Multimedia Sustained Benefits for Financial Services

Abstract

Government organisations, small and medium-sized businesses, education, and the entertainment industries all use multimedia technology to communicate information and ideas across digital, print, catalogue, and advertising mediums. Any message delivered by businesses, whether digital or printed graphics, images, text, movies, or animation, is more likely to be accepted by the target audience. The financial sector is no exception. Multimedia technology refers to activities involving computers, software development, and online media distribution. Professionals and experts in computer or software development use multimedia technology to create a variety of mechanisms including product demos, web pages, news sites, and presentations to attract attention or convey any message to a specific audience. Multimedia technology such as multimedia software, transaction processing, electronic payments, voicemail, and networked communication required banks and the financial sector to adopt new practices for delivering banking services and making the financial system more user-friendly for consumers and the financial industry’s operation. Banks and other financial institutions are compelled to innovate as computer technologies advance to maintain competitiveness. Multimedia technology offers lower occupancy costs with a smaller staff and lower transaction processing expenses. New technologies in the financial sector are replacing traditional methods of operation because multimedia technology makes work simpler, faster, and more effective. The industry is trying to switch to a self-service model through technology by providing the same level of convenience at a lower price.

Citation

Jindal, P. and Chavan, L. (2023), "Multimedia Sustained Benefits for Financial Services", Grima, S., Thalassinos, E., Cristea, M., Kadłubek, M., Maditinos, D. and Peiseniece, L. (Ed.) Digital Transformation, Strategic Resilience, Cyber Security and Risk Management (Contemporary Studies in Economic and Financial Analysis, Vol. 111A), Emerald Publishing Limited, Leeds, pp. 243-262. https://doi.org/10.1108/S1569-37592023000111A017