How banks use information
The will need to participate with there customers and they use things such as when you sign up at the bank to get your information.The banks will use your information for many reasons including online banking, when the banks will give you loans and for the billing information.
The banks will use your information that you gave for you being able to sign up for an online account, they will use the information to see if you have an account and they will see if you gave an email and this will send you an email so that you can sign up for online banking. When you create your account you will need your account details that you have been given and you will need that information to do that.
Secondly the banks will use your information for things such as loans. They will need to use your details of your credit history that you have to see if they think your credit rating is good enough to get a loan.They wont just use your credit rating history, but they will also use your email or phone number to get in contact with you about getting the loans.
Lastly the bank will use your information for things such as the billing for your bank details. They will use this so that when they send out your billing details, they will be sent to the right address and they wont be sent into the wrong persons hands. They will also use the details because they will put the account details at the top of the letter they sent you and this will allow you to know if it is your account because you will be able to know if it your account number.
If the bank sends out your information and it goes into the wrong hands, your assets could be taken and you could lose a lot of money. This is why it is important that the bank keeps your personal information safe so that your information stays safe and this will put people off banking with that company if there information got out.
Tuesday, 25 November 2014
Characteristics of good information p2
Characteristics of good information.
The bank will receive your data and they will find them under many different platforms such as qualitative, quantitative, primary and secondary.
The bank will use types of quantitative data such as your email address or like a security question you have set such as "What was your mothers maiden name?". This is qualitative because you can't measure it because you can't make a mathematical sum, like you can with numbers like to measure you put like £100 a month,it is also written with letters not numbers and what makes this good information is that it accurate to you because you will only have your own e-mail address that will be personal to you, also you can select your own security question in case you lose your card and you can set this so that you can get it back and this will allow to get it back as it is your information that you know and it will acts as a data protection which will make this information useful and good.
Quantitative data can be measured as it numbers and the bank use the quantitative for things such as your postcode, phone number and also your national insurance number. The bank will use your postcode to define you from other people that live at the address as they would have your name already from the primary data, they will also use your postcode so they would know where to send your bills and information that will concern you from the bank. The bank will also use your phone number as it will be specific to you because no one else can have your number and they will be able to give you information that will concern you.Lastly they will use your national insurance number, to double check your history if they are going to give you a loan to see if you will be reliable to pay back the loan to the bank and this information will be good for the banks.
Primary data that the bank has gained off its customers. This could include their spending habits and their name. This will help the bank see what you will be putting in the bank and how much you will be spending, this will help with the bank for things such as a special type account and they will also see what extras they can offer you because they will be able to see what you buy, such as if you buy PS4 games they will know what you will like, another part of primary data from the bank will be things such when you give you personal information when you sign up for the account, like they would take your name, email and postcode and this would make it easier for the bank to specify you, so your information will be more accurate and this would make it worthwhile for the bank because it will make it more accurate for you and will be good for the bank because of that reason.
Secondary data is what your bank has found out from its own research.An example of the bank finding some information about you is by the primary data you have given the bank, for example you could give them your national insurance number. This information you give them, they will conduct their own research on your background of what jobs you have worked at or even if you have ever had a job. By this research they can solve many enquiries you give them for example you may ask for a loan from the bank and they can research about your credit rating history to see if you have a good or bad history and this will help them to decide if to give you a loan or not to issue you a loan.This is a good piece of data for the bank as they can do their own research and this will be accurate as they will be checking your history and it will help them decide the problems that can occur.
The bank will receive your data and they will find them under many different platforms such as qualitative, quantitative, primary and secondary.
The bank will use types of quantitative data such as your email address or like a security question you have set such as "What was your mothers maiden name?". This is qualitative because you can't measure it because you can't make a mathematical sum, like you can with numbers like to measure you put like £100 a month,it is also written with letters not numbers and what makes this good information is that it accurate to you because you will only have your own e-mail address that will be personal to you, also you can select your own security question in case you lose your card and you can set this so that you can get it back and this will allow to get it back as it is your information that you know and it will acts as a data protection which will make this information useful and good.
Quantitative data can be measured as it numbers and the bank use the quantitative for things such as your postcode, phone number and also your national insurance number. The bank will use your postcode to define you from other people that live at the address as they would have your name already from the primary data, they will also use your postcode so they would know where to send your bills and information that will concern you from the bank. The bank will also use your phone number as it will be specific to you because no one else can have your number and they will be able to give you information that will concern you.Lastly they will use your national insurance number, to double check your history if they are going to give you a loan to see if you will be reliable to pay back the loan to the bank and this information will be good for the banks.
Primary data that the bank has gained off its customers. This could include their spending habits and their name. This will help the bank see what you will be putting in the bank and how much you will be spending, this will help with the bank for things such as a special type account and they will also see what extras they can offer you because they will be able to see what you buy, such as if you buy PS4 games they will know what you will like, another part of primary data from the bank will be things such when you give you personal information when you sign up for the account, like they would take your name, email and postcode and this would make it easier for the bank to specify you, so your information will be more accurate and this would make it worthwhile for the bank because it will make it more accurate for you and will be good for the bank because of that reason.
Secondary data is what your bank has found out from its own research.An example of the bank finding some information about you is by the primary data you have given the bank, for example you could give them your national insurance number. This information you give them, they will conduct their own research on your background of what jobs you have worked at or even if you have ever had a job. By this research they can solve many enquiries you give them for example you may ask for a loan from the bank and they can research about your credit rating history to see if you have a good or bad history and this will help them to decide if to give you a loan or not to issue you a loan.This is a good piece of data for the bank as they can do their own research and this will be accurate as they will be checking your history and it will help them decide the problems that can occur.
Issues related to Information p3/ m2
Issues Related to Information
Information could be outdated- The information that you have received could be outdated and this could be bad because this will mean that you wont be up to date with what other companies are offering to their customers and this could mean that the new customers will be thinking that your company wont be offering them nothing new compared to other banks.The problem with this is that there is many new things coming out to help with furthering your company in different departments and if you don't keep the research updated you will miss out many things that could help including new software's and security to protect you from new viruses and speeding up your services. The way you stop the data from becoming outdated is by analyzing the data every week and make sure that the research team will be researching the information every couple of weeks so that it keeps updated, this will also mean that outside of work hours they will need to keep up with the information about new information about new products.
Could be inaccurate- If the Information is inaccurate and doesn't deliver the right information, your whole project could slow down and be far behind on many different companies.This will mean that if you don't get the correct information your business could fail to meet other deadlines just because the data was outdated and inaccurate so that it wouldn't help the company and that it will take double the time because you will need to send another research and tell them precisely to get the correct the information. Another problem with the information being inaccurate is that if tell the customers that they will get something good if they join or if you say there will be a new feature on this system compared to other banks systems and there isn't many of the customers may leave because you lied about what they will get or what new feature there is because then they may believe that you are an unreliable bank. The way you can make the the information accurate is to make sure that your research team knows exactly what they need to research and also create charts and reports to find out the numbers of how many people will want the feature and to find out the benefits and the constraints of creating the system.
Back Ups- Back ups will ensure that you have a spare copy of the work that you have created and this will make sure that you don't lose your work.If you don't back up your work you could lose all of your work and you will have to start all the way from the start, if you do back your work up you will have many copies and you will be able to protect it if a disaster happens such as a earthquake or something such as tsunami happens and your offices and the place where you had your data got destroyed and you didn't have a back up your data would be destroyed.The way you can stop this from happening is by having a back up and you can do this by having a hard drive where your work would be saved on this will allow you to have a copy of the work so that hopefully you will never lose your work and that it will always be protected.There is a negative to having a hard drive to because if you drop it, it could get corrupted, so a better way to protect your data could be online clouds were you can save the data on the internet.
Cost- Cost will be a major issue because it will allow you to create more systems to help with the companies organisation and many other things however it will cost you a lot of money installing the new systems, creating new databases, testing of the system and also the training of the staff. These will cost your business a lot to create these new systems however your business will need to do them so that they will stay protected with the latest protection software's and then they will also need to spend money on making improvements to what issues the users have been having.
The problem with the cost is that it will cost a lot of money to update them and if you over spend on the system it could bankrupt you and your business may have to close down. To Stop this from happening you can make cost benefit analyses and you could also make cost management which would allow you to get estimations on how much the products and systems and server would cost to run.
Legal Issues - The data protection act will protect customers when using the bank. The data protection act will also allow the owner of the data to tell someone if they are allowed it or not, this will mean that people will not be allowed to obtain or use the data without the owners permission.The data protection act will also try to make the people that are using the data to tell them to keep it up to date,this will mean things such as the phone number, address and even things such as gender.Another legal issue is that of Computer Misuse act is an act that will protect you from hackers that will try to hack for information, the act was introduced in 1990 so that users will receive protection.
Information could be outdated- The information that you have received could be outdated and this could be bad because this will mean that you wont be up to date with what other companies are offering to their customers and this could mean that the new customers will be thinking that your company wont be offering them nothing new compared to other banks.The problem with this is that there is many new things coming out to help with furthering your company in different departments and if you don't keep the research updated you will miss out many things that could help including new software's and security to protect you from new viruses and speeding up your services. The way you stop the data from becoming outdated is by analyzing the data every week and make sure that the research team will be researching the information every couple of weeks so that it keeps updated, this will also mean that outside of work hours they will need to keep up with the information about new information about new products.
Could be inaccurate- If the Information is inaccurate and doesn't deliver the right information, your whole project could slow down and be far behind on many different companies.This will mean that if you don't get the correct information your business could fail to meet other deadlines just because the data was outdated and inaccurate so that it wouldn't help the company and that it will take double the time because you will need to send another research and tell them precisely to get the correct the information. Another problem with the information being inaccurate is that if tell the customers that they will get something good if they join or if you say there will be a new feature on this system compared to other banks systems and there isn't many of the customers may leave because you lied about what they will get or what new feature there is because then they may believe that you are an unreliable bank. The way you can make the the information accurate is to make sure that your research team knows exactly what they need to research and also create charts and reports to find out the numbers of how many people will want the feature and to find out the benefits and the constraints of creating the system.
Back Ups- Back ups will ensure that you have a spare copy of the work that you have created and this will make sure that you don't lose your work.If you don't back up your work you could lose all of your work and you will have to start all the way from the start, if you do back your work up you will have many copies and you will be able to protect it if a disaster happens such as a earthquake or something such as tsunami happens and your offices and the place where you had your data got destroyed and you didn't have a back up your data would be destroyed.The way you can stop this from happening is by having a back up and you can do this by having a hard drive where your work would be saved on this will allow you to have a copy of the work so that hopefully you will never lose your work and that it will always be protected.There is a negative to having a hard drive to because if you drop it, it could get corrupted, so a better way to protect your data could be online clouds were you can save the data on the internet.
Cost- Cost will be a major issue because it will allow you to create more systems to help with the companies organisation and many other things however it will cost you a lot of money installing the new systems, creating new databases, testing of the system and also the training of the staff. These will cost your business a lot to create these new systems however your business will need to do them so that they will stay protected with the latest protection software's and then they will also need to spend money on making improvements to what issues the users have been having.
The problem with the cost is that it will cost a lot of money to update them and if you over spend on the system it could bankrupt you and your business may have to close down. To Stop this from happening you can make cost benefit analyses and you could also make cost management which would allow you to get estimations on how much the products and systems and server would cost to run.
Legal Issues - The data protection act will protect customers when using the bank. The data protection act will also allow the owner of the data to tell someone if they are allowed it or not, this will mean that people will not be allowed to obtain or use the data without the owners permission.The data protection act will also try to make the people that are using the data to tell them to keep it up to date,this will mean things such as the phone number, address and even things such as gender.Another legal issue is that of Computer Misuse act is an act that will protect you from hackers that will try to hack for information, the act was introduced in 1990 so that users will receive protection.
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