An Analysis of Its Impact on the Banking Industry
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Digital Banking: An Analysis of Its Impact on the Banking Industry
Digital banking has emerged as a significant game-changer in the banking industry over the past decade. It has changed the way banks operate, interact with customers, and provide services. The impact of digital banking is visible in various aspects of the banking industry, including customer behavior, service delivery, revenue streams, and the overall competitiveness of banks.
One of the most significant impacts of digital banking is on customer behavior. Customers are increasingly using digital channels to access banking services, such as online banking, mobile banking, and ATMs. According to a report by McKinsey & Company, digital channels accounted for over 60% of retail banking transactions globally in 2020. This shift in customer behavior has led to a reduction in footfall in bank branches, prompting many banks to downsize their branch networks.
Digital banking has also impacted service delivery in the banking industry. Banks are now able to offer more personalized and convenient services to customers through digital channels. For example, customers can now open bank accounts online, apply for loans, and perform transactions such as fund transfers and bill payments without visiting a bank branch. This has resulted in faster service delivery, reduced processing time, and increased customer satisfaction.
The revenue streams of banks have also been impacted by digital banking. Banks can now offer a wider range of services through digital channels, such as investment advice, insurance, and wealth management. This has opened up new revenue streams for banks and reduced their reliance on traditional banking services. Additionally, digital banking has enabled banks to reduce their operational costs, leading to higher profits.
Another impact of digital banking is on the overall competitiveness of banks. Digital banks, also known as neobanks, have emerged as challengers to traditional banks. Neobanks are digital-only banks that offer banking services through mobile applications and online platforms. They are often more customer-centric, offering personalized services and competitive rates. This has forced traditional banks to adapt to the changing landscape by investing in digital technology and improving their digital offerings.
However, digital banking also presents challenges for the banking industry. One of the main challenges is cybersecurity. Digital banking increases the risk of cyber attacks, data breaches, and identity theft. Banks need to invest in robust cybersecurity systems to protect their customers’ data and ensure the integrity of their systems.
Another challenge is the digital divide. Not all customers have access to digital channels, either due to a lack of internet connectivity or digital literacy. This can lead to exclusion and further exacerbate financial inequality.
In conclusion, digital banking has had a significant impact on the banking industry, changing the way banks operate, interact with customers, and provide services. It has led to increased customer convenience, improved service delivery, and new revenue streams. However, it also presents challenges such as cybersecurity and the digital divide. As digital technology continues to evolve, banks must continue to adapt and invest in digital offerings to remain competitive and meet the changing needs of customers.
An Analysis of Its Impact on the Banking Industry
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
|
|
Also, you can place the order at www.collegepaper.us/orders/ordernow / www.phdwriters.us/orders/ordernow
|
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME]and Have It Done by Our PhD Qualified Writers!! |
|
|
PLACE THE ORDER WITH US TODAY AND GET A PERFECT SCORE!!!