Page 64 - CMA Journal (July-August 2025)

Focus Section

Technology: Subservient to Humanity

This is an age of Hybrid Technologies, where different brings financial
inventions are combined together to augment collective stability and
benefits and enjoy the synergistic impact. It is a guarantees success.
never-ending endeavor to create advanced versions of Therefore, financial
existing processes to evolve better and more efficient managers are
automation and robotics. Improvement in technologies constantly seeking
is achieved through continuous, strenuous research and improved measures
development involving huge costs. Therefore, the boon
of technology comes with a price tag. The advantages of to utilize financial
technology are mostly enjoyed by those who can afford data through Fintech
the services, while its collateral damages are mainly innovations and Data
borne by the poor. Every technological breakthrough Analysis for better
brings about negative side effects as well, simply because returns on business
the quest for speed, productivity, growth, and prosperity ventures. A careful Syed Shamim Ahmed, FCMA
often leaves the safety factor inconsequential. study of every Former General Manager Finance
Information technology has grown fast, but so have financial transaction Karachi Port Trust (KPT)
cybercrime, security risks, environmental damage, reveals much about
dependence, and job displacement. an organization’s
Nature has its own set pattern. Initially, human activities operations. Most complicated calculations, real-time
were close to nature, but technological advancements operations, analysis, and relationships have already been
slowly impeded it and ultimately led to environmental automated, bringing advantages and ease to human life.
defiance, causing huge damage to human life. The blame There were times when accountants and bank officials
lies solely with the human factor, which failed to respect would spend extra hours balancing and verifying various
the sophistication and kinetics of nature disrupted statements, and these professions were known for late
during the process. A factory emits carbon harmful to office hours.
human life but was allowed to continue until it caused
impairments in the form of smog. The world still Fintech represents financial innovation aimed at
remembers the Great Smog of London in 1952, which improving services in the financial sector, mainly
killed 12,000 people. By not addressing such negative banking, insurance, and investment. It is a hybrid
side effects of technology, the atmosphere is already in technology that leverages synergy, where the benefits
the grip of global warming, disturbing the balance of are greater than the sum of its parts. It is widely applied in
nature and potentially causing irreparable damage to the the banking sector, where all transactions are conducted
globe. In 2022, Pakistan faced huge destruction from online without personal contact. In car insurance, you
unprecedented floods, causing 1,740 human deaths, can pay as you go via smartphone or a black-box fitted in
along with losses of property and livestock, totaling the car, and investments are made through the internet.
around US$30 billion. This underscores the urgent need Fintech has significant advantages, including product
for preventive measures. delivery without physical boundaries, multiple choices at
cheaper prices, and the ability for companies to store vast
Financial Technology (Fintech)
customer information for personalized services.
Entire human activity is engaged in the pursuit of money,
as it “makes the mare go.” Managing money effectively
62 ICMA’s Chartered Management Accountant, Jul-Aug 2025