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To provide retail financial services, FIs need continuously update and integrate their technology infrastructure.Discuss the specific technological advances FIs must deal with.
Real Wage
The purchasing power of wages, adjusted for inflation, reflecting the actual goods and services that can be bought.
Inflation Rate
The measure of inflation through the rising cost of goods and services, which diminishes the power of currency.
Nominal Wage
The wage earned by an employee, expressed in current currency terms, without adjustment for inflation or changes in purchasing power.
Efficiency Wage
A wage set above the market equilibrium by employers in an effort to enhance productivity, attract higher quality employees, and reduce turnover.
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