balances, interests that can store in a software grouped by customers, per the accounts, per month bills, etc. and finally, outputs are when you generate reports of payments, balance, inquiries or customer statements. In this paper I will describe how the information system contributes to forming competitive advantage in business.

The application of Accounting Information Systems has become widespread among enterprises in Australia due to improved affordability and efficiency resulting from their technical power. The vendors have moved from desktop systems to cloud accounting, and it has led to a challenge of selection and implementation to customers and users. This paper offers a synthesis of literature on AIS in Australia, its history, development, and adoption, analysis of the current market size and how the leaders in the market have managed to carve out their competitive advantage. There are also gaps in the sector, in particular for customers. Hence the paper also provides recommendations.

An information system is an integrated set of components that collects stores, and process data as well as delivering information, knowledge, and digital products. Business firms and other businesses rely on information systems to carry out and manage their operations as they interact with the customers and suppliers with competing in the marketplace (www.britannica.com). With looking more carefully at the types of information systems, I found quite a few that caught my eyes. Some examples of system are Operational support and enterprise systems, Professional support systems, collaboration systems, knowledge management systems, and management reporting systems.

A system is a set of subsystems or components that operates together such that to fulfil the objectives so that the desired result comes. So in similar way information system is a system that consist of number of components that work together collect the information, stores the information, process that information such to generate the desired output.

Having worked for over ten years in the financial services industry, specifically banking, I have come to understand how greatly technology is important to the success of a bank, the realization stem from my experience in banking operations, product development and strategy. Currently as the deputy manager performance management and strategy group responsible for business strategy, product innovation and performance measurement within the bank, hence, my understanding of technology has made it possible for me to meet and surpass my job responsibilities and have place the bank as one of the leading e-banks in the industry and country. As a graduate of, and chartered accountant, I have come to grasp with the fact that business and accounting