The Top Digital Banking Trends to Watch Out For
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 Top Digital Banking Trends to Watch Out For
Digital banking has transformed the financial industry by allowing people to manage their finances from anywhere, at any time. Over the years, digital banking has become more advanced and sophisticated, providing customers with new and innovative ways to manage their finances. In this article, we will explore the top digital banking trends that are set to shape the future of banking.
Mobile banking apps
Mobile banking apps have become increasingly popular in recent years, and they are set to become even more important in the future. As people become more reliant on their smartphones, banks are investing heavily in developing mobile banking apps that offer a range of services, from basic account management to more advanced features like mobile payments and budgeting tools. Mobile banking apps are convenient, easy to use, and offer a seamless banking experience.
Open banking
Open banking is a concept that is set to revolutionize the financial industry. It allows customers to share their financial data with third-party providers, which can then use that data to create new financial products and services. Open banking is designed to increase competition in the financial industry and give customers more control over their financial data.
Artificial intelligence
Artificial intelligence (AI) is set to transform the banking industry by providing customers with personalized services and improving the efficiency of banking operations. AI-powered chatbots can help customers with basic queries and provide personalized financial advice. AI can also be used to detect fraud and improve risk management.
Blockchain technology
Blockchain technology is set to revolutionize the way transactions are conducted in the financial industry. Blockchain is a decentralized ledger that records transactions in a secure and transparent manner. This technology can be used to create new financial products and services, such as peer-to-peer lending and smart contracts.
Biometric authentication
Biometric authentication is a secure way to authenticate customers using their unique physical characteristics, such as fingerprints or facial recognition. Biometric authentication is more secure than traditional authentication methods, such as passwords or PINs, and it provides a seamless banking experience.
Digital-only banks
Digital-only banks, also known as neobanks, are online-only banks that offer banking services through mobile apps or websites. These banks have low overhead costs and can offer competitive interest rates and fees. Digital-only banks are becoming increasingly popular, particularly among younger customers who prefer the convenience of mobile banking.
Wearable technology
Wearable technology, such as smartwatches, is set to become more important in the banking industry. Customers can use their wearable devices to make payments, check their account balances, and receive notifications about their finances. Wearable technology provides a convenient and seamless banking experience.
Big data analytics
Big data analytics is set to become more important in the banking industry. Banks can use big data analytics to analyze customer behavior and preferences, and offer personalized financial products and services. Big data analytics can also be used to detect fraud and improve risk management.
Internet of Things
The Internet of Things (IoT) is a network of interconnected devices that can exchange data with each other. IoT is set to transform the banking industry by providing banks with more data about their customers’ financial behavior. IoT can also be used to create new financial products and services, such as smart homes that can automatically pay bills and manage finances.
Cybersecurity
Cybersecurity is set to become even more important in the banking industry as customers increasingly rely on digital banking services. Banks are investing heavily in cybersecurity measures to protect their customers’ financial data from cyber attacks. This includes using encryption and multi-factor authentication to protect customer accounts.
In conclusion, digital banking is set to transform the financial industry in the coming years. Mobile banking apps, open banking, artificial intelligence, blockchain technology, biometric authentication, digital-only banks, wearable technology, big data analytics, the Internet of Things
The Top Digital Banking Trends to Watch Out For
RUBRIC
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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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