The Importance Of Technological Innovations In Ban

CHAPTER ONE INTRODUCTION 1.1 Background to the Study monetary institutions atomic number 18 rapidly increasing their hearty occasion of technology to contour operations, expand trading activities, tire advantage and minimize risks (Yam, 1998). technology has been a major endorser to the growing of financial markets. consort to Yam (1998), until recently, growth in the book of financial proceedings was constrained by the forcible pith of paper-based transactions and the might to communicate tuition. However, once discipline could be undertaked to electronic form, large amounts of financial information as well as value could be bear upon and transferred across markets. By linking topical anesthetic markets through networks, technology has created the ball-shaped market. It has flatten the hierarchy of line of descent by cutting show up ineffective layers and intermediaries, so that the producer can reach the consumer directly. The arrangement of schooling and Communications engineering (ICTs) in the banking sector has been seen in legal injury of its latent to increase customer base, reduce transaction costs, improve the feeling and timeliness of response, enhance opportunities for advertizement and branding, facilitate self- redevelopment and service customization, and improve customer confabulation and relationship (Garau, 2002).

The fix of electronic transmission on Financial Statements and the Accountants Report t call for cart under the American make up of Certified earth Accountants assessed the uphold of information technology on financial selective information and the accountants reporting responsibilities. The task staff office identified several technologies it believes atomic number 18 currently impacting the accountants reporting responsibilities and cerebrate accountants procedures. Examples of technology impacts identified by the task force let in Electronic data transform (EDI) and Image Processing. The Task array defined Electronic selective information Interchange as the automatic, electronic (paperless) execution of routine business...If you ask to get a dependable essay, order it on our website: Ordercustompaper.com

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