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The outcome of the technological progress on the global economic system is making noticeable changes on how individuals and governments organize production, trade, and investment. Throughout the history, scholars have noticed the importance of technology in our lives. They developed technology in a way to help humans integrate and perform their daily life tasks at an easier, more convenient level. Technology can be interpreted differently according to the context; but the general definition of technology is the application of scientific knowledge into inventive concepts. In the past decade, technology has highly impacted the process of globalization in terms of banking and retail.
One important factor that the technology has globalized is the money exchange. Without the progression of technology, people would still have to carry their money with them. Nowadays however, tech banks and retails have made it very easy for people to digitalize the money that they have, then transfer it to whomever they want. For example, getting wages using a bank account. This process can be done effortlessly, saving many resources and bringing the world closer.
Another area technology has globalized is the trading. In an online and international world, traditional trading is barely practiced by traders due to its lack of optioning. According to Ward (2001), “In general online shopping is shown to be a closer substitute for direct-to-customer marketing than for traditional retailing”. For example, buying something from someone in a traditional way may not work simply because the needs do not meet. On the contrary, technology has made it very easy to trade online, providing the consumer with many options and utilities. Thus, technology has played a key role in the globalization of retail and banks.
Thirdly, technology has impacted global cultures immensely. The improvements of technology have bridged more cultural differences than one may think, it set up an environment for all cultures to operate overseas in almost one world. For example, the improvements in internet tools over the past ten to fifteen years such as social media, entertainment services, intellectual material, and various other Web2.0 advancements are making change on how people use and share information.
“Users can buy technology and have people trained with the necessary expertise, but unless a culture change is made in the way things are done, chances for real improvement are remote” (Nord, 2006). Therefore, this advancement ultimately facilitates financial gains in all of the economical sections as cultural differences fade by the minute.
In conclusion, technology is an important contributor of globalizing the bank and retail sectors. These contributions are done through money exchange using banks, trading between provider and consumer using online websites, cultural changes which are in favor of global economical system, and ? . If technology continues progressing at this way, it should be taken into consideration that great costs are to face the global economy at some point in the future.

Ward, M.R., 2001. Will online shopping compete more with traditional retailing or catalog shopping?. Netnomics, 3(2), pp.103-117.
Nord, M. (2006). Technology, culture changes drive improved maintenance. Plant Engineering, 60(9), 53-57.