Integrating Information Science into Financial Management: A Comprehensive Review of Emerging Trends and Practices

Abstract

The integration of information science into financial management represents a significant evolution in the financial industry, driven by the increasing complexity and volume of financial data. This review paper examines the latest developments, trends, and practices in this integration, highlighting the transformative impact of advanced technologies such as big data analytics, artificial intelligence, blockchain, robotic process automation, cloud computing, and natural language processing. These innovations have revolutionized financial decision-making, risk management, and operational efficiency, enabling institutions to process large datasets, automate complex tasks, and offer personalized services. Despite the challenges of ensuring data security, maintaining data quality, integrating new technologies with legacy systems, and addressing skill gaps, the opportunities for growth and improvement are substantial. This paper discusses these challenges in detail and explores the potential benefits, including enhanced decision-making accuracy, cost savings through automation, innovative financial products, improved customer experiences, and more efficient regulatory compliance. The findings underscore the critical role of information science in shaping the future of financial management, paving the way for a more responsive, efficient, and secure financial ecosystem. As financial institutions continue to adapt to technological advancements, the integration of information science will be pivotal in navigating the complexities of the modern financial landscape and achieving sustainable growth.