Information technology is impacting upon many areas of our lives, and financial services are no different. Here we will take a look at some of the ways information technology has helped financial services advance and improve, as well as some of the dangerous of technology in the finance industry.
Technology has made it easier for us to keep up to date with what is happening with our money. Many of us check our accounts online or on mobile, and we can instantly transfer money to friends and family from the comfort of home. Borrowing money online is also so easy now. Limiittiluotto s#is a good website to borrow money fast – you can have it the next day for no extra charge.
However, there are often worries that technology is not secure and this has sometimes proven to be true. There are occasionally stories in the media of massive data breaches, where hackers have been able to obtain bank customer’s sensitive financial information. Most of us know a friend or family member who has been the victim of credit card fraud and found their bank account empty overnight.
Social media has also played a role in financial services. Many customers use this as a fast and effective way to communicate with customer service departments. This is beneficial for banks as it helps customers become more trusting and also improves brand loyalty.
Information technology has been key to improving global financing. It’s easy to send money across the world to distant friends or family now thanks to the internet. We can also buy goods from anywhere in the world online and have them delivered to our door.
Credit scores can be calculated and monitored very easily now thanks to the use of information technology. This is ideal for lenders who can quickly find out whether it’s a good idea to grant a loan to a potential customer or not. It’s also helpful to insurance companies who can quickly collect and compare data about a client to determine how much their premiums should cost.
Information technology has been crucial to the development and maintenance of the stock market. Before it was widely available, the volume of date was becoming too high to process manually, meaning traders had a very difficult job. After technology was available, the information could be quickly and easily gathered and processed. It also helped allow checks and credit cards to be processed electronically.