XYZ Banking And Finance Service System Upgrade
XYZ BANKING AND FINANCE SERVICE SYSTEM Upgradexyz Bankin
XYZ Banking and Finance Service System Upgrade CMGT/410 Introduction Enterprises need to establish precise requirements and associated personnel for effective implementation of changes that enhance service delivery. On the other hand, the implementation hierarch needs to be established to avoid disruption of the overall functionality of the firm and core business operations. Therefore, the paper seeks to highlight vital requirements, the hierarchy of implementation as well as the respective lead people. XYZ Banking and Finance Service System Upgrade The banking and finance industry is technologically dynamic. Therefore, firms need appropriate technologies that are compliant. For instance, integrity of the systems is a requirement in ensuring security of private information as well as monetary property. As for XYZ, the only requirement is introduction of flexibility and enhanced service delivery to customers which can be undertaken through service automation. Service automation is a process that requires a scheduled upgrade of systems and installation of essential support systems that are highly reliable. Therefore, some minimum requirements have to be made before any steps are taken in implementation of the upgrade program. The main requirements include: ATM machine outlets, automated deposit, self-care services as well as banking software for online banking on phones and personal computers as well as desktops. Therefore, the task needs to be accomplished hierarchically in consideration of customers. For instance, ATM installation is a priority that needs to be implemented first as the equipment supports all users despite their financial state. The machines are easy to work with unlike personal computer applications and phone applications that require additional support system and ownership. The system required will be based on a central server that will be located at the headquarters. The server’s maximum operational speed needs to be at 128Ghz so as to receive and send signals faster. On the other hand, an oracle-based system will be essential since it is robust and more resistant to breaching. Additional support systems include network servers that will enhance online banking through mobile applications. The hierarchy of installation and implementation of various programs will be executed as highlighted in the table below. Schedule and Hierarchy of Activities Rank Activity Timeframe (days) Start Date 1 Acquisition of Server /24/ Installation of server /25/ Installation of ATMS /29/ Preparation of System /6/ Development of Mobile banking application /12/ Testing of the Entire system /19/ Audit and evaluation of the system /2/2018 Gantt Chart Milestone Chart Lead Teams Funding of the program will be done through stakeholder finances set aside for the growth and development of the company. Therefore, extra funding required may call for mutual contribution from investors and shareholders who develop interest in the company. Besides, employees will be essential in giving feedback for system evaluations which will be done systematically based on daily reports at the preliminary implementation stage. On the other hand, a technical team from the software developers will provide installation and training services to the staff members in various departments so as to ensure there is flexibility and usability of the system as per the required standards. Therefore, the technical team will keep in touch with various employees to provide sufficient training on procedures of operating the system as well as monitoring and controlling particular variables. During the entire process, the emergency team will offer alternative approaches to operations to allow for flexibility at work.
Paper For Above instruction
Introduction
The rapid evolution of technology within the banking and finance industry necessitates continuous upgrades of systems to enhance security, efficiency, and customer satisfaction. The upgrade process for XYZ Bank’s systems exemplifies strategic planning, hierarchical implementation, and stakeholder engagement. This paper explores the key requirements, hierarchy of tasks, project management approach, and roles of personnel involved in executing this system upgrade, emphasizing the importance of aligning technological advancements with business continuity.
Key Requirements for System Upgrade
The primary goal of the system upgrade at XYZ Bank is to introduce service automation that enhances customer experience and operational efficiency. Critical technological requirements include the deployment of advanced ATMs, automated deposit systems, self-care online platforms, and mobile banking applications. Ensuring the integrity of these systems involves implementing security protocols to protect sensitive customer information and financial assets (Gordon & Loeb, 2002). A robust infrastructure, such as a central server with high-speed processing capabilities (e.g., 128Ghz), is essential to support real-time transactions and data processing.
Furthermore, adopting an oracle-based database system provides enhanced data security, scalability, and fault tolerance (Elmasri & Navathe, 2015). Support systems include network servers for mobile applications and online banking platforms, which requires secure and high-capacity communication networks. Compatibility and compliance with financial regulations must also be prioritized during system design and implementation (Arner et al., 2016).
Hierarchical Implementation and Task Schedule
The implementation process follows a logical sequence to maximize efficiency and minimize service disruptions. The initial activity involves acquiring and installing the central server, considered the backbone of the new system. This is followed by installing and configuring ATMs at strategic locations to ensure broad customer access. The subsequent steps include preparing the system environment, developing mobile banking applications, conducting thorough testing, and finally, auditing the entire system for compliance and security (Dennis et al., 2009).
A Gantt chart illustrates the project timeline, highlighting task durations and precedence relationships: acquisition of the server (1 day), installation of the server (1 day), ATM installation (5 days), system preparation (6 days), mobile app development (12 days), system testing (9 days), and system auditing (2 days). The specified dates align with a systematic phase approach, ensuring each task receives adequate focus.
Roles of Lead Teams and Funding Strategies
Leadership in the project involves coordination among IT managers, project managers, security specialists, and quality assurance teams. The project manager oversees the schedule, resource allocation, and risk management while ensuring adherence to quality standards (PMI, 2017). Technical teams from software developers are responsible for system installation, customization, and staff training, maintaining close communication to resolve issues promptly.
Funding is sourced primarily from stakeholder investments allocated for company growth, with potential contributions from investors and shareholders interested in the bank’s technological enhancement. Regular feedback from employees during pilot phases provides valuable insights for system refinements. Additionally, an emergency response team is designated to develop contingency plans and alternative operational procedures to ensure business continuity in case of unexpected disruptions.
Conclusion
The systematic approach to XYZ Bank’s information system upgrade exemplifies strategic planning that balances technological innovation with operational stability. Hierarchical task execution, stakeholder involvement, and expert-led training are crucial to realizing the benefits of automation and security enhancements. As financial environments become increasingly digital, banks like XYZ must remain adaptable and proactive in managing technological change, aligning system upgrades with business objectives and customer expectations.
References
- Arner, D. W., Barberis, J., & Buckley, R. P. (2016). The evolution of fintech: A new post-crisis paradigm? 123(2), 204-232.
- Dennis, A., Wixom, B. H., & Roth, R. M. (2009). Systems analysis and design (5th ed.). Wiley.
- Elmasri, R., & Navathe, S. B. (2015). Fundamentals of database systems (6th ed.). Pearson.
- Gordon, L. A., & Loeb, M. P. (2002). The economics of information security investment. ACM Transactions on Information and System Security, 5(4), 438–457.
- Project Management Institute (PMI). (2017). A guide to the project management body of knowledge (PMBOK® Guide). PMI.