ICT includes all digital technology that assists individuals, businesses and organizations in using information. It covers all electronic products that deal with information in a digital form. Therefore, ICT is concerned with digital data storage, retrieval and transmission.
The use of ICT in the business environment is becoming more and more necessary. It is usually based on the type of business involved regardless of its size or type. ICTs can help cut costs, create better opportunities and offer competitive advantage in today’s business environment. ICT has the potential to accelerate economic development by: Promoting economic growth through facilitating the generation of new income sources, new job creation as well as the expansion of existing jobs to accommodate new employees and promoting work efficiency. ICT can assist business activities including design, manufacturing, R&D, distribution and sales and feedback.
ICT platforms can be used to promote and ensure urbanization which became the norm of life of the twenty first century and poses one of the most critical challenges to achieve economic development and better standard of living.
Looking at current financial services, they are all molded based on creating a faster, more efficient service for customers, which focuses towards more mobile-based quicker options. Since cloud-based technology information is so often used, the importance of information technology is incredibly vital.
In addition, when looking for information technology, mentees must look at the entire global financial systems in place which allow this type of technology to thrive and function at an entire global level. The role of information technology in finance allows financial institutions to constantly attain new info at the same rate as their competition. The impact of information technology on financial services also allows customers to be able to easily complete online transactions, which creates a better convince in finance, allowing for the development of information technology and initially creating a faster and efficient service.
