Business Research Assignment: Technology Implementation in Accounting & Finance of Australian Banking Industry
Task: Write a business research assignment presenting on the technological implementation in the accounting and finance sector in Australia.
The title of the project which is selected for the following business research assignment is “Technology implementation in accounting and finance of banking in Australia”. Today the financial sector is growing at a massive rate as the country is peaking its growth in the economic standing competition around the world.
Research overview and justification
During the recent times when the Covid hit all over the world and the entire economic structure of the entire world was under turmoil. It was at that time when accountability, performance and the transparency of the banking or financial sector was taken into consideration. Over the world, accounting management is done based on liability, assets, and liquid funds. Therefore, it is a common principle that is being followed internationally and also, they adhere to the rules of New Public Management. The use of NPM helps in the promotion of transparency and accountability of the accounting and finance of the banking sector in Australia (Saksonova and Kuzmina-Merlino, 2017). On the other hand, when the accounting techniques are being implemented with the help of an IT-based solution the essential component of finance and accounting are being deemed sequentially. Moreover, with the use of artificial intelligence, the services which are provided to the customer could be improved even further in the banking sector.
Moreover, on the other hand with the use of advanced technology has helped in the reinforcement of the e-accounting and e-finance in the banking sector in Australia (Henderson et al. 2015). It not only improves the processing but also helps in the integration of the information system. In addition to that, it improves the accuracy of the finance sector with faster processing hence minimising the overall period of the process.
One of the primary issues for the following implementation of the technology is the costing which would be incurred in the accounting and finance in the banking sector in Australia. IT or Information Technology for sure will create immense benefit for the accounting and finance for the banking sector in Australia. One of the key benefits which they will be getting is the management of customer data and information and the chances of losing them are nil. Secondly, it is important for the banking to create budgetary data annually. Therefore, using the right technology could help them to create those data within no time.
Research questions and objectives
Some of the research questions are as follows:
- What are the technologies being implemented in the accounting and finance in the banking sector in Australia?
- What are the security challenges and benefits linked with the use of the following technology such as big data and cloud computing?
- What are the managerial implications?
- What are the recommendations which could be provided for the decisions making process in the banking sector in Australia?
To evaluate the effectiveness of the implementation of Information technology in accounting and finance in the banking sector in Australia.
Some of the objectives are:
- To evaluate the technological effectiveness in the decision-making process in the accounting and finance in the banking sector in Australia.
- To identify the security challenges and benefits of implementing technology.
- To identify the factors which will intervene in the implementation process?
- To analyse the recommendation towards the use of technology in accounting and finance in the banking sector in Australia.
Initial literature review
The article discusses that Blockchain is the core, and they are showing a promising result with the banking sector. There is a frequent change in the financial sector and hence the country needs to quickly react so that they could bring on this urgent transformation and hence they can seek new growth avenues (Guo, Y. and Liang, 2016).
In the following article, it is being discussed as to what are the challenges and impacts of the use of technology in the banking sector. Other than that, there are also mentioned about the various technologies which could be implemented. An increase in big data usage by the banking sector has heavily impacted their performance and also their development for the near future where every industry will be operating with big data (Hassaniet al. 2018). It also discusses the impact of big data on data analysis in the banking sector which will also impact the decision-making process.
The following article is regarding the factors which intervene with the implementation process of technology in the banking sector. Other than that, it also discusses the adoption rate by some of the countries like Jordan (Alalwanet al. 2017). Using the following it could be estimated as to what are the factors that could also impact or intervene in the implementation process in Australia.
Significance of the research project
The following research is important as with the increase in the technological use and the dependence of the customers and industries over the internet it is of vital importance that the banking industry is also on the track of adapting to the new implementation of technologies. Besides, the countries are also dependent on internet usage and big data and blockchaintherefore, based on the importance of the following the severity of the adoption is also important. The following research will have both theoretical as well as managerial implications. On one hand, it will increase the theoretical knowledge as to what are technology could be implemented in the banking system in Australia, and also besides, it will help to determine to what extent it will increase the performance of the accounting and finance in the banking sector in Australia.
Alalwan, A.A., Dwivedi, Y.K. and Rana, N.P., (2017). Factors influencing adoption of mobile banking by Jordanian bank customers: Extending UTAUT2 with trust. International Journal of Information Management, 37(3), pp.99-110.https://bradscholars.brad.ac.uk/bitstream/handle/10454/18077/47-31694.pdf?sequence=2&isAllowed=y
Guo, Y. and Liang, C., (2016). Blockchain application and outlook in the banking industry. Financial Innovation, 2(1), pp.1-12.https://doi.org/10.1186/s40854-016-0034-9
Hassani, H., Huang, X. and Silva, E., (2018).Banking with blockchain-ed big data. Journal of Management Analytics, 5(4), pp.256-275.https://ualresearchonline.arts.ac.uk/id/eprint/15629/1/Blockchain.pdf
Henderson, S., Peirson, G., Herbohn, K. and Howieson, B., (2015). Issues in financial accounting.Pearson Higher Education AU.https://books.google.com/books?hl=en&lr=&id=wzXiBAAAQBAJ&oi=fnd&pg=PP1&dq=Technology+implementation+in+ accounting+and+finance+in+banking+sector+australia&ots=_ S7bl1snDw&sig=OpiTPa-ZVlG7Vza3sf033mFr4ts
Saksonova, S. and Kuzmina-Merlino, I., (2017).Fintech as financial innovation–The possibilities and problems of implementation.https://www.um.edu.mt/library/oar/bitstream/123456789/30472/1/ Fintech_as_Financial_Innovation_The_Possibilities_and_ Problems_of_Implementation_2017.pdf