With the invention of new technological methods that are used in making work easier and more convenient, every sector of the economy has seen much improvement in the line of technology with technology and software companies spending days in their studios and labs trying to design new software and platforms that should make the work even more easy and automated.
The financial sector in particular is very sensitive as lots of important records have to be kept a factor that makes it very important to safe guard the data’s security. For a long time, the storage of important information such a company’s financial records were kept in files a situation which always forced many institutions to keep row and rows o filling cabinets to store years of information so that it could always be available when needed. In this kind of storage system, the process of retrieving a simple file could take an organization a whole day or even more depending on their filing system and the date of the file that is needed. This scenario was also prawn to abuse by wicked individuals who could easily destroy files after having messed with the company in one way or another.
With the introduction of information and technology in the financing sector, many things that were initially unimaginable have become realities. Take the process of making payments online with the simple use of an email address. This is something that was not even imaginable in the earlier years and even if someone thought of it, it was impossible to implement since the information could not be easily available from one point to the next which is very important to make the online payment system workable.
The ATM systems and other payment methods such as the credit and debit cards couldn’t have been affected were it not for the use of information and technology in the finance sector. the other thing that has been made easy due to information and technology is the tracing of any frauds in the banking industry since the banks are all interlinked by the swift codes and therefore one client transferring cash from one point to the next can be easily traced should the need arise.
With the use of technology in the finance sector, the making of payrolls and purchasing and supply records as well as any payments have become fully automated by the use of relevant software making it very easy to perform the tasks that were initially quite daunting. It has become to make payments to many people at one point without having to run from one account information file to another trying to find out who is to be paid what amount and when as long s the system is well synchronized and updated.