Information Technology and Financial Services
The historic links between financial services and information technology (IT) reveal very well the active role the sector has played as a source of innovation in commercial computing via the user-led mechanism. This chapter examines this relationship, together with the state of the art in IT and its applications in financial services. Major artefactual instrumentalities in the sector, like customer-service automation and decision support, are surveyed. As late as the 1970s, the majority of applications software in the financial sector was written in-house. Today, the range of packages continues to grow, demonstrating that the gap between products and requirements remains and necessitates the retention of in-house IT skills by organizations. This chapter traces the development of financial sector IT and considers the impact on the types of expertise organizations have had to deploy in order to make applications viable.
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