Paper on Bank of America - Impacts of MIS



Paper on Bank of America - Impacts of MIS

Introduction

Information technology has invaded all sectors of society. The word processing systems, mail and electronic files, electronic communications networks, computers, desktop type, electronic funds transfer, electronic pages for simulation and support systems to strategic decisions are among the many successful applications of computers to the field of business. However, the greatest creation of information technology is the Management information system (MIS), which is a collection of information systems that interact with each other and provide information both for the needs of operations and administration.

Management information systems have readily been applied in the banking sectors, thus, giving birth to the term “Bank management.” Bank management is the science of sound and effective information management systems of all processes and relationships that characterize the activities of a bank. The aim of implementing bank management is to understand the totality of financial, economic, organizational, and social spheres of banking, which in this paper would be Bank of America precisely.

Discussion

The Bank of America is an organized banking operating in the banking industry and has proven to be a stable and profitable entity. The Bank of America utilizes the power of management information system to regulate the financial sector, create patterns of parent and subsidiaries and authorize the investments along with monitoring various other operations (Books, 2010).

However, the main objective of the use of management information system in the Bank of America is to obtain strategic advantages that are difficult to imitate, which include making the infrastructure and organizational processes, support the strategy of the bank and to ensure secure and quick access of information. These strategic advantages will translate into competitive advantages to the outside world if they contribute to add value to services in relation to competition (Gibson, 2010).

Management information system in the banking sector has become articulator of production dynamics and key elements, which enable the bank to react to changes and meet the requirements of the environment. However, new assessments are based on information and knowledge as raw material to achieve higher productivity in management even when the transformations have occurred (Graciela & Heal, 1988). It supports transactional processes of the Bank of America and accounts for modules management needs such as human resources, logistics, financial and controlling. The focus of this system is the automation and management of banking transactions and managing the vast amount of information that the bank needs to access frequently. The detailed utilization of management information system in the Bank of America is discussed in the paragraphs to come (Wiseman, 1985).

Management Information Systems and Decision Making in the Bank

Management information system is seen as central to the process of banking and the main function of the Bank of America management. Planning is based on an analysis of the totality of the factors that determine the conditions for the functioning of the bank in the current period and in the future. Analysis of the influence of factors is performed by ...