Research paper Example | Topics and Well Written Essays - 2750 words

Research Paper Example Services offered can either be of personal or corporate finance levels. Similar to any other industry, financial sector needs appropriate tools and technologies in managing and delivering services to clients. Use of those tools facilitate efficient and effective service provision; hence enhancing the commercial concept of profitability. This research paper strives to appraise the breadth and depth of technology integration in finance, especially information technology and changes brought by the integration. Four decades ago, information technology only found wide application in military institutions. Military units used secured networks in relying communications. Financial institutions used traditional ledger books in keeping transaction records. Later, banking sector adopted the use of secure communication channels to deliver sensitive information for processes like confirming funds reception. Currently, technology dominates almost every aspect of financial services industry. According to Balling and Lierman (2009), technological tools like computers allow generation of financial statements, budgets and expected rate of return with a single click of an icon. In addition, investment companies can easily make precise predictions of future financial trends using customized software programs. Technology not only enhances production of records but also improves the labor aspects of the industry. Effective communication tools like internet, Skype and video conferencing allows company manage rs to outsource jobs to experts’ location. Times when Wall Street had to mail each client a stamped copy of a general meeting letter are long gone. Moreover, piling of financial records in files became redundant. With rapid evolution of technology, computer systems are becoming increasingly sophisticated, reliable and fast. This speed of evolution created the