To be more specific, technological changes relating to telecommunications and data processing have spurred financial innovations that have altered bank products and services and production processes. The commercial banking business has changed dramatically over the past 25 years, due in large part to technological change.1 Advances in telecommunications, information technology, and financial theory and practice have jointly transformed many of the relationship focused intermediaries of yesteryear into data-intensive risk management operations of today.Į-banking allows customers of a financial institution to conduct financial transactions on a secure website operated by the institution, which can be aretail or virtual bank, credit union or building society.Ĭonsistent with this, we now find many commercial banks embedded as part of global financial institutions that engage in a wide variety of financial activities.
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