The Use of Technology in Finance

Changes in Industry Structure

From the past eras, activities undertakings in the world have changed very much with everything turning the technology way. From the money transfer, purchase of goods and services, banking, studying, entertainment, and much more have adopted the technology trend, and every other sector needs to beef up with this trend. In organizations, most of the department operations are hi-tech, where strong technology platforms and infrastructure are employed (Santarelli, 1995).

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Most organizations have Information Technology Departments that deal with technology infrastructures and updates to cope with the outside environment (Mullineux, 2003). Finance is a very crucial docket even in the government as money controls all the resources in an area. For the enterprise to have a good flow of money and resources, it needs a good platform on the flow and management of finances (Lyman, Pickens, & Porteous, 2008). Technology-based methods of control of finances help to keep good track records of all the money activities. Many platforms like the wireless finance in mobiles, ATMS, credit and debit cards, PayPal, wire transfer, and much more have a lot of significance in finance. The face brought by technology in the finance platform is superb, and the world cannot just ignore the fact (Kleijnen, Wetzels, & de Ruyter, 2004). Because of this changes in the world it is good to discuss deeply the use of technology in the field of finance (Shide & Xuan, 2011). Basing on the article “Consumer acceptance of wireless finance” by Kleijnen, Wetzels, & de Ruyter (2004), this paper evaluates different aspects that lead to the improved aspects of acceptance in the wireless finance.

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Using the Technology Acceptance Model (TAM) from the journal, wireless finance, especially the mobile, the internet, bank, and much more payments, increases the worth of the business. Clients mostly require the firms that provide effective and efficient services, and where they can transact business at the convenient banks (Seese, Weinhardt, & Schlottmann, 2008). As it was the case in the traditional days a client used to meet with sellers so that business and exchange of goods and services can take place. Currently, most businesses use online money transfers even without the sellers meeting the buyers (Lyman, Pickens & Porteous, 2008). Buyers only place orders on the sites of supplying companies and make payments using their handsets, where the order is processed. There are a lot of companies that have adopted these methods of payment, which attract many clients into their businesses as compared to those who do not have the services. As this, the method improvises on an improved security of money and business processes, which clients and business dealers value so much. Companies and businesses that adopt this method in their business undertakings have a competitive advantage over those that have not yet adopted it. Customers prefer to deal with secure methods and partners than with enterprises, which are lagging behind technology.

Implementing the process of wireless payments and money transfer is very expensive as it uses the internet. Therefore, companies, which implement these methods of wireless transfer, should make proper strategies on how to incorporate the clients and other stakeholders (Santarelli, 1995). Hackers are also at large and look for a slip in the Company’s Information Technology Department so that they can hack and access valuable information regarding undertakings. Therefore, in case of competition firms with the best and well-secured systems get many customers subscribing to their services. For example, in December, 2013, there was a hiccup in the Wal-Mart’s systems (Lyman, Pickens, & Porteous, 2008). Hackers were able to access its stores and read numbers of debit cards and clients’ details. This case saw Wal-Mart sued by financial institutions for customers. Therefore, it is good to implement better and world class systems and technology for the business to succeed over the others.

Impact of Changes in Information Technology

In finance, there is the capital structure and rationing for investors. Saving and spending money in the order of investment is crucial as people cannot invest what they have not saved. Better technology enhances people to save and change their perspective about banks (Seese, Weinhardt, & Schlottmann, 2008). People access their bank statements through their handsets and computers and this motivates them. From the past, when there was no growth and less was known about TechFinance, people used to save money in their houses and lend to friends (Kleijnen, Wetzels, & de Ruyter, 2004). However, with banks, people save a lot and make growth of the industry of finance and its undertakings easier.

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Savings and interest growth rates offered by financial institutions provide people with a chance to save and access their money any time. ATMs help people to access money any time of the day or night from their bank accounts without any disturbances or multiple processes (Santarelli, 1995). These aspects accelerated the growth of finance industry in the 1990s and now attract everybody. Mobile banking wraps most of the merits of the use of technology in finance. In the areas, where they cannot access ATMs and bank services, people use their mobile phones. M-pesa, as it is simply known in some countries, a mobile-phone based money transfer and microfinancing service, helps users to send and receive money from people with the same service in their mobile-phones. In institutions, the management has to make sure that their services go in line with the current technology. For example, in a hotel, the management makes sure that they offer phone payment services, where clients pay using their mobile-phones. This action is done through the pay bill numbers, which is more convenient and secure. Therefore, in the management decision-making processes, they have to make sure that they incorporate these changes and make them efficient for their clients. Management in institutions should realize that offering debit and credit card transactions is not an option anymore, but a must perform activity (Santarelli, 1995). Therefore, when designing and planning for business growth, the machine involved in these transactions is a must. If the management fails to handle these issues, it faces an avalanche of customers moving to the well-designed businesses, which suit their demands (Freedman, 2006). These cases of debit cards and wireless transfers enable clients to access their saved money and cater for their expenses.

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Books of Account

There are many changes in the way companies and enterprises prepare and keep their books of account records. The technology arena has improved and changed the mode of records storage. There is the computer software designed to cater for the accounting and record keeping in institutions (Shide & Xuan, 2011). QuickBooks, SAGE, and PASTEL are three the main accounting packages used by institutions to preserve their books. This case has changed the businesses’ undertakings, where a lot of activities take the technology way. In the past, the accountants used to hold and keep a lot of files that comprised of the company cash dealings (Ilyina & Samaniego, 2008). Sometimes these files were very enormous, and there were a lot of mistakes with the figures delivered. It required much time for petty accountants and other accounts department staffs to record activities in the enterprise. Nowadays, there is no much dealing with files and cash as businesses have advanced in the usage of technology. The accounting packages help accountants to pu undertakings in the system. After posting the monies and activities, these accountants then scan the receipts and keep them in soft copy. The scanned receipts are burned, and offices remain tidy.

There is no way fraudsters can manipulate the amount entered in the system, and business activities go smooth. In case of online transactions, accountants only take bank statements and see what clients have deposited as a result of the receipts presented (Santarelli, 1995). These activities make auditing easier and ensure accuracy in the accountants’ work. These are the benefits and uses that any management cannot ignore or omit in their business. It is the duty of management to make sure that systems work well and record each and every activity that the company does (Ilyina & Samaniego, 2008). The linkage between the company and the bank should be well designed to provide quality and well-updated statements. In the hiring of employees, especially in the accounting department, the management should ensure that the candidates possess the required skills and expertise. The use of technology in finance also adds a challenge to the long-serving employees as they should undertake courses related to technology.

Financial Impact on the Changes in the Use of Technology in Finance


Of course, companies use a lot of money and expertise to research and implement on the wireless finance for the benefits of their clients. As this process increases the competitive advantage of the enterprise, there are huge costs incurred by the companies and investors. These costs make the cost of doing business skyrocket and mostly, these costs pass to the consumers. In the first instance, the client incurs expenses on the transfer of funds, which increases with the amount transacted. In the transfer fees, some portion goes to the service provider, and the rest of money goes to the company for maintenance of the system. Second, as the company uses some expertise and resources to install the system, the costs of goods and services also go up. The reason for this going up of costs is also the case for increased salaries of employees who work with the system. All these costs pass to consumers as they will also need to register their phones in the required services.

Access to Capital

By investing in the recent technology, such as wireless finance and transactions, the company gets chances to grow tremendously and gain better financial position. The stamina with sales and handling of the company’s operations makes the company a suitable place for investors. As the implementation of these services is very costly, it gives the investors trust on the company’s operations (Kleijnen, Wetzels, & de Ruyter, 2004). Therefore, the company gets the advantage to access capital from potential shareholders easily. Therefore, in the access to the capital, the company, which employs the wireless finance, is on the higher notch to acquire and access more capital very easily.


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As expected, there is the decline in sales and performance once a company adopts new strategies. Therefore, as the running curve takes between employees and clients, revenues will decline in the short-run of the business (Kleijnen, Wetzels, & de Ruyter, 2004). Once most of the clients subscribe to the wireless transfer, and it becomes stable, massive boost and revenues rise tremendously. As prices of goods and services increase, the company experiences high revenues over the years. There is also the advantage of more clients accessing and doing business with the organization as is easier. This fact adds tokens to the company’s revenues.


Uncertainties in business dealings kill the business morale and productivity of organizations’ banks (Seese, Weinhardt, & Schlottmann, 2008). There is no any instance that the technology will decline in usage or become extinct. Therefore, once the business implements and adopts the wireless finance well, there are no much risks in future. The money transfer goes on well, and the business leaps greatly from these undertakings.

Strengths and Weaknesses


The argument has a lot of boost from the current trends and the continuous growth in technology (Kleijnen, Wetzels, & de Ruyter, 2004). As many firms compete to have the best form of technology in the world, this arena grows and develops very fast. Another advantage is that people have access to mobile phones and the internet, where this wireless finance will take place efficiently and very fast (Santarelli, 1995). Therefore, no one is against the technology and all due processes are involved with it. There is support for all stakeholders, implementation of the system is easy, and there are well-designed platforms to implement it.



The weaknesses are very few. They include lack of resources to adopt these very expensive service and processes (Ilyina & Samaniego, 2008). Another weakness is the lack of experienced and skilled employees to handle these services once adopted.


As for the research taken and analyzed, there is a strong need to acquire the wireless finance technology in the everyday undertakings. The article differentiates adoption of the technology with age differences, where the middle-aged are the favorites. Therefore, in case of advertisement for services, it is good to place adverts that attract this age group. As the technology moves ahead, there is the need to make everything technologized. The benefits leaped from these services are countless, and accuracy enhancement in the businesses and companies needs to enhance clients and train employees on the positive effects of wireless finance. The paper explains all the areas required to make the process a success and to make sure that people adopt it with ease. As in the early years businesses took a lot of time to pick and start making profits, the paper shows that wireless finance provides positive improvements. These improvements make the companies get more revenues and access more competitive advantages.


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