Q) What is the impact of technology on business? Explain with the suitable example of financial service sector.
Technology affects almost every aspect of our lives. Just look around you and you'll see how wired we are. Thanks to the Internet, virtually anything you desire can be delivered to your door in a matter of days. You can even trade stocks or file taxes online. But as much as our personal lives have changed, the business world has revolutionized almost beyond recognition in the past few decades. Technology and the advances in communication and information technology have changed the face and the pace of business.
As communication and information travels faster and faster, the …show more content…
As technology advances, the prices are dropping and it becomes more user-friendly. Many people have the tools to design new and innovative software to solve common problems and improve efficiency. Additionally, technology is becoming more accessible to users all around the world, including users in developing countries.
5. Technology has changed how we connect and sell to clients
Perhaps the most important change, technology has allowed businesses to connect and sell to clients in new ways, including mass e-mails, blogs, and recently, Twitter. These tools allow businesses to stay relevant in a customer’s mind, and they help prospective customers to find new companies to do business with.
Impacts on Financial Service Sector: A) Financial Markets:
Technology has created an invisible world where billions of pounds changes hands in milliseconds. These investors want to buy or sell shares quickly, to prevent changes in price during the transaction. Accurate market data is also important for investors to make informed choices.
The impact of technology has forever altered the climate of financial dealings around the world, changing the market day from the time between the clanging of the opening and closing bells on the New York Stock Exchange (NYSE), to a never-ending chase around the globe as the sun rises and sets on far-flung financial markets.
Perhaps the most obvious example of the impact of emerging technologies on stock markets is the