The Importance Of Technological Innovations In Ban

CHAPTER ONE INTRODUCTION 1.1 Background to the Study Financial institutions argon rapidly increasing their social occasion of technology to streamline operations, expand trading activities, break advantage and minimize risks (Yam, 1998). technology has been a major contributor to the growing of financial markets. fit to Yam (1998), until recently, growth in the book of financial minutes was constrained by the physical pith of paper-based transactions and the strength to communicate culture. However, once information could be reduced to electronic form, large amounts of financial information as well as value could be processed and transferred across markets. By linking topical anesthetic markets through networks, technology has created the global market. It has flatten the hierarchy of fear by cutting out ineffective layers and intermediaries, so that the manufacturer can reach the consumer directly. The promise of schooling and Communications applied science (ICTs ) in the banking sector has been seen in legal injury of its authorisation to increase customer base, reduce transaction costs, improve the tonicity and timeliness of response, enhance opportunities for advertising and branding, facilitate self- serving and service customization, and improve customer communication and relationship (Garau, 2002).

The fix of electronic transmission on Financial Statements and the Accountants Report t conduct violence under the American Institute of Certified earth Accountants assessed the clashing of information technology on financial selective information and the accountants reporting responsibilities. The task force identified several technologi es it believes ar currently impacting the a! ccountants reporting responsibilities and related accountants procedures. Examples of technology impacts identified by the task force include Electronic data turn on (EDI) and Image Processing. The Task Force defined Electronic data Interchange as the automatic, electronic (paperless) execution of routine business...If you ask to get a full essay, order it on our website: OrderEssay.net

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