Impacts of New Technologies on Financial Lives

This research explores the positive and negative impacts of new technologies on the financial lives of individuals and the society. It examines the emerging technologies in the corporate arena and their effects on financial well-being. The research aims to guide individuals in making informed financial decisions.

Running head: Research proposal 1
Exploring the impacts of new technologies on individual financial lives and the society
Name of Student
Name of Institution
Name of Course
Date of Submission

Research proposal 2
Contents
Introduction 3
Research Objectives - 4
RATIONALE 4
Literature review 5
Research Methodology 7
Limitations and Ethical Consideration - 11
Research Schedule and timeframes 11
Gantt chart - Project proposal schedule 12
References - 14

Research proposal 3
Introduction
The emergence of technology has led to changes in the modes of operation in various sectors in
the field of management. The use of computers and the availability of internet has not only made
it easier for managers to execute their responsibilities with precision, it has also given the
consumers an upper hand when it comes to making choices on the products and services that
adequately fit their needs. New technologies for instances mobile banking, e-Commerce and
internet marketing have had a direct impact on the financial lives of individuals. For instance, the
incorporation of technology into the fraternity of financial management has since made it
possible for people to make transactions right in the comfort of their homes without having to
physically access banking halls and ATM machines. Consequently, there is a notable relationship
between technology and a drift in trends with respect to the financial lives of individuals and the
society as a whole. This research shall therefore explore both the positive and negative impacts
of new technologies on the financial lives of individuals and the society.
Research questions
This research shall be aimed at answering the following questions
What are some of the emerging technologies in the corporate arena?
What are the positive impacts of new technologies on the financial well being of individuals and
the society?
What are the setbacks of new technologies in relation to individual and societal financial lives?

Research proposal 4
Hypothesis
This research shall be guided by the following hypothesis
There is a direct correlation between the emergence of new technologies and a change in trends
in the financial cycles.
Research Aim
A lot of debate has since rented the corporate world on whether or not the emergence of new a
technology has been accompanied with development. On one hand, the incorporation of
technology into financial operations has been noted a welcome idea as it has made transactions
more convenient, faster and easier. On the other hand, the use of technology in the area of
personal finance has made some consumers vulnerable especially due to the rise of cyber crime.
It would therefore be important to deduce a common ground on the topic. As a result, the aim of
this research is to study the impacts of new technologies on the financial lives of individuals. The
final outcome of this procedure would be crucial in guiding users towards mature and proper
financial decisions.
Research objectives
The following are the core objectives of this research:
 To use both qualitative and quantitative approaches of data collection to identify the new
technologies that are commonly used in financial management
 To identify the positive and negative impacts of these technologies on the financial lives
of individuals and the society as a whole
 To make tacit conclusions which can guide individuals in future to make more informed
financial decisions

Research proposal 5
Rationale
This research seeks to suggest that there is a direct link between new technologies and financial
trends. The introduction of new technologies in financial management has immensely been
lauded as a positive step towards development in this area. However, there are other underlying
threats which could as well be linked to this innovation. This research shall bring out both the
positive and negative impacts of new technologies on the financial activities of individuals.
Consequently, recommendations shall be outlined to help guide individuals on the right choice of
technology to enhance safety as well as convenience.

Research proposal 6
Literature review
According to (Arner and Buckley, 2016) the emergence of new technologies especially
the rise in the use of mobile phones has changed the whole scope of financial management. As
mentioned by the authors, incorporation of technology into financial management has given
room for mobile banking. Individuals can therefore make transactions at home without having to
travel to the bank. As emphasized by (Diedrich, 2016), this is not only time saving but is also
convenient for the users. The author is however keen to note that this technology has its own
setbacks. Since the consumers can easily access their accounts, they may end up withdrawing
amounts that they do not need. This leads to poor financial planning.
As deduced from the report by Bank for International Settlements (2018), new
technologies have since allowed individuals to quickly and easily pay for their bills.
Organizations therefore attain and avail paybill numbers to clients who can in turn pay for the
products and services electronically instead of the traditional cash method. This saves them from
having to queue for long hours before making payments over the counter. As noted by (Canepa,
2018), consumers may make wrong transactions when they accidentally key in wrong numbers.
Despite the presence of reversal strategies, such cases may inconvenience the users especially in
times of emergency.
Based on the review of literature, it can be summarized that new technologies make
financial management cheaper and more convenient. This is because consumers can use mobile
phones to make transactions as strategy which is faster and a proper replacement for the
traditional methods of transaction which involved cash. Since the money is stored electronically,
the clients are safe from muggers hence a positive impact. However, lack of control when it
comes to use of new technologies for instance in mobile banking may lead to impulse

Research proposal 7
transactions hence poor financial management. Consumers therefore need to identify the right
technologies which equally give room for informed financial decisions.

Research proposal 8
Research methodology
Data collection
The research shall involve the use of both qualitative and quantitative data collection and
analysis methods. As a qualitative measure, random sampling shall be used to obtain the total
population of participants. A total of 100 participants shall be drawn from various locations in
Kuala Lumpur. The participants shall be managers in financial companies, customers in different
banks and employees in other sectors. Once the population has been obtained, the participants
shall be issued with questionnaires which are to be filled within a period of two weeks. In
addition, a total of 20 participants shall be drawn from the total population and interviewed with
regard to the research problem. Review of relevant literature and reports by other researchers on
the same topic of study shall be used as the main qualitative approach of data collection.
Data analysis
Data shall be analyzed using SPSS application. The raw data shall be fed into the system
which shall in turn correlate the inputs appropriately before deriving tables and charts. The charts
and graphs are easy to interpret and understand which explains why this method of analysis was
chosen. The method is also fast and since it is computer aided, it enhances the reliability and
validity of results which shall be helpful in guiding the researcher into making precise
conclusions with regard to the research issue.
Limitations
The process of data collection shall cover a relatively vast area, this procedure may be
hindered by inadequate resources as well as the constraints of time. Dishonesty from participants
which leads to wrong deductions can also be stated as a possible limitation to the successful
completion of this project.

Research proposal 9
Ethical consideration
In order to ensure the ethical standards are upheld, the information by participants shall
be kept with confidentiality and only used for the purpose of research. The researcher shall also
seek the consent of the participants before using their contributions to complete the research.
Research Schedule
The table below summarizes the research schedule which is intended to start from 1st July 2019
to 1st August 2019
Activity Timeline
Finding topic and discussion with tutor 5 days
Introduction and proposal writing 5days
Data collection process 10 days
Data analysis and discussion of findings 5 days
Completion of research 5 days
Gant Chart showing research schedule

Research proposal 10
References
Topic formulation
Proposal writing
Data collection
Analysis and
discussion
Completion of
research
0 5 10 15 20 25 30 35

Research proposal 11
Arner, D. and R.Buckley, 2016, “FinTech, RegTech and the Reconceptualization of Financial
Regulation” Northwestern Journal of International Law and Business (forthcoming).
Bank of England, 2018, “Financial sector continuity,” October. Available at
https://www.bankofengland.co.uk/financial-stability/financial-sector-continuity.
Bank for International Settlements (BIS), 2018, “Authorities should be prepared to act on
cryptocurrencies: Carstens,” Press Release, February. Basel Committee on Banking Supervision
(BCBS), 2004, “International Convergence of Capital Measurement and Capital Standards: A
Revised Framework”, Bank for International Settlements. Available at
https://www.bis.org/publ/bcbs107.pdf.
Canepa, Francesco, 2018, “G20 leaders to hold fire on cryptocurrencies amid discord: sources,”
Reuters, March.
Committee on the Global Financial System and Financial Stability Board (2017), “Fintech
Credit: Market Structure, Business Models, and Financial Stability Implications,” Financial
Stability Board. Available at http://www.fsb.org/wp-content/uploads/CGFS-FSB-Report-
onFinTech-Credit.pdf.