Introduction
Technology has taken most of the sections in the world and brought new developments. The financial sector has embraced the change and used it to improve all the operations. Information and technology advancements have improved the banking system which ensures customer satisfaction, makes easy the operations of the workers and the financial industry is able to improve. As time moves on, more improved methods are being discovered, which the financial industry can adopt to help improve their operations. With the improved functioning, clients can be able to manage their investments and savings thus resulting in value addition (World Bank., & International Monetary Fund, 2005). However, there are some challenges associated with the advanced technology since it is expensive to establish. Despite that, the financial system will benefit more from adopting of improved technology.
Research Question
How has advanced technology methods solved security and savings issues experienced at Central Bank?
Proposed Methodology
Challenges faced at central bank
The financial sector is faced with different problems such as people being unable to control their funds, thus an issue which is associated with the problem. There are fraud cases and funds embezzlement since the security systems are not tight enough and provide chances of theft. Carrying out this research will help build knowledge on how the technology can be used and offer chances of effective learning on the improved methods of advanced technology. It offers knowledge to those people in the financial business and those aspiring to join so that they can learn the importance of adopting improved technological methods.
The research will be an aid to the success of the business and job search. Most successful companies have done so through determining the methods they can use to satisfy their customers, who are the most important part of the business. Different improvements can be made, and new opportunities opened such as online investments which will improve the profit making. The research will offer means to understand the different issues associated with advanced technology in the financial industry. The financial sector had evolved over a period of time, since when only business men used to be the owners of the banks and financial institution, to where all people have chances to develop their lives through savings and investments.
The research will be able to support the truths and prove lies associated with the technology in the financial system. Some of the truths are such of improved security and safety of the finances of different people and each saver being able to manage their finances. The lies which might be associated with this are increasing fraud cases as there are hackers who can access different banks and hack into the systems and steal the cash. The research will open other chances to more research on how advancements can be made to the financial system specifically so that it can offer best to the clients (World Bank., & International Monetary Fund, 2005).
Literature review
There, has been previous research carried out on the application of advanced technology in the financial system. There has been discovered that technology has changed the financial sector in different methods. Technology resulted in deploying of highly focused services and products. There were innovators in the past who tried to often replicate the entire bank thus business models resulted which appealed to price-conscious customers. In the present, the innovators are targeting the intersection between the incumbents’ high profitability and high areas of customers’ frustration. The technology was found to be using data strategically such as clients’ data for decision making processes in the banking system. With the use of devices such as phones, people are more connected to their bank accounts and can be able to control them, though not entirely. Technology application in the financial system is capital light and platform based. There are sites which the customers can offer which allow the customers to grow revenues while the costs are kept low (World Bank., & International Monetary Fund, 2005). The overall benefits of technology are that it leads to improvement and expansion of the business. Investment can be made easily since an individual is able to control their finances, decide on which banks to apply in saving, withdraw and depositing cash is much easy. With more research and advanced methods discovered, the financial sector will improve its operations, and the customers will benefit most.
Sources of Information, Organizations and Individuals to be Approaches
Interrogation of individuals who took part in the Central Bank from the time when there were no computers in the banks, to introduction of the technology and witnessing of the various advancements being made. The people and the organization will provide primary data since the individuals will talk from their experience while recording was done depending on the experience that was seen at that time (World Bank., & International Monetary Fund, 2005).
Data collection
Primary data was collected using two methods which are surveys (focus groups) and individuals interviews. Individual interviews were carried out on those people who have experienced the revolution of technology application in the financial sector. These personals were recommended by the sample banks which were selected for the study. The questions they were expected to answer on the way the operations were when they were manual and what changed. The satisfaction and efficiency level associated with the introduction of electronic methods and the advancements over time which has been achieved.
The survey will be done on the selected 50 banks. They will be used as data sources where all their history will be looked into. The banks will be looking into offer their previous operations before the computers were introduced. Focus groups were formed which ensured that data was gathered from first hand. A comparison and contraction will be carried out on the different methods that were used to install the technology, how each bank technological methods improved over time. A study on the challenges associated with the methods will be carried out which will help to determine the types of improvements that require being carried out, to make sure no loopholes that might destroy instead of improving business. The level of satisfaction of the banks, their workers and customers will also be measured.
Market Research
Interviews to various customers selected from the Central Bank were done. It was meant to determine the level of satisfaction and how the improved technology has improved their lives and changed the banking experience. Questionnaires will also help collect data on customer preferences and satisfaction.
Findings
Weaknesses and Solutions
Data analysis
Data analysis was carried out through hypothesis testing. The hypothesis that had been made was that technology had caused a positive turn in the financial industry and it was proven to be an alternative. It was also proven that customer satisfaction improves with improvements in technology.
Project timescale
The project took two months since getting the data from fifty banks was time consuming.
Anticipated Difficulties
Difficulties in data collection since not all people are cooperative when it comes to providing information. The method was expensive as it needed travelling to the sample banks to collect data. With all the data collected, from the 50 banks that were selected from the study, there were some issues when it came to analysis thus some errors to prove the role technology has played in improving the banking system.
Conclusion and Recommendations
It can be concluded that technology has improved the entire financial system since the benefits outweigh the disadvantages. There are some issues which are associated with improved technology; however, with establishing the best systems though expensive, the banks can benefit best. More research will help come up with better technological methods on how to maximize profit and customer satisfaction. The financing system deals with people's cash, and it is necessary to create a trust relationship with the people. It begins with showing them that their cash is safe and technology use is the best way (World Bank., & International Monetary Fund, 2005).
I would recommend adopting the advanced technology to all the banks which are slow to adopting the method. All the banks should indulge in further research which will help establish the best information technology to use while installing the improved methods to make sure that all loopholes will be prevented. It is important to consult the customer as well so that the data can be used in making important decisions which will ensure their satisfaction. Highly trained staff should be used since they are not likely to make any mistakes. With the implementation of these methods, the financial industry will continue to benefit from the advanced technology.
Reference
World Bank., & International Monetary Fund. (2005). Financial sector assessment: An handbook. Washington, D.C: World Bank and International Monetary Fund.
