The referenced article is mainly about about capital efficiency from introducing computers which isn't so surprising as it needs time to (figure out how to) use them effectively.
Nowadays, handling payments, compliance, risk management, trading etc. without computers would be impossible. What is true is that a fair amount of productivity is absorbed on compliance and control issues, though.
Financial services went from a solid base of institutionalized racism (redlining) and casual prejudice based risk profiling when you went to the branch office ... to credit scores and financial engineering (2008 hello!) and introducing a thousand useless intermediaries, global 0-24 trading and investing, online Regulation A+ offerings (pre-IPO investing for nonaccredited investors), and online banking.
It's a lot more, of course, and there are even a few advantages.
Nowadays, handling payments, compliance, risk management, trading etc. without computers would be impossible. What is true is that a fair amount of productivity is absorbed on compliance and control issues, though.