Human beings have learned and unlearned various ways of conducting business since the Stone Age. They have witnessed the invention of the wheel, the operation of vehicles powered by steam engines, the supply of electricity to remote areas, the use of network storage devices in accounting firms, the provision of internet access to developing countries, and much more, such as the introduction of smartphones to underprivileged regions. This is what we call human advancement under the umbrella of science and technology.
The financial sector is no exception to the global trend of business collaboration through technology integration, whether it be cloud storage, online focus group discussions, the infusion of mathematical models into business decision-making, the connectivity of data pools with human observations through mobile applications and data servers, desktop application development creating intelligent interfaces, or advancements like attendance marking through retina recognition and thumb impressions.
Thus, businesses can only remain competitive by introducing appropriate electronic technology into their processes and interfaces.
By Syed Adeel ur Rahman