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).
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.