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What is the impact of automation on the demand for financial services?

Practice Questions

Q1
What is the impact of automation on the demand for financial services?
  1. Decreases demand for all financial services
  2. Increases demand for technology-related financial products
  3. Has no impact on financial services
  4. Only affects investment banking

Questions & Step-by-Step Solutions

What is the impact of automation on the demand for financial services?
  • Step 1: Understand what automation means. Automation is when machines or software do tasks that people used to do.
  • Step 2: Recognize that businesses are using more automation to be efficient and save money.
  • Step 3: Realize that as businesses automate, they need new technology and tools to help them.
  • Step 4: Identify that these businesses will look for financial services to fund their automation projects.
  • Step 5: Conclude that because of this need, there is an increased demand for financial services that support technology and automation.
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