The Pros and Cons of Digital Banking
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
The Pros and Cons of Digital Banking
Digital banking, also known as online banking, has gained significant popularity in recent years. With the advent of the internet and mobile technologies, it has become easier for people to manage their finances from anywhere, at any time. In this article, we will discuss the pros and cons of digital banking.
Pros of Digital Banking
Convenience: One of the biggest advantages of digital banking is convenience. Customers can access their account information, transfer money, pay bills, and perform other banking transactions without having to visit a physical branch. This is especially helpful for people who have busy schedules or live far away from their bank.
Accessibility: Digital banking provides greater accessibility to banking services for people who have physical disabilities or live in remote areas. Online banking enables customers to perform transactions from the comfort of their homes, which can be very helpful for individuals with mobility issues.
Time-Saving: Digital banking saves time for customers by eliminating the need to wait in long lines at physical branches. Transactions can be completed within minutes, which can be very helpful for busy individuals who have limited time.
Lower Fees: Digital banks typically have lower fees than traditional banks because they have fewer overhead costs. This can be especially beneficial for people who have limited financial resources.
Better Interest Rates: Digital banks may offer better interest rates on savings and checking accounts than traditional banks. This can be a significant advantage for customers who are looking to maximize their savings.
Improved Security: Digital banking is often more secure than traditional banking because it uses encryption and other security measures to protect customers’ data. This reduces the risk of fraud and identity theft.
Cons of Digital Banking
Lack of Personal Interaction: One of the major drawbacks of digital banking is the lack of personal interaction. Customers do not have the opportunity to speak with bank personnel face-to-face. This can be a disadvantage for people who prefer to have a personal relationship with their bank.
Technical Issues: Digital banking relies on technology, and technical issues can occur. If the system goes down, customers may not be able to access their accounts, which can be frustrating and time-consuming.
Security Risks: While digital banking is generally more secure than traditional banking, it is not completely immune to security risks. Hackers can still gain access to customers’ accounts, which can lead to fraud and identity theft.
Limited Services: Digital banks may offer limited services compared to traditional banks. For example, they may not offer certain types of loans or investment options.
Learning Curve: Digital banking requires customers to learn new technologies and software. This can be challenging for some people, especially older individuals who may not be as comfortable with technology.
Lack of Cash Services: Digital banks may not offer cash services such as ATM withdrawals or cash deposits. This can be a disadvantage for customers who frequently need to use cash.
Conclusion
Digital banking has both advantages and disadvantages. While it provides greater convenience and accessibility, it can also be more susceptible to technical issues and security risks. Overall, digital banking is a good option for people who are comfortable with technology and prefer the convenience of online banking. However, for people who value personal interaction and access to a wide range of services, traditional banking may be a better choice.
The Pros and Cons of Digital Banking
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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