Impact of Technology on Financial Services

Technology in straightaways modern environment plays a major(ip) role in all aspects of society, with widespread use in a majority of industry and business sectors. In todays global economy m any industries have to ornament heavily in Information technology in night club to keep its competitive advantage and to ensure they result be able to compete with competitors who now operate within a global economy. It lowlife be said that there is an naturalized trend within the pecuniary services sector of increasingly heavy dependence on technology for delivering services and that this will continue in the future. The reliance on technology comes from the enablement, as a result of its use, to provide services and process tasks which would non otherwise be provided. The financial service industry could not provide the level of service it does without the support of advanced reading affect and telecommunication technologies. The numbers of checks (over 37 billion annually), credit card drafts (over 3.5 billion annually), and securities trades (over 30 billion shares traded annually) would swamp any manual system that tried to handle them.

The impact of technology, that is development technology on the financial services sector can be seen in areas such as On a wider view------- Technology is influencing competition and the degree of contestability in banking and financial services. tar of service Traditionally, the provision of financial services was very much aquiline on the branch networks of financial institutions. But now, information and communication theory technology has enabled the more diversified and convenient provision of financial services, including via the Internet and unmanned ATM networks. The creation of a parvenu supply channel for financial services has substantially trim the cost of financial transactions. For example, Internet banking has greatly lowered the processing cost of banking. According to research conducted in the United States, in some... If you want to get a full essay, order it on our website: Ordercustompaper.com

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