The Future of Financial Transactions
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: The Future of Financial Transactions
Digital banking, also known as online banking or internet banking, has been steadily gaining popularity over the years, and it is expected to be the future of financial transactions. In this article, we will explore the reasons why digital banking is gaining momentum and how it is likely to shape the future of financial transactions.
Digital banking refers to the use of digital platforms and technologies to perform banking transactions, such as account management, money transfers, and bill payments. Digital banking services are typically provided through websites, mobile apps, or other digital channels.
One of the primary drivers of digital banking’s growth is the increasing use of mobile devices, such as smartphones and tablets. According to a report by Statista, the number of smartphone users worldwide is expected to reach 3.8 billion in 2021, up from 2.5 billion in 2016. As a result, digital banking has become more convenient and accessible to consumers, as they can access banking services from anywhere at any time.
Digital banking also offers several advantages over traditional banking. For example, digital banking allows customers to avoid the need to physically visit a bank branch, saving them time and money. It also offers a more streamlined and efficient banking experience, with features like instant payments and real-time account balances.
Another key advantage of digital banking is its cost-effectiveness. Digital banking services are typically cheaper to operate than traditional banking services, as they require fewer physical resources and staff. This cost savings can be passed on to customers in the form of lower fees and better interest rates.
Digital banking also offers enhanced security features. Online banking platforms typically use advanced encryption and security protocols to protect customer data and prevent unauthorized access. Additionally, many digital banking services offer two-factor authentication, which adds an extra layer of security to the login process.
In the future, digital banking is likely to become even more prevalent as more consumers become comfortable with the technology. This trend is particularly evident among younger generations, who are more likely to use digital banking services than older generations.
The future of digital banking is also likely to be shaped by advances in technology, such as artificial intelligence (AI), blockchain, and biometric authentication. For example, AI-powered chatbots are already being used by some banks to provide customer service and support. These chatbots can answer customer queries and provide assistance 24/7, improving the customer experience and reducing the need for human customer service representatives.
Blockchain technology is also likely to play a role in the future of digital banking. Blockchain is a distributed ledger technology that allows for secure and transparent transactions without the need for intermediaries. This technology could potentially be used to streamline cross-border payments, reduce transaction costs, and improve security.
Biometric authentication is another technology that is likely to become more widespread in the future of digital banking. Biometric authentication uses unique physical characteristics, such as fingerprints or facial recognition, to verify a customer’s identity. This technology can provide an extra layer of security and reduce the risk of fraud and identity theft.
In conclusion, digital banking is the future of financial transactions. It offers several advantages over traditional banking, including convenience, cost-effectiveness, and enhanced security features. As more consumers become comfortable with the technology, digital banking is likely to become even more prevalent. Advances in technology, such as AI, blockchain, and biometric authentication, are also likely to shape the future of digital banking, providing even more benefits to customers.
The Future of Financial Transactions
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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