Abstract:

Since the inception of the era of globalization, economic sustainability has been given significant importance, as it is one of the most crucial factors in stabilizing social, political, and environmental facets. Moreover, sustainability is a requisite in the contemporary world, which is directly related to the socio-economic as well as socio-political development.
It has been asserted by the economist that economic or financial sustainability is a strategic gateway to the socio-environmental sustainability as well as the socio-environmental advancement, therefore economic sustainability must be the foremost preference of a state, at both international as well as the national level. Financial sustainability has been defined differently by the different economists. Some have considered it as an ability of the public corporations to implement the financial policies in such a way, to ensure that debt is removed, and investment is increased. Some of the economists have elaborated the financial sustainability as the ability of a government, organization, and an individual to ensure that capital is being utilized in such a way, that leads to increased investment and revenue, which ultimately leads to the social stability, economic advancement, and protection of the environment (Quayes, 2012). And therefore, one of this mechanism is the integration of technology in the financial systems at both national and international level.
However, this technology has been fundamentally incorporated into the financial organizations which has greatly strengthened these organizations through new technological means including e-banking, online transactions, increased security, increased accessibility, increased communication, and increased computation of data. Hence, this innovation and the technological advancement has largely benefited the corporate organizations, and the financial institutions, enabling them to use technology for the progress and advancement of the financial systems, and for increasing the revenue.