Digital Banking and the Future of Financial Services
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 the Future of Financial Services
The rise of digital banking and financial technology (fintech) has dramatically changed the landscape of financial services. Today, more people are accessing financial services online and through mobile devices, and traditional financial institutions are facing increasing competition from fintech companies.
Digital banking is the use of online and mobile banking services to conduct financial transactions. It includes activities such as opening a bank account, transferring money, paying bills, and managing investments. Digital banking allows customers to access their accounts and perform transactions at any time and from any location with an internet connection.
Fintech companies have disrupted the traditional financial services industry by offering innovative products and services that are often faster, cheaper, and more convenient than those offered by traditional financial institutions. For example, fintech companies have developed digital wallets that allow users to store and manage their money on their mobile devices, as well as peer-to-peer lending platforms that connect borrowers with lenders without the need for intermediaries.
The rise of digital banking and fintech has also led to increased competition and innovation in the financial services industry. Traditional financial institutions are investing heavily in digital transformation to remain competitive, while fintech companies are expanding their offerings and partnerships to provide more comprehensive financial services.
One of the major benefits of digital banking and fintech is that it has expanded financial inclusion. Millions of people who were previously excluded from the traditional financial system due to lack of access or high costs can now access financial services through their mobile devices. This has the potential to reduce poverty and promote economic growth by providing people with the tools to save, invest, and access credit.
However, digital banking and fintech also come with challenges and risks. One of the main challenges is the potential for cybercrime and fraud. As more financial transactions are conducted online and through mobile devices, the risk of fraud and data breaches increases. Financial institutions and fintech companies must invest in robust cybersecurity measures to protect their customers’ data and prevent fraud.
Another challenge is the potential for increased inequality. While digital banking and fintech have the potential to expand financial inclusion, they may also widen the gap between those who have access to digital financial services and those who do not. This could create a digital divide where certain groups are excluded from the benefits of digital banking and fintech.
Despite these challenges, the future of financial services is likely to be heavily influenced by digital banking and fintech. Traditional financial institutions will continue to invest in digital transformation, while fintech companies will expand their offerings and partnerships to provide more comprehensive financial services. The rise of open banking, where customers can share their financial data with third-party providers, is also likely to further disrupt the financial services industry by allowing for more personalized and innovative financial products and services.
In conclusion, digital banking and fintech have transformed the financial services industry, expanding financial inclusion and promoting innovation and competition. However, these developments also come with challenges and risks, including the potential for cybercrime and increased inequality. As the financial services industry continues to evolve, it is important to balance the benefits of digital banking and fintech with the need for robust cybersecurity and efforts to ensure that everyone has access to these services.
Digital Banking and the Future of Financial Services
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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