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

Innovation in Banking - Essay ExampleThe purpose of this piece is to explore the scientific determinist view of banking and the way in which it is causing changes in the participation 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 heathenish 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. technical determinism has been pointed as the key source that is driving competition in the global market in the present era. Acc ording to the research conducted by Chandler, 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 name 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 lead story the path in which organizations and society are expected to behave in the future as successive innovations are introduced in the society.