Factors Influencing of Mobile Banking †Free Samples to Students

Question: Discuss about the Factors Influencing of Mobile Banking. Answer: Introduction This paper presents literature review of the Bank of Queensland which focuses on the incorporation of the accounting software in Australia. This review provides explanation on various key concepts of the organization ranging from the organizational structure, control and fraudulent issues, sales procedure flowchart, System Acquisition software, and adoption of the accounting software packages in the organization. Although the literature presents these themes in several contexts, this paper will primarily focus on the development and deployment of accounting software. It also focuses on the current market size, challenges in the accounting software, suggestions, and recommendations on the accounting software. Current Organizational Structure of Bank of Queensland (BOQ): The Bank of Queensland (BOQ) is an Australian retail bank headquartered in Brisbane, Queensland. The BOQ founded in the year 1874 is one of the antiquated financial organizations in Queensland and now the bank contains 252 branches including 78 corporate branches and 166 proprietor controlled branches in Australia. The Bank of Queensland has 1 subsidiary and 19 executives currently. Jon Sutton is the CEO of the bank and Roger Davis serves as the chairman of BOQ. Commercial banking, Finance and insurance, Consumer banking, Provision of Mortgage loans, and Credit cards are the products offered by the bank. The organization offers online banking services like Internet Banking, BOQ property application, BOQ money, mobile banking, and online applications. The IT imperfections in BOQ have lead to the customer account modification errors and subsequent credit code rifts. Recently, the Australian Securities and Investments Commission declared that the BOQ will provide reimbursement to the customers due to the occurrence of system error. The encountered system error failed to link the Mortgage offset accounts to the acceptable home allowance accounts for a certain number of years. According to the current estimation, the error overwhelmed 6000 customers and the total refunds of approximately $ 12 million are provided. Another operational problem is confronted due to the failure to meet the functioning and administrative requirements with the cloud based computing system. This deterioration of the modern system leads to the cut down of 10 million dollars from pre-tax earnings. After the loss of cloud services, the banks begin to function with the errors around data security and meeting the prudential needs. The change management analyst position in the organization leads to the course of general errors summarized below: Inadequacy of Complacency Containing inadequate authority for initiating the change Loss of vision Mishandling the resistance forces Failure to attain the earlier success Premature glorification of success and Not modifying enough safety systems to secure long term alterations System Acquisition method for BOQ: The Bank of Queensland procured 10 million dollars from 3 years sales force technology trial for the customer relationship management (CRM) platform. The bank stated that the functional and administrative requirements concerning the cloud-based system should be met in order to increase the profit margin. The CRM system was utilized as system acquisition method for delivering the staff quicker entry to the customer data, a minimization on the time consumed to create new customer accounts, and a liberty for increasing the cross-selling abilities. The bank is executing its traditional CRM system and has completely implemented the sales force platform. But as a result of discrepancy, the bank is now searching for alternative platforms. The bank will go back to the CRM solution that is implemented in around 200 branches, while searching for the alternate solution. System Flowchart for Sales procedure in Bank of Queensland: By using the EFTPOS facility, the sales can be increased as the customers have alternate option of using their cards when they do not have cash in hand. The EFTPOS facility enables the bank to process the debit cards, credit cards, and charge cards so that quicker online transaction authorizations is facilitated. The online hackers undertake advantage of the poorly secured computer systems of the customers. For instance, the malignant software loaded from the Internet or received through the attachments for emails may have certain malware which accommodates the security of the computer. When the user keys in the Customer Access Number, Personal Access Code, and the User identification number as login credentials in the internet banking login page, the computer encrypts this information and transmits this encrypted information to the users through a secure connection. But if the computer is not protected, it is possible for the fraudsters to gain control of the confidential information. Since the bank of queensland uses the cloud services, the data security is of main issue (Fisher, 2001). The online banking facility of Bank of Queensland provides full time access, so that the users can manage their accounts, access multiple entities, and keep control on their own business requirements. The accounting packages such as Zero, MYOB AccountRight Live/Live Accounts MYOB, MYOB Essentials, MYOB Bank Link, and BGL (SMSF Software) are compatible to be adopted with Bank of Queensland Internet Banking System (Deshmukh Romine, 2002). The Lockbox services contain receivables outsourcing like cheques and cash management services inclusive of the online bank accounts that are connected to the accounting packages for facilitating authorization management and coordination (Carlton,1999). Current Market Size According to the new managing director Trent Innes of the Xero Australia, Xero accounting software package is positioned in the foremost position comprising 262,000 Australian users, when compared to its main competitor MYOB (Kabir, 2013). He also stated that there are 15 % market shares nationally and his first priority as a managing director is to expand the share percentage. The highly competitive Xero accounting software package has over 25,000 customers and has more than 10,000 business partners. At the same time, the operating profit for Xero is increased by 71% to 92.8 million dollars and 44.3 million dollars. Xero is going to be transformed into a financial technical company containing focus on the big data rather than just accounting software. While selecting the accounting software package for the business, each suppliers website needs to be visited and the pricing and other features provided by the software should be compared in order to ensure that it offers all the requirements of the business (Gurton, 2001). The comparisons between the leading accounting software packages are illustrated in the table given below: MYOB Xero Quickbooks Reckon Saasu Plan Essentials Starters Essentials Basic Plan comprising all Add-Ons Medium Monthly Cost $35 $25 $25 $20 $40 Cloud-Based Yes Yes Yes Yes Yes Quoting Function Yes Yes Yes Yes Yes Permission for Multiple Users Yes Yes Yes Yes Yes Provision for Invoicing Process Yes Yes Yes Yes Yes Inventory Management Yes Yes No Yes Yes Provision for Online Payment Arriving Soon Yes No Yes Yes Bank Feeds Yes Yes Yes Yes Yes Multi-Currency Compatibility No No No Yes Yes Provision for Payroll Process Yes Yes Yes Yes Yes Calculation and Tracking of GST Yes Yes Yes Yes Yes No of Staff Applicable for payroll 1 1 10 Unlimited 20 Availability of Time Sheets Yes No No Yes Yes Calculation of Holidays Yes Yes Yes Yes Yes Availability of More Add-Ons Yes Yes Yes Yes Yes Provision for Mobile Access Yes Yes Yes Yes Yes Integration and Assistance of Third Party Add-Ons Yes Yes Yes Yes Yes Competitive Advantage: MYOB is a highly competitive world leader in the ERP market. The users can rely on the accounting software MYOB due to their stability and longevity in the business. It also contains a highly efficient network of legitimated and trusted local partners and third party MYOB developers. Challenges encountered by the users of Accounting Software/Packages The accounting issues are very common for those who are already utilizing the accounting software for making their business works simpler. The outdated and non user-friendly accounting software are the ones that impose problems for the users. The common challenges are provided below: Even the incorporated firewalls have the capability to solve the security issues, the stepup of a firewall is sometimes abnormal. Some accounting software do not help the users to get their required business information out. Both the customer needs and the accounting skills should be considered while selecting the accounting software for the business. The software should be selected according to the allocated budget. More attention should be on Add-on features. QuickBooks online, Xero, and Zoho Books accounting software are recommended for small businesses since it provides clear picture of the enterprise and able to create the invoices, track the organization expenses, create different types of financial reports, etc. Conclusion: On the basis of the above research and the analysis, I provide the conclusion that each accounting software plays an essential part in the business and the functions performed by the software. The business owner should make the decision on selecting the appropriate accounting software which will be useful for his business. As accounting software provider provides the customization facility of the software in business owner perspective, the customization cost is comparatively higher than any other software. For medium or large scale businesses, they can use any software like Tally, Busy, S.A.P, etc. The following guidelines are needed to be taken into account while selecting the software: Make the requirement analysis and provide budget definition. If the business is of small-scale, then bookkeeping or record creations should be performed by the accounting software. References How does Accounting Software Work?. (2013, January 10). Retrieved from https://www.investopedia.com/terms/a/accounting-software.asp. Kabir, M. (2013). Factors Influencing the Usage of Mobile Banking Incident from a Developing Country. World Review of Business Research, 3(2), 4-10. Carlton, C. (1999). Customizing Accounting Software. Retrieved from https://www.accountingsoftwareadvisor.com/topics/customization.html. Deshmukh, A Romine, J. (2002). Accounting Software and E-Business. The CPA Journal, 72(11). Fisher, D. (2001). For rent: Are you considering an ASP for your accounting functions?, The National Public Accountant, 46(6), 16-18. Gurton, A. (2001). Spoiled for choice, Accountancy, 127(1289), 64-65.