Nikonovich and Blomquist (2005) explain that the reduction of paper-based and manual processes remains an important long-term priority for the largest global banks which is attainable through the move to straight-through processing. Straight-through processing reduces administrative manpower, cost, error, and improves cycle time. IT resources are necessary to support revenue growth. In addition, customized IT products generate additional revenue by attracting new customers. Bridging the gap between the 20th and 21st century require long-term comprehensive IT strategies addressing enterprise architecture, process automation, and customer analytics (Nikonovich & Blomquist, 2005). Transacting is the past. The future of business must be transformational through the use of information systems.
Nikonovich, P. & Blomquist, E. (2005). Are you transforming or just transacting? The model for the 21st century retail bank. Bank Systems & Technology ,42(11), A2-16.
Miles and Snow (1978) argue that what determines a companies success of a company is not a particular strategic orientation, but simply establishing and maintaining a systematic strategy that takes into account a companies environment, technologies, and structure.
Miles, R. & Snow, C. (1978). Organizational strategy, structure, and process. www.12management.com
Ethical, social, and political issues are closely related. Ethical issues confront individuals who must choose a course of action, often in a situation in which two or more ethical principles are in conflict. Social issues spring from ethical issues as societies develop expectations in individuals about the correct course of action. Political issues spring from social conflict and are mainly concerned with using the laws that prescribe behavior to create situations in which individuals have to behave correctly (Chapter 4 Ethical and Social Issues p.159).
Chapter 4 Ethical and Social Issues in Information Systems (n.d.)....