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Essay Available:
Pages:
8 pages/β‰ˆ2200 words
Sources:
Check Instructions
Style:
APA
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 34.56
Topic:

Technology and Innovation in Banking

Essay Instructions:

Term Paper
Purpose:
The purpose of this assignment is to provide students with an opportunity to develop an inde-pendent analysis of an issue related to money and banking using concepts and theories learned in class.
Description:
The term paper for this course is an open-ended assignment that is intended to sharpen your writing, research and critical analysis skills. The project is designed to ensure that you are fa-miliar with the process of collecting financial/economic data from the web and analyzing it using the concepts and theories learned in class. The paper should focus on a topic of your choosing related to material covered in the course. You should develop a position related to your topic and support that position through online research. Possible topics include:
• Technology and Innovation in Banking/Finance
The paper should begin with a concise summary paragraph that (1) states the prob-lem/issue/topic you have selected and (2) summarizes your position on the topic, anticipating your conclusion. The remainder of the paper should explain and support your position.
Specifications:
Please submit your topic for approval in the “Term Paper Topics” folder in the assignments sec-tion of the online classroom. Your paper should include:
• A narrative of up to 8 pages (not including title page, reference list, or appendices).
• A title page
• A reference list (using APA format) with at least seven sources, and
• At least two graphs and/or tables
• In addition, at the conclusion of your paper please include a brief statement reflecting on what you feel you have learned from the assignment and how that learning may be applied to your life or work going forward.
Please use APA format in-text citations in the body of your paper for all facts and figures and proof your paper for grammar and spelling.

Essay Sample Content Preview:

Technology and Innovation in Banking
Student’s Name
University
Course
Professor
Date
Technology and Innovation in Banking
The banking sector has seen significant changes worldwide because of the enormous effect of innovations and trends in information and communication technology, risk management systems, and business analytics. Rather than whether or not long-term developments in the banking industry will proceed, the main question to be answered is how to better function in the modern business environment to maximize on possibilities offered by innovation processes, earn acceptable profits, and reimagine relationships with customers. A bank that wishes to develop must constantly adapt to changing economic, industrial, technical, innovative, and financial situations. This paper explores the technologies and advancements in the banking business.
The structural and behavioral features are affected by the advancement and complexity of developing technology. Furthermore, financial constraints and restrictions limit banks' strategic development alternatives. Over the last 20 years, sudden and rapid advances in information and communication technology have significantly impacted the finance sector, particularly the banking business (ICT). As a result, banks' organization, business strategy, client connections, and specialized responsibilities have all changed. Overall, technological advancements have simplified and accelerated information processing and transmission (He et al., 2021). Because of larger-scale networking based on a network of regional and worldwide links, banking commodities may be moved more quickly.
Client awareness has also improved, as it has accessibility. Due to technology improvements, service channels, the product range, the kind and packaging of financial services, and product development have all changed. It has resulted in significant cost reductions for banks and other associated businesses. While technology has advanced faster, the management principles that govern how it is applied have not always kept up (He et al., 2021). As a result, a new problem arises regarding the influence of technological development on bank frameworks, commercial ventures, how the banking industry might create a more desirable and financially viable risk-reward balance in the current context.
The information technology revolution of the last several decades has significantly impacted global economies and particularly the financial services sector. As a result, IT development has become an unavoidable prerequisite for the financial services industry, with the banking industry leading the way in terms of IT deployment. The shift has yielded several advantages. First, the total cost of IT infrastructure has been lowered dramatically. All significant networks' customer data is now more consistent (Kessey & Abassah-Wesley, 2020). The amount of time it takes to bring new and creative products to market without requiring new code has dropped dramatically. Because of increased automation, processing capabilities have become more direct. As a result, service quality has improved, and risks have decreased.
Scalability and cost savings are rising as more speedy and efficient technologies are created for h...
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