Essay about information ownership

Submitted By eunicemariebrown
Words: 1506
Pages: 7
Open Document
Introduction

This paper will discuss how information ownership within banking context operates with a view of ensuring that sharing the flow of data is done with responsibility and cleanliness. The paper begins by looking at how information and communication technology is being used within the banking division and then moves on to examine how this information is processed, owned and protected through the bank’s computer systems. Generally, banks depend on data to provide services. Information can be gathered through phone, emails, writing of letters or application forms and/or physical contacts. Once this information has been acquired and stored into the bank’s information system, such as a database or paper file, it becomes the property of the bank. The access to the information is then restricted to only those who are authorized to handle such information and can only be shared with others in the same capacity. When such unauthorizations are made, an organization must be able to determine the cause of the problem and who is accountable for ensuring the quality of that information (Hagg & Cummings, 2013).

Topic Analysis

Use of information within the banking sector: The evolution of information, computing technologies and digital technologies has contributed to the rise of e-commerce and online services within the inventory management in most firms, sectors and industries. Banks have incorporated the information and communication technology system like e-commerce, as part of business structure, to globalize their business services and operations. The incorporation of digital technologies and ICT system continues to have a growing impact on the delivery of services and products for most banks. These services include e-commerce and marketing, online banking, account opening and operations, foreign exchange and customer services.
Information technology is a crucial factor in banks’ inventory management, flow of information and communication with the clients, partners and staff members. Banks operate through networked system such as Intranet and inventory control. Core banking software is used to link any customer to their account regardless of which bank they go to. Their database makes it easy for a customer to access their account online or at an ATM. Banks have invested heavily in e-commerce solutions and incorporated the ICT along with digital technologies in order to develop their products, and also to serve their clients both locally and globally in an efficient way. The ICT system has proved effective in the banks’ business systems characterized, by the way, of streamlining the stored data, the use of IT solutions in the inventory processes and automating its business operations. In most cases, the information systems are networked within the banks’ internal operations and units and can only be managed by right personnel from the customer service personnel to the senior managers. Sharing information and security matters: The ownership and control of this information are key factors in managing of data, which can be kept in the form of both hard copies and soft copies. Banks collect personal information when the customer opens an account or loan. Some of the client’s information that is owned by the banks include bank statements, credit card information and pin numbers, which the bank has to protect at all costs to make sure they do not fall into wrong hands. Regardless of the benefits of operating the banking services through Internet and digital technologies, it can be argued that the ICT has limits and challenges too. Sometimes the computer systems can crash and lose all the data stored in them due to possible database errors; sometimes they can be hacked by cybercriminals and hackers who steal the clients’ information and identities. The smooth running of such internet connectivity and the networked computer system requires staff members to have adequate know-how or knowledge in operating them.
Show More

Related Documents: Essay about information ownership

Hot Dog Essay

record of the financial activities of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form easy to understand. They typically include basic financial statements, accompanied by a management discussion and analysis:[1] A balance sheet, also referred to as a statement of financial position, reports on a company's assets, liabilities, and ownership equity at a given point in time. An income statement, also known as a statement of comprehensive…

Words 4275 - Pages 18

Media Bias In Australia

less information. Folker (2013) states Australian journalists are still not suit for world views and cultural backgrounds of the general population. Although the media in Australia plays an important role, the number of people don't check media which mean they don't believe Australian media, because of the bias coverage. This essay will consider the diversity rules effect positive way and negative way by examining structure of media market…

Words 949 - Pages 4

Explain The Points Of View Of Different Stakeholders Seeking To Influence The Purpose Of Two Contrasting Organisations

the following criteria. Indicate the page numbers where the evidence can be found. Criteria reference To achieve the criteria the evidence must show that the learner is able to: Task no. Evidence P1 Describe the type of business, purpose and ownership of two contrasting businesses 1 P2 Describe the different stakeholders who influence the purpose of two contrasting businesses 2 M1 Explain the points of view of different stakeholders seeking to influence the aims and objectives of two contrasting…

Words 677 - Pages 3

From Black To Asper: Effects Of Ownership On Political Coverage

From Black to Asper: Effects of Ownership on Political Coverage Kevin Brick ­­ 1223700 History 3G03 March 31st, 2015 Dr. Ward The structure of Canadian media industry is ever changing due to constant mergers, acquisitions and the creation of new companies. Information is now considered to be a power commodity, like money and wealth. Mass media companies that exercise control over the information that is relayed to the masses are now seen as a threatening force in binding or shaping public opinion…

Words 2722 - Pages 11

The Rise In Managerial Stock Ownership

Journal of Applied Corporate Finance F A L L 2 0 00 The Rise in Managerial Stock Ownership by Clifford G. Holderness, Boston College, Randall S. Kroszner, University of Chicago, and Dennis P. Sheehan, Pennsylvania State University V O L U M E 13 . 3 THE RISE IN MANAGERIAL STOCK OWNERSHIP by Clifford G. Holderness, Boston College, Randall S. Kroszner, University of Chicago, and Dennis P. Sheenan, Pennsylvania State University* uch of the vast research on corporate control over the past 30…

Words 8130 - Pages 33

Adam Paper 4 Advocate

amendment says so! One should be able to practice the second amendment, participate in gun recreation and most importantly protect oneself. America should be able to exercise their constitutional right to own a gun. Laws placing restrictions on firearm ownership and use do not necessarily stop the crime or protect individuals. Turn on the news right now. Americans are inundated with examples every day about innocent citizens that fall victim to a gunshot wound because they were unarmed and not able to defend…

Words 3555 - Pages 15

From Black To Asper: Effects Of Ownership On Political Coverage

From Black to Asper: Effects of Ownership on Political Coverage Kevin Brick ­­ 1223700 History 3G03 March 31st, 2015 Dr. Ward The structure of Canadian media industry is ever changing due to constant mergers, acquisitions and the creation of new companies. Information is now considered to be a power commodity, like money and wealth. Mass media companies that exercise control over the information that is relayed to the masses are now seen as a threatening force in binding or shaping public opinion…

Words 2745 - Pages 11

Globalisation: Globalization and Specific Home Base Essay examples

impossible to control. Familiar topics such as war, entertainment, news, money or pollution are all travelling around the world. The scale and speed they are crossing national boundaries are absurd and seem to be unstoppable. The increased exchange of information, new global corporations with their investment strategies, and ideologies, appear to cross the globe affecting cultures, economies and politics. Satellite television provides instantaneous virtual communication from one to another side of the world…

Words 1330 - Pages 6

Data Mining Essay

data warehouse in a multidimensional database. The information that can be pulled from this data is used to support decision making. However the way the information is stored in cubes, layers upon layers, needs a system to extrapolate it, this is where data mining is used. Queries are made using data-mining tools providing answers to complex operational questions. With sales, accounting, purchasing, customers, marketing and other information now able to relate to each other the organization has…

Words 647 - Pages 3

Summary: AAA Auto Body Shop Ltd

property, ownership, possession, or leasing rights that will serve as evidence for ownership. These formal documents may provide assurance of title, rights or ownership for the plaintiff whether the property is private, collective or common. 2. Any internal documents or written reports that exhibit legitimate correlation between customer traffic and the Fraser Highway widening project. These documents or written reports may provide new information for the defendant. Additionally, the information could…

Words 629 - Pages 3