Free Essay On Economics: The Way Technology Has Influenced the Effectiveness of Business

The Way Technology Has Influenced the Effectiveness of Business

Technology has revolutionary impact on every aspect of our lives. Hardly can one find an industry that had not experienced technological changes. With the development of new devices and machines the process of production became less costly and more effective. But technological boom has impact on the service industry as well and the vast majority of changes happened during the last decade.
If we look at banking industry as a business activity, today it faces wide range of benefits from the implementation of the new technologies. First of all, technologies made it possible to cut the number of staff necessary to deal with clients. Now banks can operate effectively without necessity to employ huge amount of people that automatically lessens their costs. Moreover, modern Internet technologies facilitate the clients’ independence by providing them with the opportunity to access their account using personal computers.
Nowadays those banks that are unable to implement new technologies cannot compete in market. The modern customer will choose service that allows him or her to dispose their account at any suitable time and from any place around the globe. Internet banking now is wide spread even in developing countries where, however, there is still a percentage of those banks that refuse to modernize their activity. This is mostly related with the problem of access to new technologies and granting the security. Such banks are outperformed by their competitors.
In my opinion, the limits of technological advancement have not been reached yet. I think that banking as well as other businesses should expect more and more new developments and must be prepared for their implementation. People like convenience that is why they will always choose that provider that offers them more with fewer efforts.

Works Cited

“Benefits and Drawbacks of Internet Banking.” BankBazaar.com. Reuters Edition, 2 Aug. 2012. ‹http://in.reuters.com/article/2012/08/02/benefits-and-drawbacks-of-internet-banki-idINDEE87106320120802›.