The extent to which technology has transformed the day-to-day activities of individuals around the globe cannot be over-emphasised. Its effect cuts across small, medium and large operations.
Technology has helped to eliminate, to a large extent, the initial constraints caused by time, distance and space to the proper flow of financial activities. Now, we get to enjoy easy and fast delivery of financial demands.
Financial activities and management have transitioned from paper writing, moving of files and money to mobile transfers, use of savings apps and biometrics for easy file location and the likes.
In the past, banks found it difficult to transfer funds to accounts overseas, due to the number of days it would take. For this reason, they charged outrageous fees, leaving the customers with a less pleasant experience.
Today, one can either engage money transfer firms or money brokers for their cross-border transfers and it will get to the expected destination within 24 hours, thereby maximising productivity in strategic areas like accountability, accessibility and record keeping.
Finance is no longer limited to national or local levels, but to international levels.
Today, Internet banking and currency trading is the trend. Financial institutions are daily required to make necessary advancements to meet the daily increasing interconnected devices and streams of granular. All these activities make use of technological applications, including the Internet.
Further, due to technological advancements, most innovators, through the use of their technical skills, have set up high margin financial processes to become machine-driven, thereby reducing the cost of wealth management services such as tax minimisation, investment, stock brokering and investment advice at a reasonable fraction. This enables even the average earners to have access to knowledge that will guide them in financial management. Hence, increasing number of people get to understand financial management and how to achieve it.
Also, the automation of financial processes has helped to appreciably reduce the error margin in financial statements and reports.
The data of a customer is believed to be the centre of decision-making for most, if not all, financial institutions.
Errors in any form will affect the totality of the financial processes.
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