Date of Publication :11th November 2024

Abstract: It will be very difficult for anyone to survive a single day without money either a person or an organization (this could be business, industries, corporate or any financial institutes) that means the finance is required everywhere. In different eras the role of finance has changed such as form a primitive transaction with the change of technology it become electronic transaction. The financial systems in early days were in forms of commodity money (such as grains, livestock or costly metals). Today the finance has taken a big status and increased its importance for decision making with every financial transaction i.e. real time status. The role and use of technology, knowledge management are more important for every country in financial organizations, businesses, corporate with similar concepts and rules. In early days the financial systems were richer and stronger because merchants were paying some parts of finance to ruler in turn they were protected by the rulers and their men. The money, law and credit scheme were also in Greece and Rome earlier days. The role of finance that has evolved from Finance 1.0, which was for cost saving, profitability, and risk management, to Finance 5.0, which is now having wider societal impact in a business; while Finance 5.0 prioritizes factors like environmental sustainability, employee well-being, and social impact using latest technology and concepts. In every era the changing role of finance has relatively changes concept in banking, management of business and industry equally. This paper will reflect the different types of development, modification and enhancement of processes in finance with respect to time and environment and impact in every aspect of industries, businesses, corporate or any financial institutes..

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