Technology entails creating tools, materials extraction and actions processing. We use technology to imp roof and perfect our abilities. Well applied technology can benefit human and vice versa may be true. Technology is human knowledge involving systems, tools and materials. The application of technology results in better packaged results or products.
Technology is making many businesses remain relevant and competent by creating new products and services, such products and services are also delivered to their customers on time.
With the technology advancement, there is massive availability of data which is much necessary in decision making, use of social media in building clientele through marketing. Notwithstanding meeting the customer expectation.
Well instituted technology systems are very helpful in financial institutions. I.e. comprehensive capturing of consumer data at a grasp is easy which is very helpful in pricing of a product .cost of production sheet is prepared with certainty, expected profit as per institutions policies hence proper pricing. Financial industry has really changed its operations due to technology advancement. Such operations creates new business propositions e.g. peer-peer lending, digital currencies, online investment especially in stock exchange market, mobile banking, group funding ,improved payments and money transfer system such as PayPal, western union etc.
Most of the times consumers have the tendency of getting online access to products and services. Advertisers know very well that you likely to Google on sites that satisfy your specific area of interests. Such ad networks provide the information collected by apps.There is interaction which is direct and immediate with such products or services. This could have major implications all round that financial sectors must steadily keep advancing technologically.
Some of the major miles achieved by technology especially online include:
Digital marketing strategies for your products: the greatest and efficient way of getting massive marketing for your product is connecting to your sales platform such as social media, blogs and sale pages
Global market: a great opportunity in reaching a huge market. Today more than 2,000 million people around the world are connected through Internet and have an access to search engines, blogs, social network platforms, apps and more
Lower operation costs: In global economy, Internet sales are very efficient in terms of costs. You only require minimum starting budget to operate your online business getting very good revenue.
You can be everywhere: you only need connection to internet run the business from anywhere you are. The world has become a global village through technology advancement
Availability 24/7: once you have your product and service posted on your sales platform you are deemed to be operational 24/7
Manage your budget: depending with your potential customers your possibilities and time, your budget can be well.
On contrary the technology has also caused negative impact on the financial industry. With benefits undoubtedly being realized from technology, high-profile technical failures for some years now are also alarming, bringing adverse implications putting market integrity in question, destruction of reputations of a firm is also inevitable.
In many cases once the market integrity on a firm is in question the end result is closure bringing everything into a big loss than intended.
Many firms totally depend on the systems put in place; this may be far much costly to the firm when there is system failure. Implementing good oversight checks and controls is paramount to mitigate risks that may accrue to system failure. Proper revision for such controls should be constant to match the requirements for the changing technology. You can use platforms like CMC Markets to see what other companies are upto.
Cyber security is an issue that requires much attention also. Though there is much publicity garnered by cyber security, much more risks match the same. There is much increase on cybercrimes making more firms to be vulnerable. Such firms must invest more significantly to improve on their controls.proffessionals, competent and experienced staff needs to be deployed in firm’s information technology sector to deliver competent services.one way to save on cost for a firm is getting on board staff who can deliver competent
Increased interconnectedness of non-regulated and the regulated activities is another area of focus. Firms which are outside the regulatory circles should never provide technological services or solutions including platforms for providing services to firms that are compliant with regulations.