Innovation in Banking Essay Example | Topics and Well Written Essays - 2000 words

Innovation in Banking - Essay Example The purpose of this paper is to explore the technological determinist view of banking and the way in which it is causing changes in the society and customer behavior. The term technological determinism was first coined by Veblen, a sociologist in America and had later recurred in the works of a number of researchers. The fundamental idea behind technological determinism is that technology cannot be influenced by cultural and political forces as it has its own predictable and traceable path. Researchers have also suggested that once a technology has been introduced then it begins to show its effect on the society and the society supports further technological development. Though technological determinism has received its own share of criticisms, it remains as one of the most popular concepts of the 19th century. Technological determinism has been pointed as the key source that is driving competition in the global market in the present era. According to the research conducted by Chandl er, it has been found that technological determinism is the main reason that causes historical and social changes at a macro and social level. It was also pointed out in his research that technological determinism has the power to produce psychological influences on the minds of the consumers. According to the research conducted by Smith and Marx, it was established that technology can act as a major driver leading the path in which organizations and society are expected to behave in the future as successive innovations are introduced in the society.