Constraints into IS strategic planning and IS development in the banking sector

Abstract

The term Information System Strategy (ISS) encompasses a wide array of information and it brings together the business aims of a company, an understanding of the information needed to support those aims, and the implementation of computer systems to provide that information. It is a plan for the development of systems towards some future vision of the role of information systems in the organization. Strategic Information System Planning (SISP) is the process of identifying a portfolio of computer based applications that can provide assistance to an organization in terms of the execution of a business plan and realization of business goals. Furthermore, the expected outcome of this process will be an increased understanding of SIS opportunities and constraints together with a shared view of SIS utilization.SISP constitutes a powerful contribution to enhance managerial understanding and decision making concerning the organizational development and business successes. It is a comprehensive process by which a company could generate viable cooperate strategies and develop futuristic plans to enhance its competitiveness. The banking sector which is a part of a cutthroat market segment and highly depends on IS strategic planning for its success is the main focus of this research which examines the need to integrate the real world pressures in IS strategic planning in banking sector. The impact of real world pressures on the banking sector is viewed through multiple perspectives such as;economic, social, technological, legal, and security. This research entirely depended on a qualitative approach where published literatures and interview sessions with industry experts were used as data sources. A close analysis of published literatures identified the nature of real world pressures and constraints of IS Strategic Planning and Development in the banking sector and their degree of influence. Interview sessions brought focused to the Sri Lankan situation and its similarities and differences to the global context. The research plan was developed using Multiple Realities Enquiry System and all the data was theorized using multiple critical perspectives derived through the said Enquiry System. It was revealed that the economic pressure and constraints need to be greatly considered in IS planning and IS development of banking sector. Impact of technological pressure and constraints of IS planning and IS development on the banking sector is also of high significance. Impact of social pressure and constraints of IS planning and IS development on the banking sector is comparatively less in significance. Finally, it can be said that the unbounded nature of the banking sector results in the need to use messy strategic planning in handling this problem domain. Therefore, the need to integrate real-world pressure and constraints into IS strategic planning and IS development on banking sector is high.