Research Methodology Assignment: Technological Implementation in Australian Banking Sector
Task: This research methodology assignment requires students to provide two alternative methodologies to answer the research questions and finally choose and justify the most appropriate research design, clearly explaining WHY the chosen design will best answer the research question and is most appropriate in the specific circumstances.
This research methodology assignment is aiming to design alternative methodological approaches by maintaining relevance with the subject matter and objectives of the study. The methodology is considered an important part of any research work, as based on this chapter; the researcher can proceed with the work further by collecting relevant data from reliable sources. And this in turn can help the researcher to develop a well-defined and accurate conclusion at the end of the task.
According to assessment 2, the proposed research is being carried out on the subject matter: technological implementation in accounting and finance in the Banking Sector of Australia. In the current time, the importance of the financial and banking sector in the economy of a country cannot be ignored. In the cutthroat economic environment, this specific sector used to play an important role; and thus, in order to accelerate the growth of this specific sector, implementation of technology should be a prosperous initiative by a country and its government.
Research Questions and Objectives
According to the assessment, the specific aim of the proposed research work is to evaluate the benefits of implementing information technology in the accounting and financial processes of the baking sector. And, to meet the aim of this proposed work, Australia has been taken as for instance.
So, the objectives of this research work will be as followed:
1. To examine the effectiveness of technology in the decision-making process in the scenario of accounting and financial process of banking sectors in Australia
2. To identify the possible security challenges and benefits that may experience by the banking sector after the implementation of technology
3. To identify the possible factors which might intervene in the implementation procedures of Information Technology in baking sectors of the country
4. To recommend suggestions to the banking sector of Australia regarding the use of information technology in accounting and financial procedures Based on the research objectives, research questions will be as followed:
a. What are the basic benefits associated with the implementation of technologies in the decision-making process at accounting and financial procedures of the baking sector of Australia?
b. What are the most prominent security challenges and benefits or opportunities being experienced by the banking sector of Australia after the implementation of technology in the process?
c. What are the factors that may intervene in the implementation processes of the technologies in accounting and financial functions of the banking sector?
d. What is the recommendation can be suggested to the Australian banking sector regarding the use of information technology in the process?
Alternative Methodology 1
This proposed work aims to evaluate the effectiveness of implementing information technology in the accounting and financial processes of the banking sector in Australia. To meet this aim and proposed objectives, the inductive research approach can be considered as a preferable research approach. The justification behind choosing an inductive research approach for this proposed work is that it mainly explores the phenomena in generalized way and tries to identify the themes related to the subject matter to create the conceptual framework. According to Goddard and Melville, (2004), the inductive research approach or also known as inductive reasoning starts with observation and theories are being proposed based on observation at the end of research work by means of the outcome of the observation.
Concerning this particular research approach, it can be stated that the inductive approach or research is based on searching the research pattern from the generalized observation and then develop an explanation, theories relevant to that pattern through the setup of hypothesis. Therefore, to identify the effectiveness of technological implementation in the decision-making process of the banking sectors, along with the identification of possible security challenges and benefits, an inductive approach will be best suited. It can help researchers to assess generalized ideas related to the implementation of technology in the baking sector and then a theoretical perspective can be developed on the benefits of the same in the banking sector of Australia.
Types of Data
As, for this proposed work, an inductive approach has to be chosen, so secondary data and information will be beneficial to allocate to develop a well-defined outcome of the observation.More specifically, to meet the aim and proposed objectives of this research work by addressing the setup questions, secondary qualitative data will be preferable to collect from reliable sources. The qualitative data collection method is exploratory, so by allocating and using reliable and relevant qualitative data, the researcher can easily identify the effectiveness of implementing information technology in the accounting and financial process of the banking sector in Australia (Snyder, 2019).One of the important aims or objectives of this proposed work is to evaluate the benefits or scope that the banking sector of Australia can avail from the implementation of technology in accounting and financial systems. To meet this particular objective, the focus has to be given on human expression and beliefs towards the process, and here comes the justification of using secondary qualitative data and information for this proposed work.For getting rich data about the real-life people experiences and situations related to the effectiveness of implementing information technology in the banking sector of Australia, interviews and document analysis can use as the mode of collecting accountable data and information.
For this proposed work, the Purposive sampling technique would be considered to be suitable.The purposive sampling technique is a sampling technique that qualitative researchers can use to select interviewees from a pool of audiences, who can offer detailed and in-depth information about the proposed phenomenon.Accordingto Mohajan, (2018), purposive sampling is a non-probability sampling method, where the researcher relies on their judgment to select members for interview from the population. This sampling method is highly subjective and sets up certain qualifying criteria that every interview should meet while providing in-depth information regarding the subject matters. The purpose of this proposed research is to evaluate the effectiveness of implementing information technologies in accounting and financial procedures of the banking sector in Australia.
For secondary interviews, at least 4 members, who are associated with the accounting and financial processes of the banking sector of Australia should select as respondents. The justification of such a sampling plan is, purposive sampling can help the researcher to allocate in-depth and accountable information about the practical details of information technology and the effectiveness of its implementation in the decision-making of the banking sector of the country.
For allocating secondary qualitative information from document analysis, the use of convenience sampling technique can be preferable (D?wigo? and D?wigo?-Barosz, 2018). In this sampling process, qualitative researchers can use the documents from online sources and portals based on accessibility and convenience.
Data Collection Plan
For this proposed work, qualitative data collection methods should be preferable to use. More specifically, interview and document analysis processes should be used for collecting secondary information from reliable sources regarding the subject matter.
To meet the purpose of research, two specific selection criteria have to be generated for carrying out the interview:
a. The interviewees should be associated with the banking sectors of Australia
b. The interviewees should be active workers in accounting and financial procedures of the banking sector and must know about the use of information technology in the banking process (Attia and Edge, 2017)
Criteria for selecting a document from online sources to collect secondary data:
a. Documents that are based on the use of information technology in the banking sector
b. Documents which includes the benefits and threats of using technology in accounting and financial system procedures in the banking sector
Inclusion criteria for selecting documents from online sources:
1. Documents based on the use of information technology in the banking system
2. Documents based on the baking system and procedures of Australia
3. Documents based on the process of implementing technologies in the accounting system and financial processes of the banking system
4. Documents that are published on the online platform on or after 2010
1. Documents which are based on the use of technology other than IT system in business
2. Documents that do not carry any information about the challenges or benefits of implementing technology in baking sectors
3. Documents that are published on or before 2010
Data Analysis Plan
Qualitative data refers to non-numeric information. And, for this proposed work both secondary interview and document analysis techniques have to be selected as the preferred method for collecting data (Ngozwana, 2018). An interview has to be carried out to allocate in-depth and well-defined information about the effectiveness of implementing technologies in the accounting and financial system of the banking sector, so narrative analysis can be selected as a preferred method of data analysis. This method is a process of reformulating stories or observations presented by the respondents, who are being selected as samples for interviews.In this data analysis technique, the experiences and beliefs of the respondents regarding the use of technologies in the baking sector of Australia have to be taken into consideration for developing a precise conclusion at the end of the work.
Advantages and Limitation of the alternative methodology
The advantages of using secondary qualitative research method for proposed work are as followed:
a. The purpose of the proposed research is to evaluate the effectiveness of implementing information technology in accounting and financial procedures of Australia. To meet this purpose, secondary research method will be beneficial as it can help the researcher to take human belief and real-time experiences into consideration (Basias and Pollalis, 2018)
b. The advantage of using document analysis for data collection method is, it can help the secondary researchers to go through different review papers, journals, and articles to evaluate the in-depth details of implementing information technology in baking sectors and the scope and security challenges related to this process within a specific sector
Limitation of using Secondary research method:
a. Secondary research method can restrict the researcher to evaluate quantitative data and information, from which the effectiveness of the implementing technologies in the banking sector of Australia can be evaluated (Abutabenjeh and Jaradat, 2018)
b. Lack of proper accessibility of online sources can restrict the secondary researcher to allocate adequate and reliable data and information, from which prediction can be made on the extent to which implementation of technology can be effective for the accounting and financial system of Australian banking sectors
Ethical consideration of the methodology
As this proposed research method includes the use of interviews as a method of data collection for the work, so, before initiation of an interview, the researcher must ask consent from every interviewee regarding their choice of taking part in the process (Ngozwana, 2018).The researchers should also ensure confidentiality of the collected data from the interview, during the onset of the process. It should also ensure by the researcher that the allocated data should always keep free from biases and manipulation. Secondly, while it comes to document analysis, the researcher should ensure acknowledgment of every journal and article during the process. The researcher should also ensure the accuracy and relevance of the data while being collected from online sources.
Alternative Methodology 2
As an alternative method, the deductive research approach can select for the proposed work. A deductive research approach is more concerned with developing hypotheses based on the existing theories related to the subject matter of the research.Abutabenjeh and Jaradat, (2018) has cited that deductive means to develop reasoning from particular to general. The proposed work is aiming to identify the effectiveness of implementing information technology in the accounting and financing system of the banking sector in Australia. So, to identify whether the implementation of technology can be beneficial for the banking sector or not, a deductive research approach will be suitable to use.This in turn can help the researcher to deduct the conclusion from a proposition.
Types of Data
As the deductive research approach has been chosen as an alternative methodological approach, so quantitative data or numeric data should allocate by the researcher to develop observation.Concerning the purpose or objectives of the proposed work, quantitative data will be preferable to collect from relevant sources and to collect quantitative data and information regarding subject matter, the researcher can rely on conducting the survey (Kumar, 2018). Additionally, secondary quantitative data, for example, graphs, tabulated information, statistical reports from published research and journals can be used to meet the aim of the proposed work.So, for the proposed work, Statistical and quantified data will collect from variable and relevant sources.
The main idea of statistical interference is to take a random sample from the population and use the information from the selected sample to interfere by using population characteristics, like, mean median, standard deviation.Simple random sampling is a straightforwardprobability sampling strategy, by using which biases in the selection procedure can remove (Kumar, 2018). For carrying out the survey, the population should be selected, who are actively associated with the banking sector of Australia and familiar with the use of Information Technology. Approximately, 150 respondents who are involved with the banking sector of the respective country have to be selected as a sample for the survey.
Data Collection Plan
According to (Kumar, 2018), the essence of the survey method is based on the process of "questioning individual on a specific subject matter and then describe the responses”.in this proposed work, the survey has to be carried out to test the concept related to the implementation of technologies and its effectiveness in the banking sector; it reflects on the attitude of the people and help the researcher to carry out segmentation research. For collecting data from the survey, open-ended questionnaires are to be set up by the researcher, based on the implementation and effectiveness of information technology in accounting and financing processes in the banking sector of Australia.As COVID-19 has become a social concern and social distancing, restriction of mass gatherings have become mandated governmental regulation, so, the researcher can conduct online or mail survey (Nayak and Singh, 2021). In this process, the set of open-endedquestionnaires on the specific subject matter has to be sent to the selected respondents to allocate their views or perspectives. Additionally, researchers can use or rely on assessing online journals, and articles as data collecting methods to gather statistical data, graphs, and quantitative information about the effectiveness of technology in the banking sector.
Data Analysis Plan
Concerning the proposed work, correlation and regression can be used to analyse the extent and nature of the relationship between the variables.Correlation analysis is used to understand the nature of the relationship between variables: information technologies, accounting, and financial system, and banking sector.For this proposed work, the researcher can use SPSS as a statistical tool to assess and analysis the data, collected from the survey (Nayak and Singh, 2021).The justification behind selecting SPSS as the statistical tool is it can provide scope to measure correlation, standard deviation, and regression between the variables related to the subject matter based onresponses.For this proposed work, Pearson product-moment correlation has to be used.
Advantages and Limitation of the alternative methodology
For this proposed work, a Primary research method will be carried out to collect quantitative data from real-time sources. In addition, this survey has to be carried out to allocate
1. It helps to explain the relationship between technology and the banking sector with the concern of Australia. Additionally, the use of a deductive research approach can help the researcher to measure the concept, quantitatively and generalize the research findings to a certain extent
2. Primary data collected through the survey are relatively easy to analyse and develop the conclusion
3. Concerning the methodology, it can be stated that simple random sampling is associated with minimum biasness in comparison to another sampling process. Additionally, through survey, a large amount of data can be available from which a generalized idea about the subject matter can easily be formulated (Mohajan, 2018) Limitation
1. Human bias in respondents that is respondents provide inaccurate information in the survey can limit the outcome of the research. Additionally, different is understandings or difficulties to set up questions for survey in such a way that it will mean exactly same to every respondents can considered another limitation for this methodology.
2. Concerning the methodology, the large sample size will be a major disadvantage for this particular research work. Moreover, random sampling method, which has to be chosen for proposed methodology, needs a list of potential respondents or sampling frame to be available beforehand. Thus, the process can become costly and time-consuming.
Ethical consideration of the methodology
While it comes to carry out primary research method, it should important for researcher to abide by all the ethical consideration related with the survey. While conducting survey, researcher will first ask consent from the respondents regarding their willingness to take part in data collection process. According to the University policies, confidentiality of quantitative data and information should also be kept confidential (Mohajan, 2018). During data collection and analysis process, researcher should avoid data manipulation and biasness during selection of sample for survey. According to the Data Protection Act, 2010, research should ensure the respondents that their personal information and responses will be kept confidential and only be used for academic purpose.
This proposed research is aiming to evaluate the effectiveness of implementing information technologies in accounting and financial processes in baking sector of Australia. To meet this specific aim and objectives, precisely, researcher is being recommended to follow secondary research method.The justification behind this recommendation is, secondary research method can help researcher to allocate vast data and information, from which it can be identified that how and to what extent implementation of technologies in baking sector is essential in Australia.
Additionally, to address the proposed research question, researcher can follow inductive research approach. This is because, inductive research can help researcher to develop theoretical perspective from generalized viewpoint by addressing the research question. Moreover, to meet the research objectives and to address questions, researcher can rely on using secondary interview and document analysis process. Along with assessing secondary qualitative data from online sources, research can assess statistical data and information from online journals to evaluate whether technology can provide benefits to the accounting and financial process at banking sector of Australia or not. Explanatory research design are to be recommended to researcher for carrying out the work. The justification behind choosing exploratory research design is, it can help researcher to explore or to address the research questions, by managing relevance with research aim.Exploratory research design may not provide a conclusive answer to the questions, but it may help researcher to address and understand the research topic with varying levels of depth.
Concerning the proposed research methodology, it can be recommended to researcher for setting up a set of close-ended questionnaire to carry out the secondary interview. The close-ended questions should be based on the proposed research topic, and should maintain exact meaning for every respondent. Additionally, the research will also be recommended to set up close-ended questionnaire in such a manner, so that an in-depth idea about the effectiveness of implementing technology in banking sector can be assessed.
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