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Computers in Financial Services

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Financial Services Personal and business customers need to be protected with their financiers, this is the reason why there is a legislation taken out called 'Financial Services Act 1986'. This is a recent regulation on UK companies. The 'Financial Services Act 1986' deal with acts, practices or course of conduct likely to defraud or deceive investors. Only authorized investment businesses have a statutory right to advertise or promote the sales/purchase of investments. The reason why this legislation was taken out was because say for example, if an financial advisor gets commission on certain investments then he/she may advise investor on taking out wrong investments as they gain commission even if it mean the investor looses out on a lot of money. So therefore the investor must state all the possibilities in investing in certain investments. Over the last few years ICT has developed a great deal. Within half a century, computers and information technology have changed the world and affected millions of lives in ways that no one could have anticipated. ...read more.


The Internet is available on digital televisions, wap mobiles and game consoles, so therefore if people need to find out any information on their investments like say for example shares they can do just by logging onto the internet by computer or phones etc. Advantages of Internet There are advantages to the customers, buying investments. They are: 1) Visit standard life, Barclays without having to leave home, at any hour of the day; 2) Can find out more/look for the cheapest investor before deciding to buy; 3) Can email the company without having to ring them and being on hold. 4) Improves the flow of information between advisor and investor. Advantages of Internet 1) Anyone that has the Internet can obtain quick financial reports/advise/ information. For example, if competitors in the financial market want to find information on investments that other investor provide at what price or any promotions that their competitors are doing they can by just going onto their web site, so this is an advantage to the competitors. ...read more.


However, some web sites automatically send a program to the web site and run it before anyone gets that chance to check it for viruses. For example, in 1999 a macro virus called Melissa, once on a system using outlook express, took the first 50 entries from the Address Book and then mailed itself as an attachment to the e-mail addresses. The e-mail carried the message 'Here is that document you asked for... don't show anyone else ;-)'. It rapidly spread to millions of computers worldwide, disrupting large systems by overloading servers and causing them to close down. 3) Limited number of users worldwide: the reason why this is a problem is because people think that everything revolves around the internet, but not everyone has the internet at home, most big companies do. Not everyone can afford the Internet that is the reason why they do not have it. So financial services will have to as well as use the Internet for advertising but also use things that everyone has for example TVs etc. Another way for financial services to communicate with there customers is by e-mail, if customers what to ask particular questions or need help on something. Advantages of e-mail ...read more.

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