CHAPTER 1

INTRODUCTION

Rationale

In this millennium, it isn't a surprise already that most establishments run with the

aide of technology. Even to the smallest suburbs and the smallest micro-economics,

technology is evidently used as tool for work efficiency. For instance is the use of cash

registers. Though, it cannot be denied that not everyone in industries use technology

and still relly on manual labor. Most common are those in the financial service industry.

These include not only banks but also all those establishment that relate to money. A

more common example are the merchants of various goods. While big malls are into

technology usage, small store merchants still prefer the manual labor.

Being part of the millennial generation and soon-to-be part of industries, the

researchers' interest was triggered. Thus, they decided to conduct this study on: "The

Impact of Technology to the Financial Service Industry" to evaluate the effects of the

usage of technology in the service industry.

This study aimed to answer questions such as: What is the company profile of

the financial service in terms of name, type of financial service offered, location, years of

existence, and number of employees? What are the technologies used in the industry

including their quantity? And how does technology impact the financial service industry

in terms of industry structure, legal/regulatory environment, financial service delivery

system, consumer interests, and safety and soundness of the industry?

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 The answers behind these questions are aimed to bring awareness to future

industrialist, technicians, managers and supervisors, businessmen, and all those

involved in the industry. Recommendations on usage of technology in the industry will

also be of help in customer satisfaction and workforce efficiency.

Statement of the Problem

With the study conducted on "The Impact of Technology to the Financial Service

Industry", the researchers specifically sought to answer the following queries:

1. What is the company profile of the financial service in terms of:

1.1 name,

1.2 type of financial service,

1.3 location,

1.4 years of existence, and

1.5 number of employees?

2. What are the technologies used in the industry including their quantity?

3. How does technology impact the financial service industry in terms of:

3.1 industry structure,

3.2 legal/regulatory environment,

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 3.3 financial service delivery system,

3.4 consumer interests, and

3.5 safety and soundness of the industry?

Significance of the Study

The researchers chose to conduct a study on this particular topic because they

would like to find out the impact of technology among those in the financial service

industry. The researchers believe that the study is deemed significant to the following:

To the merchants or businessmen, this will help them evaluate the use of

technology in their industry. This will pinpoint both the positive and negative impact of

technology, giving room to improvement while leading the company to future progress.

This study can also be of significance to the employees, who have been the first

in-line when it comes to giving service. This will help them realize the importance of

technology in doing their tasks efficiently and satisfactorily.

This is also deemed significant to the customers, who are the ones receiving the

services. Through this, as businessmen realize the huge impact of technology, more

comfort and ease in receiving the services can be foreseen in their future services.

To the aspiring industrial technologists and engineers, this will serve as an

inspiration and promising future to build more and more technology widely-demanded in

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the financial service industry. Considering the workload to be aided, their creativity will

be challenged to design more tools and facilities that make tasks done with efficiency.

This can also be helpful to the other researchers who are very much interested in

making a research of the same or of relation to the topic. This study can serve as a

basis and source for further studies, discoveries, analysis on stress, and can even

expound the scope of this study.

Hypotheses

Technology has no impact to financial service providers.