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IT & Financial Services - Essay Example
Author : champlinboris
Finance & Accounting
Pages 8 (2008 words)
IT & Financial Services Contents Introduction 3 Financial transaction 4 Information technology and its development 5 Introduction 5 Development 6 Security in the financial transactions 7 Conclusion 8 References 10 Introduction An individual or a member of a family needs to take decisions in order to budget their expenses…
For this, the needs of financial transactions arise on a regular basis. In these days information technology is the biggest invention that contributes to the welfare of humanity. It not only speeds up the mode of everyday life but also makes life easier. “Time” is the most precious element in today’s life. The value of time is the biggest concern for everyone. Digitalization and introduction of information technology in the field of financial transactions help mankind to a great extent (Mann & Mann, 2011, p.264-320). Initially it needed some specific computer or web based knowledge to pursue such transactions. However, once a person got the access to knowledge of computer and information technology systems, it turned into the most desired mode of transaction. The online banking facility is one such application of information technology which emerged as the best way to transfer money in short time (Stathopoulos, 1995, pp.56-79). People used to save money in banks not only for getting interest but also for its security. The implementation of information technology in personal financial transactions, however, gave rise to questions on security. The online banking system depends on a username and password to access an account. So it will be very crucial to make all the transactions in a safe and secured way. ...