Advances On Information Technologies In The Financial Services Industry

The financial services industry is changing under the stimulus of advances in information technology (IT), telecommunications, and the Internet. Technological innovations and growing customer demand and sophistication have led to the emergence of new electronic financial markets, organizational forms for financial services firms, products, and product delivery capabilities. This special issue highlights Information Systems (IS) research on management topics in the financial services that involve IT. The authors utilize a mix of research methodologies to examine a range of innovative applications of IT in the financial services industry.

Banking across the world has undergone extensive changes thanks to the profound influence of developments and trends in information communication technologies, business intelligence, and risk management strategies. While banking has become easier and more convenient for the consumer, the advances and intricacies of emerging technologies have made banking operations all the more cumbersome. Advances in Banking Technology and Management: Impacts of ICT and CRM examines the various myriads of technical and organizational elements that impact services management, business management, risk management, and customer relationship management, and offers research to aid the successful implementation of associated supportive technologies.

This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.

Master's Thesis from the year 2017 in the subject Business economics - Investment and Finance, grade: 1,4, Nelson Mandela Metropolitan University (Business), language: English, abstract: In the past 30 years' information technology has had a widespread presence in many industries. Since the 1980s about half of all major capital investments in firms have been information technology based. The competitive nature of the economic business world has tremendously increased due to technological advancements. Additionally, Taylor suggests that research has proven that technology is a critical factor in the development of strategies for firms. Technology has allowed improvements to firm processes and enables firms to operate efficiently and profitably. In broad, technology has transformed various industries, with the financial services industry being one of the industries experiencing pervasive technological disruption and advancement. In the last ten years, the financial services industry has experienced a significant increase in technology based services delivery. In fact, in 2002 Freedman and Goodlet identified technological change to be one of the key factors driving the development in the financial services industry.

Creating Value in Financial Services is a compilation of state-of-the-art views of leading academics and practitioners on how financial service firms can succeed in today's competitive environment. The book is based on two conferences held at New York University: the first, `Creating Value in Financial Services', held in March 1997, and the second, `Operations and Productivity in Financial Services', in April 1998. The book is essentially designed to be a compendium of leading edge thinking and practice in the management of financial services firms. There is no book today that has this focus. It contains ideas that can apply to other service industries. Topics addressed are increasingly important worldwide as the financial services industries consolidate and search for innovative new directions and ways to create value in a fiercely competitive environment.