Digital Banking and Financial Inclusion
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 and Financial Inclusion
Digital banking has revolutionized the traditional banking industry by allowing financial services to be delivered through digital channels, such as mobile applications, online banking platforms, and ATMs. This has increased convenience, accessibility, and efficiency, enabling financial institutions to reach a wider customer base, including those who were previously excluded from the formal financial system. This has been particularly important in promoting financial inclusion, which refers to the process of ensuring that individuals and businesses have access to affordable and appropriate financial products and services that meet their needs.
Digital banking has played a crucial role in promoting financial inclusion by overcoming several barriers that have traditionally prevented individuals and businesses from accessing formal financial services. One of the main barriers has been the physical distance between financial institutions and potential customers, particularly in rural areas. Digital banking has made it possible for individuals to access financial services from anywhere and at any time, making it easier for those who live far from physical branches to access financial services.
Another barrier has been the lack of formal identification, which has prevented many people from opening bank accounts and accessing other financial services. Digital banking has enabled institutions to use alternative forms of identification, such as biometric data or mobile phone numbers, to verify customer identities and open accounts remotely, which has helped to expand access to financial services for individuals who lack formal identification.
Moreover, digital banking has reduced the cost of delivering financial services, making it possible for institutions to offer lower-cost products and services to a wider range of customers. This has been particularly important for low-income individuals and small businesses, who have traditionally faced high transaction costs and other fees that have made formal financial services unaffordable.
Digital banking has also enabled financial institutions to develop new products and services that are better suited to the needs of individuals and businesses that have been excluded from the formal financial system. For example, mobile banking applications have made it possible for customers to access a range of financial services, such as payments, savings, and loans, all in one place. This has made it easier for customers to manage their finances and has provided them with greater flexibility and control over their financial lives.
However, there are also challenges that need to be addressed to ensure that digital banking continues to promote financial inclusion effectively. One of the main challenges is the digital divide, which refers to the gap between those who have access to digital technology and those who do not. Many individuals and businesses that are excluded from the formal financial system also lack access to digital technology, which makes it difficult for them to access digital financial services. To address this challenge, governments and financial institutions need to invest in digital infrastructure and initiatives that promote digital literacy and skills.
Another challenge is the lack of trust and confidence in digital financial services, particularly among individuals and businesses that have been excluded from the formal financial system. This is partly due to concerns about security and privacy, as well as the complexity of digital financial products and services. To address this challenge, financial institutions need to provide clear and transparent information about their products and services, as well as ensure that their digital systems are secure and protected against fraud and other forms of financial crime.
In conclusion, digital banking has played a crucial role in promoting financial inclusion by overcoming several barriers that have traditionally prevented individuals and businesses from accessing formal financial services. However, there are also challenges that need to be addressed to ensure that digital banking continues to promote financial inclusion effectively. Governments and financial institutions need to invest in digital infrastructure and initiatives that promote digital literacy and skills, as well as ensure that their digital systems are secure and protected against fraud and other forms of financial crime.
Digital Banking and Financial Inclusion
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. |
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