INNOVATION

Innovation is an important factor in a business. Moreover, innovation is considered the driver of

the economy growth in the recent years.For businesses, this could mean implementing new ideas,
creating dynamic products or improving your existing services. Innovation can be a catalyst for
the growth and success of your business, and help you adapt and grow in the marketplace.
Innovation also allows the business to induce knowledge, technological capabilities and
experience to generate variety in their product and the way they globalize those products. In this
sense, a business need to invest and find innovative solutions to meet their clients needs, in order
to be able to compete and be successful in the future. How technologies have helped a business in
innovating? For the past centuries business has always been run without the use of technologies.
This had made their process to introduce something new to the public very slow. Research was
done manually, raw materials are always hard to get and data or information had to be stored
personally. But after more modern type of technology was produced, such as machinery,
computers and more, it can be seen that innovation rate has increased tremendously and it hit
skyrocket after the internet was invented as everything can be globalized and information travel
across the globe faster. We can see that technologies have the most impact on the agriculture and
mining sector as machines were used instead of manpower which causes their output to double or
triple with shorter time. For example gold mining. The first ever method of gold mining is gold
panning. Not only this method is done manually but the time duration is very long and the gold
found is limited. Then after the air conditioner was invented, gold was able to be produced using
the newly improved Hard Rock Mining method which proved to be easier and faster in which
gold was to be extracted 12,800 ft underground. Without air conditioning workers cannot survive
the pressure and heat of 12,800 ft underground.

Women Panning for gold in Guinea

Hard rock mining at the Associated Gold Mine, Kalgoorlie, Australia, 1951

Now, the Apple Inc. company has shown many steps of

innovation in creating their products. They do not come up with
new lines of product but rather they generate new innovative
ideas and some new function that can be added into their
previous product. As an example the most latest and still
producing iPhone is the iPhone 5s. It features volume control
buttons on the side of the phone and a home button that closes
the active app and navigates to the home screen of the interface.
But although the iPhone 5s is still in the top market list, Apple
Inc. has already created a prototype of the new iPhone 6 that is

rumored to be release in 2015. The iPhone 6 will have a more innovative screen which
compromises of wider screen and larger icon compared to the iPhone 5s. And the iPhone 6
currently caught all Apple fans with its new feature that uses no buttons at all. Everything is
available on touchscreen that even the side of the iPhone 6 uses touchscreen. This is the result of
using modern technologies in assisting innovation and development. Moreover, coming up with
innovative product prior to consumers need and wants can be proved to help increase a business
sale provided that a survey and research is conducted beforehand. In each time Apple Inc has
produced its newly innovated items it is proved that at each time their sales also increase.

iPhone 5s
front and
back view.

iPhone 6
prototype
side view.

BANKING

The history of banking begins with the first prototype banks of merchants of the ancient world, which made
grain loans to farmers and traders who carried goods between cities.Later, in ancient Greece and during the
Roman Empire, lenders based in temples made loans and added two important innovations: they accepted
deposits and changed money. During the 20th century, developments in telecommunications and computing

caused major changes to banks' operations and let banks dramatically increase in size and geographic
spread. Technology is no longer being used simply as a means for automating processes. Instead it is being
used as a means of delivering services to customers. The adoption of technology has led to the following
benefits such as greater productivity, profitability, and efficiency;faster service and customer satisfaction;
24 hours operations; and space and cost savings. Technology has been used to offer banking services in the
following ways :

ATMs are the cash dispensing machines that can be seen at banks and other locations where
crowd is large. ATMs started as a substitute to a bank to allow its customers to withdraw
cash at anytime and to provide services where it would not be needed to open another
physical branch. The ATM is the most visited delivery channel in retail banking, with more
than 40 billion transactions annually worldwide. In fact, the delivery channel revolution is
said to have begun with the ATM. It was indeed a pleasant change for customers to be in
charge of their transaction, as no longer would they need to depend on an indifferent bank
employee. ATMs have made banks realize that they could divert the huge branch traffic to
the ATM. The benefits hence were mutual. Once banks realized the convenience of ATMs
new services started to be added.

The phenomenal success of ATMs had made the banking sector develop more
innovative delivery channels to build on cost and service efficiencies. As a consequence,
banks have introduced telebanking, call centers, Internet banking, and mobile banking.
Telebanking is a good medium for customers to make routine queries and also an efficient
tool for banks to cutdown on their manpower resources. The call center is another channel
that captured the imagination of banks as well as customers. At these centers, enormous
amount of information is at the fingertips of trained customer service representatives. A call

center meets a banks infrastructural, as well as customer service requirements. Not only
does a call center cut down oncosts, it also results in customer satisfaction. Moreover, it
facilitates are 24 hours working and offers what the customers seek.

With the Internet boom, banks realized that Internet banking would be a good way to reach
out to customers. Currently, some banks are attempting to harness the benefits of Internet
banking,while others have already made Internet banking an important and popular payment
system.Internet banking is on the rise, as is evident from the statistics. Predictions of Internet
banking to go the ATM way have not materialized as much as anticipated; many reasons can
be cited for this. During 2003, the usage of the Internet as a banking channel accounted for
had decreased. Some of the factors that causes in bringing down, or rather, not being
supportive, are low Internet penetration, high telecom tariffs, slow Internet speed and
inadequate bandwidth availability.

Mobile banking however is being regarded in the industry as the delivery channel of the
future for various reasons. First and foremost is the convenience and portability afforded. It
is just like having a bank in the pocket. Other key reasons include the higher level of security
in comparison to the Internet and relatively low costs involved. The possibility that
customers will adopt mobile banking is high, considering the exponential growth of mobile
phone users worldwide. Mobile banking typically provides services such as the latest
information on account balances, previous transactions, bank account debits and credits, and

credit card balance and payment status. They also provide their online share trading
customers with alerts for pre-market movements and post-market information and stock
price movements based on triggers.

Some of the products of using technology in banking are:

(1). Net Banking
(2). Credit Card Online
(3). One View
(4). InstaAlerts
(5). Mobile Banking
(6). Net Safe
(7). e-Monies Electronic Fund Transfer

(8). Online Payment of Excise & Service Tax

(9). Phone Banking
(10). Bill Payment
(11). Shopping
(12). Ticket Booking
(13). Railway Ticket Booking through SMS
(14). Prepaid Mobile Recharge
(15). Smart Money Order
(16). Card to Card Funds Transfer
(17). Funds Transfer (eCheques)
(18). Anywhere Banking
(19). Internet Banking
(20). Mobile Banking
(21). Bank@Home (i) Express Delivery
(22). Cash on Tap: (ii) Normal Delivery

INTRODUCTION
WHAT IS TECHNOLOGY?
Technology is the making, modification, usage, and knowledge of tools, machines, techniques, crafts,
systems, and methods of organization, in order to solve a problem, improve a pre-existing solution to a
problem, achieve a goal, handle an applied input/output relation or perform a specific function. It can also
refer to the collection of such tools, including machinery, modifications, arrangements and procedures.

Technologies significantly affect human as well as other animal species' ability to control and adapt to their
natural environments. The term can either be applied generally or to specific areas: examples include
construction technology, medical technology, and information technology. The human species' use of
technology began with the conversion of natural resources into simple tools. The prehistorical discovery of
the ability to control fire increased the available sources of food and the invention of the wheel helped
humans in travelling in and controlling their environment. Recent technological developments, including
the printing press, the telephone, and the Internet, have lessened physical barriers to communication and
allowed humans to interact freely on a global scale.
WHAT IS INFORMATION TECHNOLOGY ?
Information technology (IT) is the application of computers and telecommunications equipment to store,
retrieve, transmit and manipulate data, often in the context of a business or other enterprise. The term is
commonly used as a synonym for computers and computer networks, but it also encompasses other
information distribution technologies such as television and telephones. Several industries are associated
with information technology, including computer hardware, software, electronics, semiconductors, internet,
telecom equipment, e-commerce and computer services.
CONCLUSION

In a nutshell technology played a key role in the growth of commerce and trade around the world.
It is true that we have been doing business since time immemorial, long before there were
computers; starting from the simple concept of barter trade when the concept of a currency was
not yet introduced but trade and commerce was still slow up until the point when the computer
revolution changed everything. Almost all businesses are dependent on technology on all levels
from research and development, production and all the way to delivery. Small to large scale
enterprises depend on computers to help them with their business needs ranging from Point of
Sales systems, information management systems capable of handling all kinds of information
such as employee profile, client profile, accounting and tracking, automation systems for use in
large scale production of commodities, package sorting, assembly lines, all the way to marketing

and communications. It doesn't end there, all these commodities also need to be transported by
sea, land, and air. Just to transport your commodities by land already requires the use of multiple
systems to allow for fast, efficient and safe transportation of commodities.
Without this technology the idea of globalization wouldn't have become a reality. Now all
enterprises have the potential to go international through the use of the internet. With technology
and IT, business can reach clients across thousands of miles with just a click of a button. This
would not be possible without the internet. Technology allowed businesses to grow and expand in
ways never thought possible.