The Influence of Information Communication Technology on Financial Management

Abstract

Problem Statement: The major drawbacks attached to using olden methods of operation for financial management have been a major catalyst to the adoption of the fast growing Information Communication Technology in Financial Management. The major benefits and advantages of using this method are inestimable. Thus, there is need for presenting up-to-date information in this domain. Aim: This paper presents up-to-date reference about Information Communication Technology influence on financial management. Scope of Study: Basic fundamental information is also presented. The concepts of Information Communication Technology and Financial Management were explained. The components, elements and categories of Information Communication Technology in Financial Management were explained. Stock markets and banking sector were referenced as typical financial institutions using Information Communication Technology. Conclusion: However, some drawbacks of utilizing Information Communication Technology in Financial Management were noticed in the course of investigation and were presented in the paper.   Limitations: Future studies should look into the application of machine learning (such as artificial intelligence, robotics, automation and so on) to improve the influence of information communication technology on financial management. Further studies should be conducted on the applications of information communication technology in different financial management organizations to observe the variations in the ICT influence.