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IMPACT OF TECHNOLOGY ON FINANACIAL SERVICES

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IMPACT OF TECHNOLOGY ON FINANACIAL SERVICES

  1. 1. 1 A PROJECT REPORT ON “A STUDY ON AN IMPACT OF TECHNOLOGY ON FINANCIAL SERVICES” Submitted to R.T.M. Nagpur University, Nagpur in partial fulfilment of the requirement for the degree of Master of Business Administration Submitted by MR. SANTOSH RALABANDI MBA 4th semester Under the Guidance of PROF. PRAVIN KATARIYA DEPARTMENT OF BUSINESS MANAGEMENT Datta Meghe Institute of Engineering Technology and Research, Salod (Hirapur), Wardha
  2. 2. 2 Academic Session 2013-14 DATTA MEGHE INSTITUTE OF ENGINEERING, TECHNOLOGY & RESEARCH Sawangi (Meghe), Wardha. Off: 07152-287893, 287894, Principal Office: 07152-287891. Fax 07152-287892 E-mail: Principal _dmietr@yahoo.Com, Web site: www.dmietr.edu.in CERTIFICATE This is to certify that MR.SANTOSH RALABANDI a bonafied student of M.B.A Semester IV from Department of Business Management, Datta Meghe Institute of Engineering Technology and Research, Wardha for the session 2012- 2014, has completed his project work entitled “A STUDY OF AN IMPACT OF TECHNOLOGY ON FINANACIAL SERVICES “under the guidance of Prof. PRAVIN KATARIYA. This is bonafied work done by him in the session towards the fulfillment of requirement of the award of degree in Masters of Business Administration by RTM Nagpur University, Nagpur. Prof. Shailesh Kediya Dr.SachinUntawale (HOD-MBA) (Principal) Date:
  3. 3. 3 DECLARATION I hereby declare that the project work entitled “A STUDY OF AN IMPACT OF TECHNOLOGY ON FINANACIAL SERVICES “submitted to the RTM Nagpur University, Nagpur, is a record of an original work done by me under the guidance of Prof. Pravin Katariya , Department of Management Studies, Datta Meghe Institute of Engineering Technology and Research, Wardha. This project work is submitted to RTM Nagpur University, Nagpur in the partial fulfillment of the requirement of the degree of Master of Business Administration. The results embodied in this project have not been submitted to any other University or Institute for the award of any degree or diploma. Date: Mr. SANTOSH M.RALABANDI Place: MBA Final Year
  4. 4. 4 ACKNOWLEDGEMENT “Words have never expressed human sentiments. This is only an attempt to express my deep gratitude which comes from my heart.” It is a great pleasure for me to express my deep feeling of gratitude to my respected guide, faculties, for his great encouragement & support to carry out my work. I am grateful to Dr. Sachin Unawale, Principal of Datta Meghe Institute of Engineering Technology and Research, salood, Wardha for making all facilities available for my work. I am thankful to Dr. Shailesh Kediya, HOD-MBA & project guide Prof. Pravin Katariya, for giving me his valuable guidance and direction throughout the project. I express my wholehearted sense of gratitude and indebtedness to my guides. Last but not the least; I am thankful to my parents, colleagues, friends & other faculty members for their direct & indirect help for completion of this work. Mr. SANTOSH M.RALABANDI DMIETR, Wardha
  5. 5. 5 INDEX SR.NO CHAPTER NAME PAGE NO 1 INTRODUCTION 07 2 LITERATURE REVIEW 11 3 OBJECTIVE OF THE STUDY 14 4 SCOPE OF STUDY 16 5 RESEARCH METHODOLOGY 18 6 DATA ANALYSIS & INTERPRETATION 22 7 FINDINGS& RECCOMANDATIONS 38 8 CONCLUSION 42 9 BIBLOGRAPHY 44 10 ANNEXURE 46
  6. 6. 6 INTRODUCTION
  7. 7. 7 Introduction: This study focuses on the relationship between technology and change, both past and future, In the financial service industry .Technology in today’s modern environment plays a major role in all aspects of society, with widespread use in a majority of industry and business sectors. In today’s global economy many industries have to invest heavily in Information technology in order to keep its competitive advantage and to ensure they will be able to compete with competitors who now operate within a global economy. It can be said that there is an established trend within the financial services sector of increasingly heavy dependence on technology for delivering services and that this will continue in the future. The reliance on technology comes from the enablement, as a result of its use, to provide services and process tasks which would not otherwise be provided. The financial service industry could not provide the level of service it does without the support of advanced information processing and telecommunication technologies. The numbers of checks (over 37 billion annually), credit card drafts (over 3.5 billion annually), and securities trades (over 30 billion shares traded annually) would swamp any manual system that tried to handle them.The impact of technology that is information technology on the financial services sector can be seen in areas such as Technology is influencing competition and the degree of contestability in banking and financial services. Nowadays, every business in the entire world is using technologies in order to operate and manage their businesses. Finance is one of the fields that use technologies and computers to ameliorate and speed up the process of their businesses. With a click of a button, you can access files and checking information, make transactions, communicating, have a conference call with anybody else across the country and the list goes on. The impact of technology on finance has made many people’s life easier and more convenient hence increased profitability and efficiency. Without technology the financial market would not be as successful as history has shown. Current Use of Technology: Technology is used everywhere when it comes to finance such as banking, corporate finance and financial investment. Technology had helped the development and the increase of the value of many businesses. According to May in 2001 “The impact of technology on the finance function has been dramatic. Developments in hardware, software and
  8. 8. 8 telecommunications are changing not only the methods of operation, but the entire structure of the traditional organization. Management by process instead of function is breaking down traditional boundaries between finance and other departments. Procurement using workflow techniques, for example, eliminates paper and removes the need for manual intervention, from order placement right through to payment. Shared service centers, another result of the new thinking, are now common in larger organizations. They act as a kind of internal outsourcing, providing all non-core services for national and global strategic business units (SBUs). The latest enterprise resource planning (ERP) and telecommunications technology enables shared service centers to operate from anywhere in the world, allowing companies to choose the optimum location” (May, 2001). The internet is another tool related to technology that had a positive effect on various businesses. The Cyber Dialogue survey further states that today 20% of small businesses are managing investments online while 13% are engaged in some degree of online banking. When you get more into financial data, software such as Microsoft Office has facilitated the analysis and the virtualization of data. People can track and highlight important information in a matter of seconds. Financial managers can present their projects and communicate in a more sophisticated manner “Computers as calculators have given way to computers as communications devices. Spreadsheets are still important, but networked applications like E-mail, client/server databases, and group calendaring have to some extent displaced straight financial applications from their formerly paramount status. In Ubois’ interview with Brown, Brown mentioned that the single most incredible thing that has happened to me in the last 18 months has been the use of the pivot tables in Excel--they are so powerful analytically, and they let you view data in a summarized form and then zoom down to really fine grantliar detail, before, I had books of financial statements; now I can take my lap-top and carry everything I need to do a budget review”. Security of technology: Due to the increase of the identity theft and fraud, new technologies had a big effect on preventing these kinds of behaviors. The lack of safety can result in a humongous financial loss. Technology in general has contributed to protect legacies and trademarks. In addition, other methods such as PIN numbers, passwords, and codes were created to insure a safe and legal trade and market. Furthermore, technology is the main tool in organizing and planning the safety of the information and data. As stated by Chantawit, Hadikusumo, Charoenngam, and Rowlinson “Safety planning plays its important roles in construction project management
  9. 9. 9 for reducing unnecessary cost and delays related to undesired accidents. Safety planning ensures that safety will be taken into account along with costs, schedules, quality and other important job goals”. Software have been created and tested to prove the validity and efficiency of computerized technologies on business strategies such as 4DCAD-Safety application. As further discussed in the article, “There are two specific benefits related to the 4DCAD-Safety application. First, related with safety planning function, when construction activities are progressing according to the project calendar, the application can display safety measures that are required to carry out specific works. Secondly, since the displayed safety plan is related to the construction activities represented in 3D model, the application facilitates safety engineers to visualize spatial and physical information of construction activities and their products. This facilitates safety engineers to know and analyze what safety measures are needed to be installed, prepared, or provided for current activities and where, when, as well as why they are needed” . Ethical and social implications: Finance and technology have various ethical and social behavior dilemma that need to be considered in every organization in order to effectively manage the institution without any awkwardness or discomfort between employees or clients .It is crucial to set rules as well as a trustful environment in order to let perfect competition take place. In finance for instance, board of directors and employees should always dwell on their investors and stockholders. The most unethical and even illegal issue in the finance world is insider trading. No individual should take advantage of companies’ secret; not known to the public, and make profit out of it. This issue can cause various financial problems and may lead to an economic crisis. With the new technology and the immense development, insider trading or any other ethical or social issue can be easily executed. According to “Critical research in information systems is concerned with social issues such as freedom, power, social control, and values with respect to the development, use, and impact of information technology” (P.17). One of the most crucial matters is the invasion of privacy. Many people’s identities are being embezzled from phone conversations, text messaging, and e-mails. The number of hackers is increasing with the increase of new technologies and they are trying to hack computers in order to get individuals’ information such as social security number, passwords, bank accounts, and PIN numbers.
  10. 10. 10 LITERATURE REVIEW
  11. 11. 11 LITERATURE REVIEW 1. Dr. Meeta Nihalani, Head, Department of Management Studies, Jai Narain Vyas University, Jodhpur,” THE IMPACT OF TECHNOLOGY ON THE MARKETING OF FINANCIAL SERVICES” at Annals of Management Research, Volume 1, Number 1, and September – October 2011.as stated that, Technological progress may have increased scale economies in producing financial services, creating opportunities to improve efficiency and increase value through consolidation. Internet banking is still in a strong growth phase and the government should provide the broadband strength to the rural and the urban sectors to impact the living standards of the people with the modern technology. 2. Allen N. Berger, Board of Governors of the Federal Reserve System, Washington, DC 20551 U.S.A.“ THE ECONOMIC EFFECTS OF TECHNOLOGICAL PROGRESS: EVIDENCE FROM THE BANKING INDUSTRY” at Forthcoming, Journal of Money, Credit, and Banking, Volume 35, 2003.According to his view,” Research on the banking industry provides a wealth of information about technological progress. Banks intensively use modern technologies and the detailed data on this industry allow for investigations of the effects of advances in both IT and financial technologies and in both “front-office” and “back-office “technologies.” 3. William J. Wilhelm, Jr., Boston College, “INTERNET INVESTMENT BANKING: THE IMPACT OF INFORMATION TECHNOLOGY ON RELATIONSHIP BANKING” at Journal of Applied Corporate Finance, spring 1999. Provide an economic perspective on how recent advances in information technology have begun to lay siege to the relationship-based technology. Most of the discussion takes place in the context of recent applications of Internet technology to the pricing and distribution of securities.
  12. 12. 12 4. Rajnish Tiwari, Stephan Buse, Cornelius Herstatt,”MOBILE BANKING AS BUSINESS STRATEGY: IMPACT OF MOBILE TECHNOLOGIES ON CUSTOMER BEHAVIOR AND ITS IMPLICATIONS FOR BANKS” at “Portland International Conference on Management of Engineering and Technology” (PICMET) 2006,8 – 13 July 2006, Istanbul (Turkey). he stated that increased competition on account of technological developments coupled with the process of globalization have produced new challenges for banks. Mobile Banking presents an opportunity for banks to retain their existing, technology-savvy customer base by offering value-added, innovative services. Above research conducted to know the technology involvement in the financial services, but my study will go with respect to know the involvement of technology various Financial services.
  13. 13. 13 OBJECTIVE OF THE STUDY
  14. 14. 14 OBJECTIVE OF THE STUDY In the present scenario major economic and technical changes are undergoing in Industrial and financial revolution through the new information-processing technology. Especially in finance sector it has a significant role for overall development. After identifying the subject (research area) and referring the relevant literatures, it has been found that in most of the literature, the information technologies have a wide application area. However, in finance sector major changes have been made. Due to these drastic changes we have chosen to do the study on financial services. People used technological tools to manage and process the information. Atomization process use in the financial sector for transaction system. This type of working methodology is used in the financial Institute since long years. The financial sector is mostly related to all classes of people like businessmen, industry, agriculture, labor, Small entrepreneurs, workers etc. It has been changing complete culture and working methodology. Therefore, it has a wide scope to study the existing modern transaction system in the financial sector. The objectives behind the study  To understand the impact of technology on financial Institutes.  To analyze how technology assist in the growth of financial Institutes.  To study the importance of technology.  To study the role of technology in achieving Customer satisfaction.  To know the need of technology.
  15. 15. 15 SCOPE / LIMITATIONS OF THE STUDY
  16. 16. 16 SCOPE / LIMITATIONS OF THE STUDY The scope of this study is for me and individual those are readers, The project primarily deals with Banks, Mutual fund Investment Institutes, financial institutes and other investment institutes, the scope of the study is very wide but my study is confined only to the above given area, apart from that it deals with awareness in people, about technology influence on financial institutes. The limitations of the study are given below.  Technology analysis is wide aspects but as a researcher, will consider some of the aspect of the study.  The scope and terminologies may vary according to the experts opinions, which examined by various data collection methods.  The universe of the study will be Wardha city only and the sample size will be restricted to 20 as per stated in the sample design.  A brief statement of the general purpose of the study.  The locale of the study, where the data were gathered or the entity to which the data belong  The population or universe from which the respondents were selected. This must be large enough to make generalizations significant.  The period of the study. This is the time, either weeks or Month, during which the data were gathered.
  17. 17. 17 RESEARCH METHODOLOGY
  18. 18. 18 RESEARCH METHODOLOGY WHAT IS RESEARCH METHODOLOGY? Marketing Research is an systematic and objective study of the problems pertaining to the marketing of the goods and services. It may be emphasized that it is not restricted to any particular area of marketing, but is applied to all the phases and aspects. The purpose of research is conducted when there are few or no earlier studies to which references can be made for information. The aim is to look for patterns, ideas or hypotheses rather than testing or confirming hypotheses. In research the focus is on gaining insights and familiarity with the subject area for more rigorous investigation later. In an undergraduate dissertation it is likely that you will drawing on previous studies and so pure exploratory research is not generally appropriate for studies at this level-it is more appropriate for postgraduate research. However, it is possible that you may carry out an initial survey to establish areas of concerns and then research these issues in more depth. Research is also an academic activity and as such the term should be used in technical sense. According to Clifford research comprises defining and redefining problems ,formulating suggested solution; collecting, organizing and evaluating data; making deductions and reaching conclusion; and at last carefully testing the conclusion to determine whether they fit the formulating hypothesis. SOURCES OF DATA : In order to ascertain the data was collected from two sources:- A. PRIMARY DATA The primary data are those which are collected a fresh & for the first time it happen to be original in character. In this study structured questionnaire is prepared and distributed among the peoples (individual) also interview is conducted to gather required information or firsthand information about the investment analysis.
  19. 19. 19 B.SECONDARY DATA: The secondary data are those which have been already collected by someone else & which have already been passed through the statically process. In this study the secondary sources of information are books, magazine, journal and internet (stated in Bibliography). Hence in this study sources of information were either face to face or from a reliable source like brokers of various DP etc. SAMPLE DESIGN: Sampling or sample design is defined as the selection of something on the basis of which some kind of judgment is taken about the sample. In any kind of research or survey first sample is taken deliberate random sampling and then the further processing is carried out. Sampling selection is under taken, since it is practically impossible to conduct a survey on the whole population. SAMPLE TECHNIQUE: The technique of sample selection is deliberate random sampling. Deliberate Random sampling refers to that sampling technique in which each & every item or each possible sample combination in the whole population has an equal & independent chance of being included in the sample. The underlying principal of a random sample is that the personal factor is eliminated in the selection of the sample, as the investigator doesn't exercise his discretion in the choice of items. No factor other than pure chances affects to likelihood of an item being included in or excluded from the sample. Hence, this method is known as the method of chance selection.  SAMPLE SIZE - 20 respondents  UNIVERSE/POPULATION -Wardha City
  20. 20. 20 DATA ANALYSIS: Analysis of the data had done on the basis of various statistical techniques. The interpretation is based on the analysis. Tables, graphs, figures and other statistical data will be included at the time of presentation from this conclusion is derived and the recommendation is given. TOOLS OF RESEARCH: Pre- structured questionnaire, interview of respondents and the observation of individual took into consideration during the research.
  21. 21. 21 DATA ANALYSIS & INTERPRETATION
  22. 22. 22 DATA ANALYSIS & INTERPRETATION 1. Do you think that, technology made impact on financial services from your joining? Graph no.1 Table no.1 Response No of Respondents Percentage Yes 20 100% No 0 0% Total 20 100% Interpretation:-  100% of respondents say’s yes, technologymade impact on financial services. 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Yes No Series1
  23. 23. 23 2. Whether technology made impact on your financial Position. Graph no.2 Table no. 2 Response No of Respondents Percentage Not at all 0 0% Just a little 0 0% somewhat 0 0% moderately 0 0% Quite a lot 2 20% Very much 18 80% total 20 100% Interpretation:-  20% respondent’s feels that technology made impact on their financial Position quite a lot.  80% respondent’s feels that technology made impact on your financial Position very much. Series1 0 1 2 3 4 5 Series1
  24. 24. 24 3. Whether technology made impact on your customer satisfaction. Graph no.3 Table no.3 Response No of Respondents Percentage Not at all 0 0% Just a little 0 0% somewhat 0 0% moderately 3 15% Quite a lot 2 10% Very much 15 75% total 20 100% Interpretation:-  15 % of respondents feel that technology made impact on their customer satisfactionmoderately.  10 % of respondents feel that technology made impact on their customer satisfactionquite a lot.  75%of respondents feel that technology made impact on their customer satisfaction Very Much. 0 5 10 15 Series1
  25. 25. 25 4. Technologies assist to increase productivity. Graph no.4 Table no.4 Response No of Respondents Percentage Not at all 0 0% Just a little 0 0% somewhat 1 5% moderately 2 10% Quite a lot 4 20% Very much 13 65% total 20 100% Interpretation:-  5% of respondents feel that Technologies assist to increase productivitysomewhat.  10% of respondents feel that Technologies assist to increase productivitymoderately  20 % of respondents feel that Technologies assist to increase productivity quite a lot.  65% of respondents feel that Technologies assist to increase productivityVery much. 0 2 4 6 8 10 12 14 Series1
  26. 26. 26 5. Whether Technology made impact on Employee Satisfaction. Graph no.5 Table no.5 Response No of Respondents percentage Not at all 0 0% Just a little 1 5% somewhat 0 0% moderately 0 0% Quite a lot 9 45% Very much 10 50% total 20 100% Interpretation:-  05% of respondents feel that Technology made impact on Employee Satisfaction just a little.  45% of respondents feel that Technology made impact on Employee Satisfaction quite a lot.  50% of respondents feel that Technology made impact on Employee Satisfaction very much. 0 2 4 6 8 10 Series1
  27. 27. 27 6.Whether technology made impact on cost of transaction. Graph no.6 Table no.6 Response No of Respondents Percentage Not at all 0 0% Just a little 0 0% somewhat 2 10% moderately 4 20% Quite a lot 4 20% Very much 10 50% total 20 100% Interpretation:-  10% of respondents feel that technology made impact on cost of transaction somewhat.  20% of respondents feel that technology made impact on cost of transaction moderately.  20% of respondents feel that technology made impact on cost of transaction quite a lot.  50% of respondents feel that technology made impact on cost of transaction very much. 0 1 2 3 4 5 6 7 8 9 10 Series1
  28. 28. 28 7. Whether technology made impact on Profitability of your Organization. Graph no.7 Table no.7 Response No of Respondents Percentage Not at all 0 0% Just a little 0 0% somewhat 0 0% moderately 0 0% Quite a lot 5 25% Very much 15 65% total 20 100% Interpretation:-  25% of respondents feel that technology made impact on Profitability of your Organization quite a lot.  65% of respondents feel that technology made impact on Profitability of your Organization very much. 0 5 10 15 Series1
  29. 29. 29 8. Whether technology tool for competitive advantage. Graph no.8 Table no.8 Response No of Respondents percentage Not at all 0 0% Just a little 0 0% somewhat 0 0% moderately 5 25% Quite a lot 3 15% Very much 12 60% total 20 100% Interpretation:-  25% of respondents feel that technology tool for competitive advantage moderately.  15%of respondents feel that technology tool for competitive advantage quite a lot.  60%of respondents feel that technology tool for competitive advantage Very much. 0 2 4 6 8 10 12 Series1
  30. 30. 30 9. Whether Technology tool for Grab the Market share. Graph no.9 Table no.9 Response No of Respondents percentage Not at all 1 5% Just a little 2 10% somewhat 2 10% moderately 4 20% Quite a lot 5 25% Very much 6 30% total 20 100% Interpretation:-  05%of respondents feel that Technology tool for Grab the Market share not at all.  10%of respondents feel that Technology tool for Grab the Market share just a little.  10%of respondents feel that Technology tool for grab the Market sharesomewhat.  20%of respondents feel that Technology tool for Grab the Market sharemoderately.  25%of respondents feel that Technology tool for Grab the Market sharequite a lot.  30%of respondents feel that Technology tool for Grab the Market shareVery much. 0 1 2 3 4 5 6 Series1
  31. 31. 31 10. Whether Technology is tool for time management. Graph no.10 Table no.10 Response No of Respondents Percentage Not at all 0 0% Just a little 0 0% somewhat 0 0% moderately 0 0% Quite a lot 5 25% Very much 15 75% total 20 100% Interpretation:-  25%of respondents feel that Technology is tool for time managementquite a lot.  75%of respondents feel that Technology is tool for time management Very much. 0 2 4 6 8 10 12 14 16 Series1
  32. 32. 32 11. Whether Technology is issue for Employee turnover. Graph no.10 Table no.11 Response No of Respondents percentage Not at all 6 30% Just a little 4 20% somewhat 2 10% moderately 0 0% Quite a lot 5 25% Very much 3 15% total 20 100% Interpretation:-  30%of respondents feel that Technology is issue for Employee turnoverNot at all.  20%of respondents feel that Technology is issue for Employee turnover Just a little.  10%of respondents feel that Technology is issue for Employee turnoversomewhat.  25%of respondents feel that Technology is issue for Employee turnoverquite a lot.  15%of respondents feel that Technology is issue for Employee turnoververy much. 0 1 2 3 4 5 6 Series1
  33. 33. 33 12. Whether Technology is tool for achieve the Annual Target. Graph no.12 Table no.12 Response No of Respondents percentage Not at all 0 0% Just a little 0 0% somewhat 0 0% moderately 0 0% Quite a lot 3 15% Very much 17 85% total 20 100% Interpretation:-  15%of respondents feel that Technology is tool for achieve the Annual Target quite a lot.  85%of respondents feel that Technology is issue for Employee turnoververy much. 0 2 4 6 8 10 12 14 16 18 Series1
  34. 34. 34 13. Whether technology is tool for enhance the employee Performance. Graph no.13 Table no.13 Response No of Respondents percentage Not at all 0 0% Just a little 4 20% somewhat 5 25% moderately 0 0% Quite a lot 0 0% Very much 11 55% total 20 100% Interpretation:-  20%of respondents feel that technology is tool for enhance the employee Performance just a little.  25%of respondents feel that technology is tool for enhance the employee Performance somewhat.  25%of respondents feel that technology is tool for enhance the employee Performance very much. 0% 20% 40% 60% 80% 100% Series1
  35. 35. 35 14. Whether technology lead to gap in communication in origination. Graph no.14 Table no.14 Response No of Respondents percentage Not at all 8 40% Just a little 5 25% somewhat 0 0% moderately 0 0% Quite a lot 5 25% Very much 2 10% total 20 100% Interpretation:-  35%of respondents feel that technology lead to gap in communication in origination not at all.  25%of respondents feel that technology is tool for enhance the employee Performance just a little.  25%of respondents feel that technology is tool for enhance the employee Performance quite a lot.  10%of respondents feel that technology is tool for enhance the employee Performance very much. 0 1 2 3 4 5 6 7 Series1
  36. 36. 36 15. You analyze that, the technology made impact most on. Graph no.15 Table no.15 Response No of Respondents percentage marketing 1 05% Finance 2 10% Human Resource 5 25% Opration management 12 60% 20 100% Interpretation:-  05%of respondents feel that technology mostly impact on Marketing.  10 % of respondents feel that technology mostly impact on finance.  25% of respondents feel that technology mostly impact on human resource.  60% of respondents feel that technology mostly impact on opration management. 0 2 4 6 8 10 12 marketing Finance Human Resource Opration management Series1
  37. 37. 37 FINDINGS & RECCOMENDATIONS
  38. 38. 38 FINDINGS  During this research study, it is found that technology has a profound impact on overall financial services.  This study finds that appropriate & balance use of technology definitely fetch good customer satisfaction for the organization through good kind of service deliver to them on time and at an affordable cost.  Technology mostly impact on operation management in a positive way.  Technology has again helps to create a good working environment for employee resulting a better job satisfaction for employee.  A significant relationship is found for the employee turnover.
  39. 39. 39 RECCOMANDATIONS  Provide support to innovations (processes and financial products) in a more systematic manner, with pre-feasibility studies and pilot tests to ensure that key stakeholders contribute to design and better manage risks.  Technology affects overall organization so adopt new technology which may lead to higher profit.  Outdated technology leads to higher cost so there need to adopt new technology according to upcoming time.
  40. 40. 40 CONCLUSION
  41. 41. 41 Conclusion: Technology has facilitated our lives and the recent century has bear witnessed to our dependency on technology; therefore, its performance is crucial in determining our success or failure. This is why it is imperative to find solutions to the ethical and social behavioral issues caused by technologies. In the mean time, it is essential to keep developing and considering new ideas to improve the use of technology in financial related businesses while taking in consideration their impact on ethic and society. Improving current technologies will help gather information faster in order to perfect and expand better decision making. From the above study we can conclude that technology affect overall organization. The attention toward the technology is very important because technology is very flexible thing for change .the technology made impact on financial position, employee performance, and customer satisfaction .the technology may lead to low cost transaction of organization.
  42. 42. 42 BIBLOGRAPHY
  43. 43. 43 BIBLOGRAPHY The secondary data collected from Books:  “Financial Services’ of M.Y.Khan  “Management of Financial Services”, of Deep and Deep Publications, 1996 - Capital market,  “Impact of Technology on Financial Services”By djmarkol | November 2008 Website:  www.investmentguruindia.com  www.gurufocus.com  www.shodganag.com Magazines/Journals:  Dr. Meeta Nihalani, Head, Department of Management Studies, Jai Narain Vyas University, Jodhpur,” THE IMPACT OF TECHNOLOGY ON THE MARKETING OF FINANCIAL SERVICES” at Annals of Management Research, Volume 1, Number 1, and September – October 2011.  Allen N. Berger, Board of Governors of the Federal Reserve System, Washington, DC 20551 U.S.A. “ THE ECONOMIC EFFECTS OF TECHNOLOGICAL PROGRESS: EVIDENCE FROM THE BANKING INDUSTRY” at Forthcoming, Journal of Money, Credit, and Banking, Volume 35, 2003.  William J. Wilhelm, Jr., Boston College,“INTERNET INVESTMENT BANKING: THE IMPACT OF INFORMATION TECHNOLOGY ON RELATIONSHIP BANKING” at Journal of Applied Corporate Finance, spring 1999
  44. 44. 44 ANNEXURE
  45. 45. 45 ANNEXURE IMPACT OF TECHNOLOGY ON FINANACIAL SERVICES (Confidential, For Research purpose only) Name of Respondent (Desirable) :________________________________ Correspondence Address : ________________________________ Mobile/Residential ph.no :________________________________ Designation :________________________________ Experience :________________________________ Questionnaire (Note: (1) for Not at all, (2) for Just a little, (3) for somewhat, (4) for moderately, (5) for Quite a lot and (6) for Very much) 1. Do you think that, technology made impact on financial services from your joining? Yes No 2. Whether technology made impact on your financial Position. 1) 2) 2) 3) 3) 4) 5) 6) 3. Whether technology made impact on your customer satisfaction. 1) 2) 3) 4) 5) 6) 4. Technologies assist to increase productivity. 1) 2) 3) 4) 5) 6) 5. Whether Technology made impact on Employee Satisfaction. 1) 2) 3) 4) 5) 6) 6. Whether technology made impact on cost of transaction. 1) 2) 3) 4) 5) 6) 7. Whether technology made impact on Profitability of your Organization. 1) 2) 3) 4) 5) 6)
  46. 46. 46 8. Whether technology tool for competitive advantage. 1) 2) 3) 4) 5) 6) 9. Whether Technology tool for Grab the Market share. 1) 2) 3) 4) 5) 6) 10. Whether Technology is tool for time management. 1) 2) 3) 4) 5) 6) 11. Whether Technology is issue for Employee turnover. 1) 2) 3) 4) 5) 6) 12. Whether Technology is tool for achieve the Annual Target. 1) 2) 3) 4) 5) 6) 13. Whether technology is tool for enhance the employee Performance. 1) 2) 3) 4) 5) 6) 14. Whether technology lead to gap in communication in origination. 1) 2) 3) 4) 5) 6) 15. You analyze that, the technology made impact most on ….. Marketing Finance Human Resource Operation management

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