Financial Industry

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Digital Technology and Financial Industry Name University Affiliation Date How Digital Technologies Are Profoundly Transforming the Industry Technology is drastically changing day in day out; hence all sectors are adjusting to fit in the latest global world. According to Scardovi (2017), the financial industry is one of the sectors that is receiving profound transformation due to digital technologies. For instance, the way people bank is slowly changing to technological advancements. The financial markets are also changing drastically in several ways. For example, unlike in the past when one had to visit a bank for any transaction such as cash withdrawal or deposit, currently this can be done without having to really hit the financial institution. With the latest digital technologies expansion of banks through opening up of new branches in different streets is also decreasing with some financial services shutting down some of their departments. The transformations result from the introduction of advanced and transformed tools, thinking, and user applications in the industry (Deshmukh, 2006). With the high level of mobility people are altering the manner in which they bank, shop, and pay for goods and services. Additionally, more people who did not have accounts in the past can get bank accounts and other financial accounts thanks to digital technology. Digital technology allows access to monetary solutions and services to people who would never have the privileges to access them. The industry is also changing to a more innovative industry thanks to digital technology. For instance, as Choi & Chin (2015) explain, the traditional modes of running businesses are

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