Globalization and emergent information technology tools have made financial institutions re-think and review the essence of doing business. The purpose of this paper is to discuss the prelude of emerging information technology transformations in the business process. The paper talks about the challenges and impact of these changes in business institutions. Further, the correlation between the IT and Business sector with the main focus on Financial Institutions. The methodology opted for this research is descriptive in nature. Collection of data has been done through using secondary sources. Since the study is based on the secondary data source, therefore, no hypothesis have been generated to test. However, some presumptions have been made in order to justify the outcome. The findings are surprising as compared to presumptions. The detailed findings have been discussed in the research paper. The study further can be taken to cover different firms and organizations working in different areas.
