Information flow

in banks information get's spread by customers using an ATM machine or a bank teller that information then goes into the bank system that information is then going around the bank to whoever needs it in the bank system and is ready for when a customer needs to know how much is in their own bank and how much can come out of that bank account.

also when a bank has information it can be spread across the company for other users in the company to use and any partners that the company is with so that the company can make money and use your information to the best of the companies ability

Improving Information

Banks when in a bank you will be given information on a daily basis, but you can improve that information by making sure it's right by:

validity of the information

Is the information you have valid at the time?. because information if forever changing you need to make sure the information you are given is correct and be able to make sure that as soon as that information changes you will get notified and be able to amend the changes

Is the information reliable?

Is the information you get reliable?. It needs to be reliable so that the bank can trust it and you can get access to it whenever you want because if the information you gave isn't reliable to might be blocked of access until further notice

Is it accessible?

Is the information readily available to the people that need it?. It needs to be readily available to the people that need it, because when a customer comes in, they might need it there and then, straight away and will not have time to wait around, it needs to be readily available to the bank tellers and/or ATM machines and it needs be

Is the information fit for purpose?

The information you have is it fit for the purpose the bank has for it? by this i mean is it relevant to that person is the information correct and is it viable to use for that person and available for that person to access

With all this knowledge they will be able to improve all of their information using all this information and making sure it fits these criteria

How banks use information

How banks use information

Banks will use information in a productive way to make sure that use that information to the best of their use, to make sure information is secure and safe to their own use and if any information belongs to the consumer, being able to share it at their discrepancy

the way banks get their information is through customers using their services of money transfer and using of their services gets information from you about your bank details with them and any money related to your account. They use this service to look at this information to make sure they can use this information around the bank with money transfers and using that information to improve their services to fit the needs of their own customers and their employee's better.

They also use this information across the company in-case someone else needs to deal with a customers case while the first person goes to do something else with an customer this allows more information flow to be safely distributed across the company and not higher, until someone from higher power needs to come down to help.

Characteristics of good information

The characteristic of good information

information can either be good or bad, depending on the characteristics

Qualitative

if the information in qualitative, you will understand what the information is and it is full of quality information to help you do your job, this information is full of personal and subjective information about them and it's information that could change at any time with the original person's consent of that information being changed

Quantitative 

This  information is factual and will not change at any point in the near future, it is facts like "how long did you wait for a employee's to serve you" or "how long did it take to complete your actions" it is based around numbers and statistics and not what a person's personal feeling are like

Primary

This type of information is collected by yourself and it is collected by the means of questionnaire's, surveys' and anything that people fill out and hand to you or you could get this information by an observation or a log of things done, this is primary information also known as first hand information

Secondary

This is information given to you by other people to further your work, it is not researched by you, it is collected by other people and you look it up and the internet on, for example the internet, television, written articles in newspapers or journals online and stories told to you verbally, this information may need to be researched more if not collected by a legitimate source

Issues related to the use of information

Issues with information

When using information, you need to make sure of a couple of things, one is to make sure the information you are using is right and correct, because when you are working in a bank you are dealing with people cards and card numbers and if you get one number wrong in a card number you could be sending that information and/or money to someone else that isn't the intended person, this could have disastrous effects.

Legal information

When dealing with information you need to be aware of what legal issues could be revolving round that information, for example if you are dealing with a high stakes business man, you need to be aware of what security he has on his account and what other accounts that account has access too

Ethical information

when dealing with information you have to be careful about who this information connects to and how it is affecting everything else around it, if it would have any ethical information surrounding it, it will need to be checked thoroughly to make sure 

Organisational information

When dealing with this type of information you need to be aware of what organisation this information is infused with, this is to be sure it won't have a negative impact on your company and being able to deal with the information you've been handed in a relatively decent manner


Any issues related to all this information will mean the company has misused the information and it is not valid any more and if the customer needs to use the information they gave the bank, they will not be able to get it and the business won't be able to do it's job properly and lose money through not using information in a valid way.