Account Management and Electronic Wallet †Free Samples to Students

Question: Discuss about the Account Management and Electronic Wallet. Answer: Introduction Technology is continuously evolving and getting advanced, and there is not any sector that is left untouchable with technology. Information system was introduced in very early stage and has become the crucial factor for every enterprise to be at the top in this competitive environment. Information system can be defined as the organized system for the storage, organization, collection, and communication of the information related to the customer, consumer, and suppliers (Hubbard and Valverde 2014). Technically, it can be described as a network used by the organization and the people in manner to proceeds, filter, collect, distribute, and create data. Banking sector needs large volume of consumers and business in banking referred as the battle of consumers and bank with large number of consumers will be leading in the market. Unpredictable competitive advantage can be gained in the field of banking through implementing useful, reliable, and robust systems for the consideration of custo mer value or profitability, both potential and current, in connection with the pricing and budgeting methodologies. This report focuses on the implementation of Information System and Database management within the Barclays Bank United Kingdom. This report presents theory related to the Information System Management and evaluates it with the real world example considering this case study as introduced in the next paragraph. This is one of the oldest financial services company and British multinational bank in London. It is widely spread across all over the world and offers services and products across investment, corporate, and personal banking including the wealth management and credit cards management. This enterprise is running its operation among 40 countries along with the 120,000 employees and staffs connected with the Barclays. Barclays states that Barclays UK is a personal and business banking franchise with true scale, built around our customers needs with innovation at its core (McMillen et al. 2017). The business across the UK is comprised of UK retail banking operations, UK-based wealth offering, credit cards for the UK consumers and corporate banking offers for the smaller businesses. In UK itself, it has more than 24 million consumers, and about one million business clients (Bauer et al. 2017). According to the research made, it can be stated that this all success was made due to the succe ssful implementation of information management, Information System, and Information Management System. Deployment of Information System and Database Every finance sector is spending lots of money in the Information System, as this is the only factor that can keep the organization in the track of the competitive market and help them achieving the competitive advantage among their competitors. Information system management could be helpful in improving the ranking in the share markets, creating new products and services, customer experience, and reducing the investment (Chaamwe and Lulembo 2016). Billions of money are being invested in manner to improve the efficiency and effectiveness of the customer services and Barclays also invested a lot of money in manner to support the Information system of the organization. According to the annual report 2016 presented by Barclays PLC, various departments within the Barclays are being operated on the Information System that includes: Customer Service: Information System is used to collect and save data related to the consumers that will be helpful in improving the customer relations and customer experiences. This is divided into two sectors, one includes the information about the personal accounts of the customers and other includes the information about the products and services delivered by the Barclays to its customers (Jjoroge, Mbuguah and Muketha 2014). Accounting Department: Accounting department of the Barclays Bank is completely relied on the Information System of the enterprise and facilitates the option for editing account information, monitors the transactions, manages the debts between the consumers and the bank. Collection Department: Information system provides flexibility and easy operations on the activities related to the collection and notifying the information about the outstanding debts and help in resolving the issues related to the transactions made by them to the bank. Fraud Sector: This is one of the most important departments for the Information security. Collecting personal information is not a criminal offense but it not protecting it from vulnerabilities and attacks might bring lots of problem for the Barclays (Guo and Liang 2016). This helps in monitoring and detecting if any fraud is being made within the enterprise and protect it from cyberattacks. Deployment of Databases within Barclays Barclays has developed multimedia information system for both external and internal use. Internal systems are focusing on the career builder that can be described as the (POI) point of information system. The database of this system comprised of information relevant to the career opportunities and job descriptions in manner to allow users to match their skills (Laudon and Laudon 2016). External system targets to the services, products, and the mass market in manner to be in the race of leading financial services in the world. Impact of Information System on Decision Making Information system are being used for the decision making purpose in the offering of marketing schemes related to the loan and other funds offering. There are various levels at which the ban will be needing information and can be listed as basic and advance level. The basic level of information system is needed for the administrative or official purpose including the account holding for the customers and the book keeping and many more. Internet banking is one of the examples considering as a revolutionary moment and made it much attractive for the customers than it was earlier (Peppard and Ward 2016). As the technology gets advanced, IVRs makes phone banking to be practices and it is one of the major achievements in the field of banking and financial sectors. At the advance level, the information is used at the managerial level and considered as a crucial factor for the growth in the production or output of the enterprise. Such type of information are used by the managers in manner to listing the stocks, meetings and other memorable factors in the database in manner to keep them secured (Bultun 2014). The information saved into the database should be given highest priority and security should be the primary objective and should be shared either with the consent of the higher authorities or by the authorities only. This level of information is not for the use of the customers. This level of information could also be helpful in detecting the frauds and safety measures for the data or information. Benefits of Information System Development in the technology enables the system to be more advanced and innovative, information system are thus become the most trending technology because of its efficiency and reliability. Cloud computing is one of the beneficial aspects of the information system and are being applicable at the extreme level in finance and banking industries (Quereshi et al. 2014). This enables the banking mangers and other employees to be connected with the data and information 24*7 and enables to share all the data at any time. Information is the need of every enterprise as it is the only key element for the organizations to be ahead of the competitors and manage their sustainability in the market. There are several risks related to the Barclays operational activity and the data and information related to the consumers. The most crucial factor related to the storage of data and information on the internet or cloud is the cyberattacks and this information is vulnerable to such intrusion (Armstron et al. 2015). Data loss is another factor related to the storage of data or information into the database or in the cloud. Decision-making might be manipulated through altering the data or information related to the consumers behaviour or market behaviour. Internal threat is a topic that should be given emphasis while stating about the security of the data or information and internal users with higher access should not be allowed to access the network after resigning (Blohm et al. 2017). Role of Information System Management (ISM) Information management system could play a significant role in managing the data and information related to the operational activity of the enterprise and that of the customers or the consumers. It put emphasis on the various tasks related to the information system within the existing system of the organization, coordinating or directing through research in manner to monitor the network security related to the internet operations (Moro, Cortez and Rita 2015). Following flow chart can be helpful in explaining the roles of Information System Management: Key elements of the Information System Management can be referred to the gathering of data those are necessary similar to the raw data or crude input and processing those collected data into a meaningful information. There are many advantages of the implementation of IMS within the existing system of the organization ISM can be responsible for many aspects and assist manager and various objectives related to the operational activities of the organization however, key responsibilities can be represented as: It can complete its duties even if there is no manager Technical and administrative functions can be accomplished in efficient and effective manner Maintain the workstations and servers (kim Mithas and Kimbrough 2017) Diagnose the problems and resolve them related to the fax, copiers, printers, and networks. Maintain the updates of intranet and websites. Conclusions Based on the above report it can be concluded that information system and information system management are the most crucial aspects for a financial enterprise in manner to maintain its sustainability and enhance the performance. There are no doubt enhancing the performance of the organization and helping them to deliver services according to the need of the consumer but has certain security issues. Looking at the positive outputs it can be stated that despite of risks and issues there are a lot information system is providing to this digital world and in future, it is going to be spread in each corner of the world. Recommendations Security and privacy of the consumers should be given much priority than data collection. Using encryption technology can be a better approach for enhancing the security. Role of the mobile application should be enhanced. References Armstrong, C., Guay, W.R., Mehran, H. and Weber, J., 2015. The role of information and financial reporting in corporate governance: A review of the evidence and the implications for banking firms and the financial services industry. 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