How Digital Banking is Revolutionizing 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
How Digital Banking is Revolutionizing the Banking Industry
Digital banking, also known as online banking, is changing the way people manage their money. With the rise of mobile devices and the internet, it has become easier than ever to access financial services from anywhere at any time. This has led to a revolution in the banking industry, transforming the way banks do business and interact with their customers. In this article, we will explore how digital banking is revolutionizing the banking industry.
Convenience and accessibility
Digital banking has made it easier for customers to access their accounts and manage their finances. With online and mobile banking, customers can access their account information, transfer funds, pay bills, and make transactions from anywhere at any time. This has eliminated the need for customers to visit a physical bank branch, saving them time and money.
Lower transaction costs
Digital banking has also reduced the transaction costs associated with banking. With online and mobile banking, banks can reduce their operational costs by eliminating the need for physical branches and reducing the need for paper-based transactions. This has enabled banks to offer lower fees and interest rates to their customers.
Personalization
Digital banking has made it easier for banks to personalize their services and products to meet the unique needs of their customers. With data analytics and machine learning, banks can analyze customer data to provide personalized recommendations, offers, and products to their customers. This has led to increased customer satisfaction and loyalty.
Security
Digital banking has improved the security of banking transactions. Banks use advanced encryption technologies to secure their online and mobile banking platforms, protecting customer data from cyber threats. This has made it safer for customers to conduct their banking transactions online and reduced the risk of fraud.
Innovation
Digital banking has enabled banks to innovate and offer new products and services to their customers. With the rise of fintech startups and new technologies, banks are investing in digital solutions to enhance their customer experience. This has led to the development of new products and services, such as mobile payments, digital wallets, and robo-advisors.
Financial inclusion
Digital banking has also improved financial inclusion, providing access to financial services to underserved communities. With digital banking, customers can open bank accounts, apply for loans, and access financial services from their mobile devices. This has enabled banks to reach customers in remote areas and provide them with access to financial services.
Real-time transactions
Digital banking has enabled real-time transactions, allowing customers to make payments and transfer funds instantly. This has eliminated the need for customers to wait for transactions to clear, enabling them to manage their finances in real-time.
In conclusion, digital banking is revolutionizing the banking industry, transforming the way banks do business and interact with their customers. With the rise of mobile devices and the internet, digital banking has made it easier for customers to access financial services from anywhere at any time. It has also reduced transaction costs, improved security, and enabled innovation. Digital banking has also improved financial inclusion, providing access to financial services to underserved communities. With these benefits, digital banking is set to become the future of banking.
How Digital Banking is Revolutionizing 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. |
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