Quality Improvement For Health Care System Essay - 1293 Words

Quality improvement interventions in health care system Introduction Quality improvement is defined as logical and uninterrupted actions that lead to measurable progress in health care services and the health status of targeted population/patient. it can also be defined as a direct correlation between the level of improved health services and the desired health outcomes of individuals and quality is precisely associated to an organization s service delivery method. Aims for Healthcare Quality Improvement The aim of quality improvement in health care system includes:- 1. To provide safe care to patient so as to avoid injuries related to poor planning or poor quality of care. 2. To provide effective services based on scientific knowledge to all so as to avoid under or over utilization of servicers. 3. To provide patient-centered care that is respectful of and quick to respond to individual patient preferences, desires, morals and ensuring that patient values guide clinical decisions. 4. To provide timely care/service in order to reduce waiting time and sometimes dangerous delays for both those who receive and give care. 5. To provide efficient care to avoiding waste, such as waste of medical equipment, supplies, health care workers ideas, energy and time. 6. To provide equitable care that does not discriminate in terms of personal characteristics such as gender, ethnicity, geographic location, and socioeconomic status. To accomplish a different level of performance andShow MoreRelatedQuality Improvement For Health Care Systems883 Words   |  4 PagesQuality Improvement: Quality improvement by definition is the use of data to monitor the outcomes of care processes and use improvement methods to design and test changes to continuously improve the quality and safety of health care systems (Pre-Licensure KSAs | QSEN, n.d.). 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This paper is about the street children and their problems

A street child is a young person, under the age of fifteen, who lives and sleeps in the streets, whose family ties are broken and who cant or wont return home. Street children live in the streets without their families. Each child has to learn how to survive alone, since no adult takes responsibility of them. Often they are very young and completely ignored by their families. These children dont like to be called as street children. They live, or rather struggle to survive, they are usually in the downtown area, near stations and shopping malls, places, which are lit up at night or in garbage dumps, in railway stations or under bridges in most major cities of developing countries around the world. To avoid being caught, street†¦show more content†¦Education is the key to everything else. Moreover, in order to be able to learn how to live like other people, the child has to be taught to recognize basic rules of good and bad behavior. Also as it was mentioned before, lack of love is the fundamental problem for them, like other children they need a f amily. Thus, every step should be taken to return the child to their family. If that is impossible, they should take refuge in the foster homes foster homes which take in these children on a voluntary basis. (Grant, 35). Nevertheless, the most important point which should be taken into consideration is that A street child needs a refuge from the many dangers of life in the street. They need places where they can take cover in an emergency and have someone to talk to. Clearly, the opportunity of living in such a place not only meets the childs minimum living requirements but, in addition, allows them to get to know other children in the same situation, which is another of the childs essential needs. ( Smith, 18). There should be caused an awareness of the situation of street children and their need for special protection. The principles should work hard and promote their rights and liberate them from the suffering caused by living and working in the street. (Smith, 28). Furthermore, as it was mentioned before education is the key word, so in order to offer some solutions for the street children, primary education will be made compulsory. And the numberShow MoreRelatedThe Filippino Street Children767 Words   |  3 PagesFilippino Street Children: A Constructivist and Behavioral Analysis Introduction: Right now there are millions of children all over the world running around playing games of tag, engrossing themselves in intense video games, or using their time to bury their noses in a book. Very few of these children, and their parents for that matter, realize just how privileged they are to live in communities here these activities are available and acceptable. 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Composition Of The Board And Firm Performance Accounting Essay Free Essays

string(255) " about its relationship with stakeholders, so the administration activities must be directed in such a manner that it meets the demands of assorted stakeholders \( stockholders, employees, creditors, providers, clients, authorities and the community \) \." Examination of anterior research has provided of import penetrations into the relationship between leading construction and public presentation. As suggested by the bureau theory, the conceptual model considers the importance of dividing the functions of president and CEO in impacting FP. To prove the above statement in relation to the Mauritian context, the undermentioned hypotheses are suggested: H0a: Separate leading construction is non associated with Firm Performance. We will write a custom essay sample on Composition Of The Board And Firm Performance Accounting Essay or any similar topic only for you Order Now H1a: Separate leading construction is positively associated with Firm Performance. 3.4.2 Composition of the board and Firm Performance Another of import mechanism of CG is the composing of the board, which refers to executive and non-executive managers. Both bureau theory and stewardship theory apply to board composing. Boardss dominated by NEDs are mostly grounded in bureau theory. Harmonizing to the bureau theory point of position, outside managers ( non-executive ) on boards aid in supervising the struggles of involvements between stockholders and directors due to their independency from steadfast direction ( Jensen and Meckling 1976 ; Fama A ; Jensen 1983 and Shleifer A ; Vishny 1997 ) . In contrast, a bulk indoors ( executive ) manager representation on the board is grounded in stewardship theory, which argues that directors are good stewards of the organisation and work to achieve higher net incomes and stockholder returns ( Donaldson A ; Davis 1994 ) . Baysinger and Butler ( 1985 ) observed that companies with more outside managers performed better. Rosentein and Wyatt ( 1990 ) found that the assignment of an outside manager was associated with important positive surplus returns. Lee, Rosenstein, Rangan, and Davidson ( 1992 ) found that boards with bulk outside managers performed better than those which were dominated by inside managers. While analysing the nexus between board composing and FP, Jackling and Johl ( 2009 ) found grounds of a positive and important relationship between outside managers and Tobin ‘s Q ( TQ ) . On the other manus, Dalton, Daily, Ellstrand and Johnson ( 1998 ) did non happen important nexus between board composing and house ‘s public presentation. Reddy, Locke A ; Scrimgeour ( 2010 ) found no important consequence of outside managers and FP. Hermalin A ; Weibach ( 1991 ) and Bhagat A ; Black ( 2002 ) found no important relationship between board composing and public presentation. Yermack ( 1996 ) besides showed that the per centum of outside managers does non significantly affect FP. Agarwal A ; Knoeber ( 1996 ) suggest that boards expanded for political grounds frequently result in excessively many foreigners on the board, which does non assist public presentation. Even though, empirical grounds on the function of outside managers on FP is assorted, the bureau theory position has been adopted to measure the impact of board composing on FP. It is theorised that greater proportion of outside managers will supervise the actions of directors, bring in a broad breath of cognition, expertness and contacts which finally would hold a positive impact on the FP. The relationship between board composing and FP has been reported in anterior research. Harmonizing to the statements put frontward by bureau theory, non-executive managers are an of import constituent of the board construction that affects FP. The conceptual model considers the importance of non-executive managers in increasing FP. To prove the above arguments the undermentioned hypotheses are suggested: 3.4.3 Board commissions and Firm Performance The being of board commissions is considered by investors in their investing determinations. The puting up of sub-committees was emphasised by the Cadbury Committee ( 1992 ) for specific countries of administration that have been identified as a job. The countries which were considered of import were the quality of fiscal coverage, manager wage and assignment of managers ( Spira A ; Bender 2004 ) . Therefore, the Cadbury Committee ( 1992 ) recommended set uping inadvertence commissions for wage of executive managers, the auditing of fiscal statements and assignment of managers, which was supported by bureau theory. Cadbury ( 1992 ) stated that these commissions should be staffed by non-executive managers, because of their independent position on of import determinations. Therefore, board commissions dwelling of audit, wage and nomination commissions must be composed of outside managers as outside managers are believed to guarantee determinations made by the executive managers are in the best involvement of the stockholders ( Weir A ; Laing, David 2001 ) . The importance of board commissions has heightened as a consequence of corporate prostrations around the universe. Board commissions are appointed to work as independent proctors. The constitution of board commissions is expected to hold a positive influence on the motive of the managers and supply assurance in the fiscal studies of the house. Laing and Weir ( 1999 ) besides reported that the companies which introduced board commissions to the board construction performed better than those without them and therefore showed a important betterment in FP by houses which have introduced audit and wage commissions. In contrast, there is besides grounds to back up the position that board sub-committees had no consequence on FP ( Theoroudou 1998 ; Weir, Laing A ; McKnight 2002 ) . As suggested in bureau theory, the monitoring map of board sub-committees is an of import mechanism of CG. To prove this, the undermentioned hypotheses are suggested: 3.4.4 Corporate Coverage and Firm Performance Corporate Reporting ( CR ) is an of import mechanism of CG that represents board answerability. The board of managers is answerable to the stockholders and other stakeholders. The intent of corporate coverage is to unwrap information that is utile to stakeholders who have an active involvement in the house ( Zairi A ; Letza 1994 ) . CR includes fiscal coverage ( agencies by which direction communicate FP and CG to outside investors ) and information beyond what ordinances require houses to supply to their stockholders and other stakeholders. It comprises of compulsory coverage required by ordinances like Companies Act, accounting criterions and The Stock Exchange listing demands every bit good as voluntary revelations. 3.4.4.1 CSR Coverage CSR Reporting involves voluntary revelation of corporate actions refering societal and environmental issues ( Nielsen A ; Thomsen 2007 ) . CSR is defined as â€Å" accomplishing commercial success in ways that honour ethical values and regard for people, communities and the natural environment † . ( Liyanage 2007 ) CG is about its relationship with stakeholders, so the administration activities must be directed in such a manner that it meets the demands of assorted stakeholders ( stockholders, employees, creditors, providers, clients, authorities and the community ) . You read "Composition Of The Board And Firm Performance Accounting Essay" in category "Essay examples" Therefore, an effectual administration mechanism must guarantee the involvements of all stakeholders are met. Several research workers argue that a concern has an duty beyond net income maximization and should do a positive part to society ( Carroll 1999 ; Fisher 2004 ) . They believe corporations have a assortment of societal duties which range from run intoing the regulative and legal duties to benevolent activities like for case, assisting the destitute communities. Harmonizing to Buhr and Graftstrom ( 2007 ) , there are a big figure of companies which talk about their CSR activities as a critical success factor and refer to CSR as a concern policy that creates new market chances, competitory advantage and client satisfaction. It besides builds good will, improves their repute, strengthens their trade name names and helps companies to pull and actuate employees. On the other manus, Welch and Wazzan ( 1999 ) found no relationship between CSR and FP. Aupperle, Carroll A ; Hatfield ( 1985 ) did non observe any important relation between CSR and FP. Mulyadi A ; Anwar ( 2011 ) and Apria ( 2011 ) besides concluded there is no important impact of CSR on public presentation. Prior research has reported a relationship between CSR coverage and FP. Harmonizing to the stakeholder theory, CSR describing patterns of houses affects the value of house. Based on the statements it is suggested to prove the undermentioned hypotheses: 3.5 Proxies for fiscal public presentation The bulk of anterior surveies have examined the association between CG and FP utilizing TQ as a placeholder for FP ( Hermalin and Weibach 1991 ; Yermack 1996 ; Hovey et al. 2009 ) . Some surveies used both accounting and market step to quantify public presentation. In their survey, Biener et Al. ( 2004 ) and Bhagat and Bolton ( 2008 ) and Jackling and Johl ( 2009 ) used ROA and TQ as public presentation steps. Bauer et Al. ( 2004 ) used Net Net income Margin, Returns on Equity and TQ as public presentation indexs. 4.0 Research Methodology This chapter is devoted to the methodological analysis adopted to run into the aims of the survey. The debut of CG patterns in Mauritius aimed to supply a mechanism to better investor assurance and trust in direction and advance economic development of the state. 4.1 Research aims This research will find relationships between the CG patterns of board constructions ( dwelling of leading, composing, board commissions ) and corporate coverage of CSR Reporting and FP of listed companies in Mauritius. 4.2 Datas beginnings Data for research can be derived from two chief beginnings. Original informations, which is referred to as primary informations, is collected at the beginning. For illustration, study informations, questionnaires, observations and experimental informations. Data which already exists is referred to as secondary informations, such as one-year studies, books, published statistics and internal records kept by companies ( Veal 2005 ) . Evidence required to prove the hypotheses in this survey is based on one-year studies which include a administration study and published statistics. Therefore informations derived for this survey is from secondary beginnings. 4.3 Gathering of informations The information and information required for the survey were collected from the Mauritian Stock Exchange web sites, one-year studies, the Mauritian Stock Exchange publication The Handbook of listed companies and the SEM Factbooks. The information required included board leading, composing of the board, board commissions and CSR Reporting patterns of houses. Performance informations used in the survey were Return on Equity ( ROE ) , Return on Assets ( ROA ) and TQ. The information on size, which includes entire assets, were extracted from the Mauritian Stock Exchange publication The Handbook of listed companies and market capitalization was partially calculated utilizing the expression and partially was obtained from the SEM Factbooks. 4.4 Data processing and analysis The natural information will be processed. This procedure will be done with aid of appropriate statistical tools. The Statistical Package for Social Science ( SPSS 20 ) and Microsoft Office Excel 2007 have been used. The analysis included descriptive statistics, Pearson ‘s correlativity and Regression Analysis. 4.5 Defining variables for the survey Since the purpose of this survey is to measure the relationship between good CG patterns and FP. Hence I need to see an incorporate model of variables which comprises good administration patterns and FP. The ground for taking these variables is that they are in line with what has been considered to count in CG and besides most of them could be obtained by looking merely through one-year studies of listed houses. For the intent of this survey I shall specify the CG variables as follows: CEO-chair dichotomy Composition of boards Board commissions Corporate Coverage 4.6 Design of the Variables: Measurement of Variables Variables Measures Corporate Administration Separate leading Board composing Board commissions Corporate Coverage 0 for combined leading A ; 1 for separate leading. Non-executive managers to figure of managers. A mark calculated based upon its composing and its term of mention. Word Count. Firm Performance Tobin ‘s Q Roe ROA Market capitalization +Total assets-Shareholders financess Entire Assetss Net income after revenue enhancement Stockholders ‘ Fundss Net income after revenue enhancement Book value of Total assets Other Market capitalization Board Size Entire Assetss Monetary value per portion multiplied by entire figure of outstanding portions Entire figure of managers Book value of entire assets 4.6.1 Leadership Structure The survey will stand for dummy variables for board LS as literature on CG widely used the same method to operationalise the board LS ( Abdullah 2004, Haniffa A ; Hudaib 2006 ; Lee A ; Lam 2008 ) . If one individual occupies the function of president and the CEO, it will be coded ‘0 ‘ because it will be classified as combined leading. If the functions are occupied by two separate person, it will be classified as separate leading and will b coded ‘1 ‘ . 4.6.2 Board Composition A largely used attack to operationalise the BCOMP is the proportion of non-executive managers to entire managers ( Abdullah 2004 ; Laing A ; Weir 1994 ) . For this survey BCOMP is defined as the figure of NEDs divided by the entire figure of managers on the board. 4.6.3 Board Committees The Code provinces that all companies should hold, at a lower limit, an ACOM and a CGCOM, Section 3.5. Past surveies presented the presence and absence of commissions by silent person variables ( Laing A ; Weir 1999 ) . But for this survey, it will be based on its composing and its term of mention with regard to The Code. 4.6.4 Corporate Coverage CR includes fiscal coverage and information beyond that required by statute law. Reporting on CSR activities of the organisation are information that is voluntarily disclosed. In content analysis qualitative information is converted to quantitative steps by numbering. Word count ( Deegan A ; Gordon 1996 ) is a robust step in which numeration mistakes are less likely than other measurings ( Campbell et al. 2003 ) . Word count was used to mensurate the degree of CR since words appear to be more appropriate unit if analysis ( Gray et al. 1995 ; Wilmshurst A ; Frost. 2000 ) . That is, how many times â€Å" CSR † has been mentioned in the Annual Reports. 4.6.5 Board Size Board size is considered as a variable that can act upon CG patterns and FP in this survey. This variable is measured utilizing entire figure of managers ( Abdullah 2004 ; Keil A ; Nicholson 2003 ) . 4.6.6 Firm size Firm Size ( FSize ) can be related to CG features and can be correlated with FP. FSize can be represented by market capitalization and book values of entire assets of the house. Market capitalization The size of a company measured by market capitalization represents the entire value of a company. Market capitalization is a market estimation of the value of a company based on expected future chances, economic and pecuniary conditions. Investor assurance is reflected in the market capitalization. Investing in companies with higher market capitalization has lower hazard compared to the houses with lower market capitalizations. Prior empirical surveies find that FP is positively related to market capitalization ( Yarmack 1996 ) . Entire assets Firm size can besides be measured by the book value of houses ‘ entire assets. 4.6.7 Performance steps The bing literature on CG patterns has used accounting-based public presentation steps, such as ROE and ROA and market-based steps, such as TQ as placeholders for FP ( Abdullah 2004, Bhagat A ; Black 2002, Daily A ; Dalton 1993 ) . Since I am taking to analyze the impact of CG mechanisms on FP, I took the steps widely used for listed companies viz. ROE, ROA and TQ. Tobin ‘s Q Tobin ‘s Q is measured utilizing the house ‘s market value to book value ratio. It is a step of growing chances of assets, defined by the future profitableness of the assets in relation to their replacing value ( Leng 2004 ) . TQ compares the ratio of a company ‘s market value and the value of a company ‘s assets. If the value of the TQ is tantamount to 1.0, it indicates that the market value is reflected in the assets of the company. A ratio greater than 1.0 indicated market value is higher than the company ‘s recorded assets. Therefore a higher TQ encourages companies to put more capital because the value of the company is more than the monetary value they paid. This creates more value for stockholders. On the other manus, a TQ of less than 1.0 indicates that the market value is lower than the assets of the company which suggests that the market may be underestimating the company. Roe ROE measures the rate of return on stockholder ‘s equity. It shows how good the company uses the stockholders ‘ investings to bring forth net incomes. This measures the efficiency of bring forthing net incomes from each dollar of stockholders ‘ equity. A higher ratio indicates a higher return. ROE is calculated as follows: ROA ROA shows the profitableness of the company ‘s assets in bring forthing net incomes. It indicates the effectivity of the companies ‘ assets in increasing stockholders ‘ economic involvements ( Haniffa A ; Hudaib 2006 ) . It besides shows the efficiency of direction in utilizing its assets to bring forth net incomes. ROA is calculated as follows: 4.7 Statistical Analysis 4.7.1 Descriptive statistics Prior surveies on CG widely used descriptive statistics ( Abdullah 2004 ; Lam A ; Lee 2008 ) . Cardinal inclination and scattering are measured utilizing descriptive statistics. Mean, manner and median are the most normally used steps of cardinal inclinations. The most of import step of the cardinal inclination is the mean. Mean, Minimum and Maximum have been used in this survey. Descriptive statistics in this survey showed to which extent the houses have adopted the recommendations of the Code and the tendencies of the FP variables in 2011. Mean is equal to the amount of all observations divided by the figure of values. The equation is as follows: – hypertext transfer protocol: https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9eN97rsWOgoqEYb5I2oTO8SJL8zw9clRMfiHPeaxug04cuRKlBk02tOPgqNTXve_2ABi2kI_4ZjeT4BDTh-08Eaf7ffBj6BGMueJ1XukKINvDLuDN56LIahVD-2L31a8eT0lWlLXPTKE/s1600/mean_formula.gif The lower limit has been used to compare the lowest value and the upper limit to compare the highest value of the variables in 2011. 4.7.2 Pearson ‘s Correlation A correlativity analysis was besides conducted to prove for collinearity among the variables. For this peculiar survey I used Pearson ‘s correlativity to mensurate the strength of the association among the dependent variables that is ROE, ROA and TQ and the independent variables LDS, BCOMP, ACOM, CGCOM, CSR, FSIZE, BSIZE and Leverage. The symbol for Pearson ‘s correlativity co-efficient is â€Å" R † . It can run from -1 to 1, -1 bespeaking a negative correlativity, 0 bespeaking no correlativity and 1 bespeaking a perfect positive correlativity between the variables under trial. 4.8 The Theoretical Population The construct of good CG is so of import that I think that it should be applied to all concerns in Mauritius, irrespective of their size. But the Code applies merely to the following concern endeavors, which will unwrap conformity or give grounds for any non-compliance in their one-year studies for regulators and other stakeholders: Companies listed on the official list of the SEM Banks and non-banking fiscal establishments Large public companies State-owned endeavors including statutory corporations and parastatal organic structures Large private companies The above list represents the group that I was interested to generalize but the population of involvement was really big and hence it might hold resulted in a difficult clip developing a sensible sampling program. First, because it is rather hard to acquire an accurate listing of this population and secondly, a national sample of this size can turn out to be hard to mount. 4.9 The survey population Due to the troubles mentioned above, the survey focuses merely on listed houses. The companies listed on the official list of Stock Exchange were chosen because it was easy to acquire an accurate listing of the houses listed on the SEM through the latter ‘s web site and more information is available on them as compared to their private opposite numbers due to disclosure demands from Stock Exchange Listing Rules. These companies were required to stay to all proviso of the Code. The sample used in this survey consists of accounting informations for 21 houses listed on the SEM. 4.10 Time Horizon All one-year studies were gathered for the twelvemonth 2011. 4.11 Construction of the Corporate Governance Index In the survey a Corporate Governance Index ( CGI ) was constructed to mensurate CG for listed companies at the SEM. In this way the work closely relates to the fiscal literature as Klapper and Love ( 2004 ) , Gompers et Al. ( 2003 ) , Black et Al. ( 2006 ) . All relevant informations needed to build the index was gathered first manus from one-year studies of houses listed on the SEM. A strenuous attempt was made to do certain that the information gathered was accurate and would bring forth dependable consequences. The building of the index was based on the sets of commissariats found in the Code. The most important commissariats that could be assessed were included. The commissariats extracted were classified in six chief headers. The classs are ( one ) Role of board ( subindex A ) , ( two ) Subcommittee of board internal control ( subindex B ) , ( three ) Auditing and hazard direction ( subindex C ) , ( four ) Integrated sustainability coverage ( subindex D ) , ( V ) Disclosure and communicating with stockholder ( subindex E ) , ( six ) Relationship with stakeholders ( subindex F ) . The index comprises of six classs that include a sum of 60 binary points, for each of them, the company is given a value of 1 if the company comply with a given point and a value of 0 otherwise. Each company is so rated from 1 ( hapless ) to 10 ( excellent ) in each of the classs based on the figure of points complied. This current chapter discussed the methodological analysis which was used to prove the hypotheses suggested in the survey. It included the research objectives, the theoretical population and the choice of the sample, informations beginning, design of variables and their measuring. Furthermore, the methodological analysis used to roll up informations and statistical methods used to analyze the information to prove the relationship between corporate administration variables in impacting steadfast public presentation in Mauritius was besides discussed. The consequences from the statistical trials used will be discussed in the following chapter. 5.0 Consequences and Analysis The analysis of the relationship of CG variables and FP variables is discussed in this chapter utilizing the information from the sample. First, the attachment to the CG commissariats by the companies under survey is examined. This is followed by the analysis of the consequence of CG on the public presentation of these companies. 5.0.1 Analysis of the Numberss of companies under survey from the different sectors in Mauritius 5.0.2 Analysis of the execution of CG patterns within the companies All the listed companies are implementing CG within their companies. There has been a positive consequence for all companies because as from June 2005, all listed companies were required to stay by the Code. 5.1 Analysis of the Board Structure 5.1.1 Members representing the board With mention to Postpone 16.3, it can be seen that 47.5 % ( 10 companies ) have their board members in the scope of 11-20. This is in conformity with the Business Roundtable Principles of CG ( 2002 ) whereby larger companies have 8 to 16 members on their board. Furthermore, 52.5 % have members in the scope of 5-10. None of the company under survey has lt ; than 5 members. 5.1.2 Number of Independent and NEDs From the Table 16.4 it can be seen that the figure of independent and NEDs between 5-10 members is 80.9 % ( 17 Companies ) while 4 companies have less than 5 independent managers therefore doing 19.1 % . However, it should be pointed out that all the companies under survey have at least 2 independent managers as per Section 2.2.1 of The Code. Non-executive and independent managers play a critical function in supplying independent judgement in all fortunes. 5.1.3 Board Committees Harmonizing to the Code Section 3.1, board commissions are mechanism to help the board and its managers in dispatching their responsibilities through a more comprehensive rating of specific issues, followed by well-considered recommendations to the board. How to cite Composition Of The Board And Firm Performance Accounting Essay, Essay examples

Technology and Banking Sector

Question: Discuss about theTechnology and Banking Sector. Answer: Importance of Technology for Banks The importance and significance of technology in banking industry cannot be denied. The main objective and goal of the company is to serve customers excellently in order to achieve more revenue and income. The industry of bank has contained the utilization of technology to facilitate customers quick as well as fast service (Lee and Lee 2001). The banking sector has completely modified due to implementation of new and innovative technology. The paper banking and division based banking is changed into digital banking facilities. Previously, the utilization of broadband internet has made it easy to transfer the information. The utilization of technology has modified the systems of management and accounting of all bank especially in New Zealand. Currently, it is modifying the method how banking industry is delivering customer services to its clients. The role of technology in the industry of bank is enormous (Lichtenstein and Williamson 2006). Due to E-banking, the banks are now capable to transfer its facilities without any difficulty to its loyal and high-class clients. Banking institutes has employed a Graphical User Interface to create the system user approachable to all customers (Laforet Li 2005). Through this software, the consumers can get complete information about their banking accounts in their computer. Customers can transfer amount from one account to other account easily and they can get pricy of statement of bank without any hesitation through this software. In some bank, Electronic Date Interchange software is being used. This software is used to transfer the information among customers and banks. This may be utilized to communicate transaction of business in a form of computer-readable. The data can be read by customers easily without any hesitation. In banking sectors of different nations such as New Zealand, USA, UK and India, the NRI Banking Services Technology is used (Lee Feick, 2001). This is new t echnology but is used in different nations. Through this technology, the people who work in foreign country can send amounts to their families. This technology is excellently used to send money from foreign banks to domestic banks. This expertise has created it easy for foreigners to transfer cash to their relatives in order to support then excellently. In previous years, the banking facilities was offered in just cities and urban areas. Nowadays, the technology has created it easy to initiate facilities of bank in rural areas. For instance, the Mobile money banking services has introduced in New Zealand. In this situation, a rural citizen can contact with Mobile Corporation which is started for free. This company can deposit cash on their account through a close operating center of mobile money (Luarn, 2005). This cash can be achieved at any time in that rural area as well as the money can be sent or received through this method as well. This mobile money banking services made it easy to send or received cash at any time in anywhere. Through introduction of plastic card, the flexibility of banks has increased. The debit cards as well as credit cards have created industry of bank more elastic and convenient. A client can borrow a particular amount of cash from banking company to buy a thing through utilization of credit card. The ba nk deducts this amount later from their account. In this situation, the customer do not require to go through the irritation and annoyance of advancing little cash. A client can give money for anything through Smart Cards. The banks deduct cash mechanically later. These cards are utilized by customer to give or send cash from their banking accounts utilizing a machine of ATM. The introduction of these cards made banking system more flexible and convenient (Parker, 2011). Facility of self-inquiry is another technology used in banking systems. All banking institutions of New Zealand have provided this facility through which they customers dont bother to lineup the help desk. The ATM card can be used by customers to know the actual position of their accounts. These cards provide complete information regarding money and consumptions made by customers (Sathye, 1999). Remote banking is an excellent technology involved in banking sectors. The banking industry has fitted machines of ATM in diverse areas. The customers is not required to go to the core branch to do dealing. This service has made banking capable at any time. The consumers may utilize the machines of ATM to deposit cash on their banking accounts. They can get cash from any ATM machines. The facility of remote banking has assisted individuals in rural areas enhance on their civilization and tradition of saving cash. The banking institutions of New Zealand are also using service of centralized in formation. This makes capable the banks to convey data and info from one branch to other branch of bank (Yang, 2005). For instance, if a client of Westpac New Zealand Bank registered his account with the rural branch, he can achieve information on his account even though at the core branch of Westpac in a urban area. The chances of frauds and errors have been decreased due to implementation of technology. Technology has performed a vital part in declining deception in banking institutes with secure its clients. For instance, banking institutes utilize an expertise which variables signatures prior a consumer extracts big amounts on a particular account as well as this decreases on the frauds or danger which happen because of counterfeit and fake. In the banks, the Tele-banking also performed vital and significant role. The customers are provided complete information about their accounts and accounts status through telephone in banks of New Zealand. It embodies directing monetary dealings by computer as well as a telephone. An automated answering phone system is used in various New Zealand banks such as Westpac. The operators of telephone complete guide customers regarding their accounts and transactions. In numerous banks of New Zealand, the SMS banking is also used. This allows the clients to function the services of banks on mobiles utilizing SMS or messages. The banking of SMS is much The technology is playing vital role in the success and development of banking companies. Al most all banks in New Zealand are using technological advancements in banking services to enhance the profitability and customer service. The role of technology in success and development of banks cannot be denied as it made banking services more flexible and convenient. No bank can make progress without implementing lasts tools and techniques. The implementation and execution of technology in all banks is essential. The Benefits and Costs of Adopting New Technological Frameworks and Tools in New Zealand Banking Industry Implementation of technological tools in a bank shows diverse set of costs to management. It contains several benefits and costs. The below mentioned are costs and benefits of adopting new technological frameworks and tools in the banking industry of New Zealand: The managers who lead technological modification should frequently facilitate as technological creators as well as appliers. As a strategy, one bank makes the expertise as well as provides it to employers, who have limited information but well-informed regarding their fields of implementation (Narendiran, 2011). Practically, the manipulator bank is not agreeing to get on accountability for the expertise at the point in its assessment as which the growth team desires to provide it. The person who is responsible of implementing new technology should make a comprehensive plan. In order to implement successfully, it is responsibility of managers to perform a role of creators as well as employers (Zheng Chen 2003) It is announced by the Scott Collary, the chief executive of Australia and New Zealand Banking Group, that application of Gerard Florian as a technology of group executive has implemented. Before this, Florian performed the role of policy office for Business Unit of Dimension Datas Global Cloud. At the worldwide tech giant of division of Australia, he will do the roles of chief marketing officer as well as chief technology officer. The technology will be defined by Florian at ANZ. He will make strategy for technology and plan for implementation of technology. The whole infrastructure for adopting new technology will be managed and handled by Florian. Through implementation of latest technology, the ANZ reported AUD 5.7 billion of profit in 2016 and it currently completely focused on digital age. The application of internet banking was introduced in Auckland Savings Bank initially in 1966. In 1999, the National Bank of New Zealand and Bank of New Zealand adopted new technology. The nu mber of customers enhanced by 54% in banking sector of New Zealand as compared to past year. According to market perspective, the implementation of new technological tools enhance the satisfaction of users, but the appropriate substance, timetable and kind of employer participant will differentiate extensive from bank to bank. In order to implement a new technological tool, the marketing perspective must be kept in account. It assist prepare a bank to get innovative technology. Numerous application tries fail as institution undervalues the level or significance of this preparation. Numerous managers cannot implement new technology as they spend enormous amount on generation of technology but spend limited time on implementation. It is suggested that not just extensive investment by creators in the plan is required but a suitable level of investment in the properties of banking company also required (Centeno, 2004). Multiple internal markets also impact the application of new technology. The greater the level of managerial hierarchy in a company, the greater the chance of fruitful application. On the other hand, the limited hierarchal structure makes extensive issues. It is responsibility of managers to make internal plans of marketing excellently to avoid issues and problems. In this process, the manager recognize the teams whose approval and recognition is greatly essential for success and development of the banks. The manager should demonstrate the appropriate approach that is essential for success. Higher level of management as well as end users have to purchase in the creation to generate it successful, but the idea of marketing required differentiation techniques. When Westpac introduced internet technology, it verified the charges on the basis of saving across time. The excellent of customer service enhanced, decreased the costs of manufacturing directed to extension of share of market, a nd the bank proved capable to facilitate as a service site for additional facilities. On the other hand, BNZ introduced M credit system, through which details are provided on mobiles about accounts. In the same way, the ANZ bank developed electronic wallets as well as apps for smartphones such as Fastnet Classic app. The banks can cover extensive portion of market through mobile banking. The offers introduced by ANZ can be used for limited customers who have high quality phones and iPhones (Giannakoudi, 1999). The processes are greatly impacted by the application of new technology. The customers and management process are impacted by this process. It is proved that application of latest technology has enhanced the quality of procedures through improving negotiation, standardization of process and improving workflow. Through introduction of internet technology, the banking sector of New Zealand improved inclusively. The introduction of use friendly websites of banks improved customer services excellently. The customers can get complete information regarding bank through websites (Schwarzer, 1992) It has been announced by the Westpac that it has created more than 170 branches in rural areas due to implementing new technology. The ANZ bank is considered to open more 6 branches in different areas. The National Bank and ANZ brands merged in 2012. It is said by the head of digital and transformation, Liz Maguire, at ANZ that more than 50% operations are performed through digital channels. As the branches are widen up, impacted negotiation have increased matters that oldest individuals will try with the evaluation from banks to performing their banking online, whereas owners of business are more worried about payments and withdraws. More than 50% of people are frightened to implement new technology (Elleithy, 2008). In order to manage the challenges of implementation of new technology, ANZ used iPhones and iPads to teach consumers how to utilize latest technology. The bank motived to people to use phone banking who did not have availability of internet or computer. Due to implementation of new technological tools, various banks of New Zealand opened more branches in 2015. ANZ has 225 braches of bank and it is making plan to make 6 more. BNZ has 171 branches in 2015. Kiwibank has 265 branches in 2015. Westpac Bank has 189 branches in the 2015 (Brown, 2006). Various creators of technology will admit confusion that creations do not gain unconscious approval (Barton, 2000). It is assumed that sale of an innovation is essential to gain acceptance, whereas it is similarly hazardous to whole the system. Innovative as well as mysterious technologies are defenseless to publicity. The prospective employers of the technology make disappointments when the desired results of the technology are not achieved. For instance, when a software is applied in a company, it is thought that this last product. The break among awareness as well as authenticity was noticeable to the active exertions of one manager in the banks. The managers are required to implement a technology in such a way as no issue can happen. Before application of extensive technology, it is recommended to conduct a pilot test for introducing new and innovative technology (Palmer, 2002). The risks of implementing a new technology cannot be avoided as sometimes the results of test are cons idered best but actual results achieved are poor. The criticisms of a particular project cannot be avoided. For successful implementation, the objective of test should be kept in mind as well. In some test, risk factors are not considered essential, while in some tests these tests are considered significantly essential. In order to implement new technology in the banking sector, the risks of implementation should be analyzed and handled. The banking industry of New Zealand managed 8 obstacles while introducing new technology. The managers of Westpac and ANZ made completely plan to handle the issues regarding organization change (Podder, 2005). The issues regarding cyber security, legacy systems, lack of clarity, digital iceberg, and lack of digital literacy, comprehension of demand of customers and participation with giants of digital are managed effectively. These issues occurred during application of new technology in banking industry of New Zealand. BNZ introduced ICT projects th at provided the various advantages to the bank in last year involve the migration of information center. The critical IT system of banks business was moved in the data center of IBMs Auckland. Olivier joined Westpac in order to facilitate the decision making process of bank regarding technology and application of latest tools. In order to facilitate various technologies such as ATM middleware, online card instigation as well as Direct from Account payment, Olivier provided great assistance and help (Polasik and Wisniewski 2009). In this essay, the importance of latest technology has been defined in detail. The banking sector of New Zealand is progressing in last few years due to implementation of latest technology and tools. The importance of technology in banking sector of New Zealand is described greatly. After that, the cost and benefits of applying new technology with perspective of banks of New Zealand are defined in detail. References Polasik, M., and Wisniewski, T. P. (2009). Empirical analysis of internet banking adoption in Poland. The International Journal of Bank Marketing, 27(1), 32-52. Podder, B. (2005). Factors influencing the adoption and usage of Internet banking: A New Zealand perspective. Published masters thesis, Auckland University of Technology, Auckland, New Zealand. Palmer, J. W. (2002). Web site usability, design, and performance metrics. Information Systems Research, 13(2), 151-167. Barton, C. (2000). Banking on the future. The New Zealand Herald. Retrieved from: https://www.nzherald.co.nz/technology/news/article.cfm?c_id=5objectid=185860 Brown, T. A. (2006). Confirmatory factor analysis for applied research. New York: The Guilford Press. Centeno, C. (2004). Adoption of Internet services in the Acceding and Candidate Countries, lessons from the Internet banking case. Telematics and Informatics, 21(4), 293-315. Elleithy, K. (2008). Innovations and advanced techniques in systems, computing sciences and software engineering. USA: Springer. Giannakoudi, S. (1999). Internet banking : the digital voyage of banking and money in cyberspace. Information and Communications Technology Law, 8(3), 205-243. Lee, E. J., and Lee, J. (2001). Consumer adoption of Internet banking: need-based and/or skill based? The Marketing Management Journal, 11(1), 101-113. Lichtenstein, S., and Williamson, K. (2006). Understanding consumer adoption of internet banking: an interpretive study in the Australian banking context. Journal of Electronic Commerce Research, 7(2), 50-66. Laforet, S., Li, X. (2005). Consumers attitudes towards online and mobile banking in China. International Journal of Bank Marketing, 23, 5, 362 380. Lee, J., Lee, J., Feick, L. (2001). 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Zheng,X., Chen, D. (2003). Study of mobile payments system. Proceedings of the IEEE International Conference on Electronic Commerce (CEC), CA, USA.