Fast technological advances in information technology literally make every financial-service customer into a mobile "branch office."
There will be less and less need to ever visit the brick-and-mortar office facilities of a financial institution. Fewer employees will be needed in the financial institutions sector and, eventually hundreds, if not thousands, of full-service branch offices may be closed. The financial-services business clearly is in transition from a labor-intensive industry to a capital-intensive one that relies more and more upon automation and electronic processing.

Question

Quizplus · Accepted Answer

The rapid advancements in information technology have indeed transformed the way financial services are delivered, making it possible for customers to conduct transactions and access services remotely, thus reducing the necessity for physical branch visits. This shift towards digital platforms is leading to a decrease in the need for traditional brick-and-mortar branches and personnel, as more services are automated and handled electronically.

Fast Technological Advances in Information Technology Literally Make Every Financial-Service