The speed and reliability of information technology has supported creation of nationwide financial services, including ATMs (hailed by Paul Volker as the only useful innovation by the financial sector in the last three decades), electronic check and credit card processing, transfer of funds, and so on. 5.
The development of the vast array of financial products – from plain vanilla securities based on various kinds of receivables to complex non linear structures – critically depended on advancement in technology to support it. The creation, pricing, valuation and risk management of complex and exotic products would not have been possible without development in technology.