ICT in Central Bank of Australia

Question: Discuss about the ICT in Central Bank of Australia. Answer: Today, I have started my research on the role of ICT in managing the data from the Central Bank (of Australia). As, I belong to the IT background; I am excited to learn more about the role and impact of ICT in running the Central Bank of Australia. I wonder that how it will manage the data as in today, an era the data is booming at a faster rate. To start off, I have no idea about the working of this Bank, and its relation to the IT field. I have done research on the Banking industry of Australia, and I have found that the central Bank is one of the famous Banks in the field of providing monetary policies, and handling, and analyzing the financial data. I know that the success of any industry is depending on managing the financial system, and this is not possible without ICT. I have found that the ICT plays a vital role in restricting the central Bank. I get shocked, when I came to know that the transaction of billion dollars can be performed in a second, but it is possible only with the help of Information Technology. I know that the customer satisfaction is the key for making the business at number one position, but I dont know the concept or the role of ICT in achieving the customer satisfaction (Jones, 2014). I have found that it collects the data from customer expectations and current services which are given to the customers, and place the data in the database, and compare the data, in order to meet the customer needs, and moreover, I have found that it compares the data from customer perspectives, and the actual perception to deliver the right product to the customers. I have found in a research that e-Banking system of central Banks divided into two factors, one is ICT, and on another is Banking factors. The use of internet, security and other privacy concerns are handled by the It, and the Banking culture and internet Banking push are handled by the central Bank. I have learned that this Bank provides High-tech facility to the customers i.e., the servi ces given to the customers is dependent on the automated system. I have also learned the concept of mobile Banking, as the user can send money form one account to another, they can pay a bill by the help of mobile Banking (Tamura, 2015). I come to know that ICT term is not limited only to the terms linked handling the information of the Bank, financial data, doing transactions, but it has also brought the concept of CRM, i.e. Customer Relationship Management which is a useful source in proving a better customer attraction, and better customer retention. I have observed that the central Bank is one of the famous Banks in Australia, because it focuses on these points: easy to use, customer trust, better resources, and developing a relationship with the customer. References Duffy, J. (2015). The Best Cloud Storage Services for 2015.PCMag India. Jones, B (2014). Do Momentum Traders Profit from Central Bank Intervention in Australia?.SSRN Electronic Journal. Tamura, W (2015). Endogenous Information and Central Bank Transparency.SSRN Electronic Journal. Varma, V (2016). Redefining the Role of Banking Sector.SSRN Electronic Journal.