IMPACT OF MIGRATION AND TECHNOLOGY ON THE BANKING SECTOR

IMPACT OF MIGRATION AND TECHNOLOGY ON THE BANKING SECTOR
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Introduction
Globalization and technology have become a reality for businesses today. They have altered the way numerous firms operate and how they handle numerous areas of their activities. It has become necessary to accept globalization and technology and carry out businesses across the world if a company has to become competitive in the world marketplace. Globalization and technology have changed the way industries such as the banking industries all across the world operate, putting the current work in a continuous status of flux, fast altering, developing, and difficult definition. The banking industry has a major role of keeping financial assets for others as well as investing them to grow their wealth. Also, it plays a major role in the economy as a significant employment sector with over 1.51 million employees. These employees perform major tasks like exchanging currency, cashing checks, and accepting deposits. Also, they perform tasks like finishing paperwork for services and products, improving existing accounts, and opening new ones. Further, they assess financial reports, produce statements and maintain financial record for banks. Major banks in this industry include Wells Fargo, JPMorgan Chase & Co., JPMorgan Chase, PNC Bank, HSBC Holdings, Bank of America, and U.S. Bank.
Globalization and technology in the banking industry are essential as they enhance banking services as well as infrastructure thereby bringing enhanced risk management approaches and lowering fraudulent activities to increase confidence. With globalization and technology, many banks are now offering their services and products in many countries owing to innovation, efficiency, and effectiveness of operations. Thus, this paper will present the impact of globalization and technology in the workplace and workplace relationships.
Globalization and the Banking industry 
The effect of globalization such as deregulation in the banking sector is apparent and it is clear that many banks are functioning in diverse countries across the globe. On the other hand, the growing sophistication of the financial offerings as well as processes have grown the complexities and the diversities of financial risks. This means alterations in the market have led to evident changes in the risks of financial firms. In response, they must establish new approaches to address the risks. For instance, the banks have to consider risks and uncertainties in their structures of decision making. This is because inadequate knowledge of risks and poor protection from such risks may impact the outcomes of the banks’ economic activities.
According to Hunter and Katz (2012), globalization and immigration impacts employee relations since banks have to employ workers from different regions of the world. People are increasingly moving from their countries to others in search of green pastures. As globalization is significantly apparent, banks address the high level of cultural diversity in the workforce. The alterations need the banks to integrate new policies as well as guidelines for employees. Also, cultural diversity offers the banks new insight into diverse cultures from a marketing and management viewpoint.
With cultural diverse employees, the interpersonal relationships may be challenged. Having to relate with colleagues of different faiths, political affiliations, ethnicities, ages, sexual orientations, genders, and races, an employ may develop intolerances (discrimination) towards fellow employees. For instance, a bank manager may refuse an employee the observation of their faith by denying offs or faith-associated offs. Also, a manager or may discriminate a gay or lesbian employee since they do not accept the lifestyle. Additionally, communicating with others becomes a challenge with the presence of differences in language.
Wages and salaries change for the employees as the banks have accessibility to companies abroad that offer outsourcing services. Owing to low living standards in developing countries, banks can provide services at rates lower from those in developed nations with high living standards. Some native employees may be forced to resign from their work posts because of cheap labor or may make their goal to ensure the resignation of the new labor by discriminating them to make them feel inferior. Therefore, globalization and immigration impacted the workers in the banking industry and the relations that they have.
Technology and Banking Industry
Technology has enhanced the way workers do their tasks to make them very efficient and free from tedious and recurring works. Since technology has allowed for the digitization of banking services, there have been changes in how banking services are developed and offered (DeYoung, 2001). Banks can now provide internet services and a combination of virtual and physical offices as well as ATM networks. Banks can integrate “click-and-mortar” and informational we...