Banking and Finance in the Future
Banking and finance are among the most dynamic sectors which highly utilize information systems and technology. As a result, within a short period of time, chances are, much happens regarding the information systems management in controlling the operations. Increased competition in Banking and Finance industry necessitates the need towards increased information systems collaboration. I envision that by 2027, collaboration in the Banking and Finance industry will be characterized by increased virtual reality and data sharing. In this case, banks will be operating remotely with few headquarters. Clients will get a chance to make withdraws by submitting a request and getting their withdrawn amount delivered to them in real time. Just as MacDonald operates by delivering packages to clients, Banking and Finance sector will be in the from line saving the clients’ time and improving the effectiveness.
Advantages of Future Collaboration
These vision will have advantages in the future such as cutting the cost of operation for the companies. Every firm operates will an aspiration of avoiding cost related with paying premise rent and other related charges, as a result, by 2027, companies operating virtually will avoid the set-up cost hence proving future collaboration as advantageous. However, the major disadvantage of future collaboration in information technology will be increased online crimes such as hacking. Specifically, for a banking sector, cyber threats are detrimental if the clients’ funds are redirected by cybercriminals.
