Contemporaneous Role of Information and Communication Technology in the Australian Banking Sector in Adopting Online Transaction and Mobile Banking.

ICT in the Australian Banking Sector

Abstract

The contemporary landscape of the Australian banking sector is significantly influenced by Information and Communication Technology (ICT), particularly concerning the adoption of online transactions and mobile banking services. Despite existing studies, notable research gaps persist, focusing on user adoption behaviors, cybersecurity challenges, and the evolving dynamics shaping this technological integration. This research endeavors to bridge these gaps by providing a comprehensive overview of ICT's role within the Australian banking sector, specifically delving into the adoption processes of online transactions and mobile banking. Through a mixed-methods approach, combining qualitative interviews with industry stakeholders and quantitative analyses sourced from secondary data, this study aims to unearth the drivers, challenges, and outcomes of ICT integration in this domain. Findings reveal the historical context of cybercrime in Australia during the mid-2000s, emphasizing the government and law enforcement agencies' proactive measures to enhance cybersecurity infrastructure. Leveraging data from qualitative interviews with key stakeholders and quantitative analyses from industry reports, the study sheds light on the user behavior patterns, preferences, and the influence of demographic variables on the adoption rates of online transactions and mobile banking services. Insights derived from the analysis of enterprise IT spending forecasts, transaction method distributions, customer satisfaction surveys, and the global cyber incident damages between 2000 and 2006 provide a nuanced understanding of the Australian banking sector's technological evolution. This research contributes to the existing body of knowledge by offering a holistic perspective on the role of ICT in shaping the Australian banking landscape. It provides valuable insights for banking institutions, policymakers, and stakeholders, facilitating informed decision-making processes, fostering trust among users, and steering the sector toward a secure and technologically adept future.