The Impact of Technology on Finance

Technology has radically altered finance and management over the last two decades. Electronic technology has increased the pace of financial transactions. This is exemplified by the explosion of online banking and buying tools which allows for near real time transactions. The rapidity of transactions has been partnered with simplicity and greater access. Never before have people with limited education or training been able to manage complex financial problems. Large quantities of information from both the supply and demand sides of the business enterprise can be acquired and easily accessed. New systems are in place and evolving to merge the two sides into a common interface. These three advantages of technology, speed, simplicity and connectedness are challenging the old ways.

The simplicity of financial mathematics

Bret Victor, an ex-Apple designer, is attempting to “kill” math (Pavlus, 2011). More specifically, he is attempting to kill math’s current interface. His premise is very simple. Mathematics is a concept, or group of concepts, that help us define the world around us. The equations, numerals, operators and variables are the mathematical interface. They are merely symbolic abstractions used to define higher concepts. It is this abstract, symbolic interface which interferes with understanding math and limits access to a few specialized individuals. "The power to understand and predict the quantities of the world should not be restricted to those with a freakish knack for manipulating abstract symbols," (Pavlus, 2011) Technological innovation is the primary method that this interface can be opened to everyone.

Improved mathematical technology is not new to the information age. “…Before the 14th century, everyone thought multiplication was an incredibly, ridiculously difficult concept, and only for the mathematical elite,” (Pavlus, 2011). Today, multiplication is mastered