FIS is the most complex and difficult to manage information system used by companies to resolve financial issues faced by the corporate firms.
With the evolution of business trends in the market, FIS is very important for keeping a tab on the financial accounting and daily transactions being maintained. It is also responsible for audits, implementing processes and also to help external elements to evaluate a particular firm.
FIS mostly consists of:
- Transactions
- Accounting/Financial Books
- Reporting/Visualization
With the advancement of technology, i feel there is a strong need for FIS to adapt to the world of Big Data, Cloud, IoT and Artificial Intelligence.
It would be interesting to see if companies adopt the cloud computing approach for storing/computing its valuable financial data or use big data technologies to make better predictions for their regular business.
Reference: https://www.techarex.net/blog/accounting-solution/future-challenges-for-accounting-information-systems/
I can see the appeal of shifting information systems to could based applications, however I wonder would what that will mean for IS security. With could computing still emerging, I don’t know if it will make it easier for transactions to be hacked than it is in the current systems.
Data security might be an another issue of concern for FinTech companies,since they are dealing with sensitive consumer data and corporate financial data.Multiples layers of security can be implemented and the ability of those outside the firewall to share information should be controlled.Any kind of data breach will result in huge litigation and damage the company’s reputation.