9. Technology Flashcards
(34 cards)
What does MIS stand 4?
Management Information Systems
What is MIS?
A system that provides electronic storage of business. The use of MIS allows employees to access and retrieve this data quickly, improving decision-making processes and optimizing operational efficiency.
What type of data does MIS store?
customer data, sales records, inventory levels, and financial transactions
What is Fintech?
Technology being intergerated in to financial services
Eg mobile banking, online payment systems, blockchain technology
What does Fintech stand 4?
Financial Technology
What are advantages of Fintech
Fintech solutions enables businesses to enhance financial transactions, improve customer experiences, increase security measures, and optimize financial management processes.
Service Delivery: Transactional chat bots
These automated systems can handle routine transactions, such as invoicing and data entry, efficiently and accurately, reducing the need for manual intervention and freeing up resources for more complex tasks.
Service Delivery: Digital assistants and robo-advisers
- Provide personalized financial advice and recommendations to clients
- Analyze data, make predictions, and offer tailored solutions
Service Delivery: Financial loyalty apps
-Offer rewards and incentives to their clients for using their services. By encouraging customer loyalty, these apps can drive repeat business and enhance customer satisfaction.
Service Delivery: Payment gateways for merchant sites
- Secure online transactions, enabling accounting service providers to accept payments from clients on their websites. This convenient and efficient method of payment processing streamlines the billing process and improves cash flow.
Service Delivery: Moblie wallets
- Manage their finances conveniently through their smartphones
- Accounting service providers can cater to the growing demand for mobile-centric financial transactions and simplify payment processes for their clients.
Service Delivery: Digital Banks
- Fully online banking platforms that provide a wide range of financial services
Impacts: Enhanced customer service and expectations
- Empowers accounting service providers to meet and exceed customer expectations
- By leveraging digital tools, providers can offer timely and accurate service, instant access to information, and personalized interactions, enhancing overall customer satisfaction and loyalty.
Impacts: Cloud banking and real-time customer data analytics
- Enable accounting service providers to have secure access to real-time financial data, aiding in decision-making and strategic planning
- Provide valuable insights into customer behaviors, preferences, and needs leading to personalized solutions
Impacts: Predictive analytics, blockchain, and improved lending security
- By analyzing historical data and leveraging blockchain’s immutability, accounting service providers can assess risks more accurately and make informed lending decisions, reducing default rates and improving the overall lending process
Potential Cost: Hardware, software, and staff training
- Technologies necessitates investment in hardware, software licenses, and staff training to ensure effective implementation
- These costs are essential for maintaining an efficient
Potential Costs: Specialist in-house personnel teams
- Responsible for managing and optimizing digital tools and platforms
Potential Cost: Ongoing system upgrading and security costs
- Ongoing system upgrading is crucial to keep accounting service providers up-to-date with the latest features and functionalities. Along with system upgrading, maintaining robust security measures to protect client data and prevent cybersecurity threats incurs additional costs.
Advantages of Digital Investments
Easier to Access: Anyone, anywhere can join and find funding.
Cheaper to Use: Lower costs and fewer requirements than banks.
More Investors: Reach more people to get funding more easily.
Disadvantages of Digital Investments
Risk of Scams: Online platforms can attract fraud and fake opportunities.
Lack of Personal Connection: Harder to build trust without face-to-face interaction.
Higher Risk: Fewer rules and less oversight mean more chances of losing money.
What is Crowdfunding?
- Popular digital investment options
- Mainly for entrepreneurs and creative ppl
- Good: Ability to showcase to public like a project or idea
- Good: Engagement and collaboration
What is Peer to Peer (P2P) Lending?
- Allowing borrowers to access funds more quickly, it does come with potential risks like no background checks on borrowers
- DIS: Higher interest rates compared to traditional loans
What is transactional chatbots?
So, the chatbot is invaluable for businesses with predefined actions or common inquiries.
List 3 types of chat bots
Menu or button-based chatbots
AI-powered chatbots
Voice chatbots
