Voluntary Insurance for Rapid Growth Bank-led Digital-bankingTransactions: Seeking Attentions for Policy-Design in Bhutanese-economy
DOI:
https://doi.org/10.61841/6rpja409Keywords:
Bank-led digital-banking service-market, Perceived-risk factors, Voluntary Insurance, Akim’s model, Cashless-societyAbstract
It is well recognized that digital banking is an important product in today’s financial sector country-wise. However, perceived risk-factors particularly, psychological risk-factor of customers and probable customers has been undermining the growth-trends of bank-led digital-banking country-wise where Bhutan is no exception. Even though provisions of financial services cover transactions of traditional banking services, it does not cover digital transactions. Attaching a new product - Voluntary Insurance - with a bank-led digital-banking service market can help to overcome the challenges, which can encourage probable customers too to use it. This new and increasing value is what will keep banking-business be growing, which can ensure risk-free digital-banking in Bhutanese-economy. It can ensure speedy growth trends of digital transactions. Once the VI as a product is in place, it will spread from bankers to customers and its growth trend (S-curve) will capture the growth of revenue or productivity against time. This growth trend will be slow as the new product sets itself up but at some point, it will be fast. So, the growth-trend of transactions will increase rapidly in Bhutanese digital-banking service-market. Over time, it will ensure Bhutanese to be cashless society. The goal of this study is to bring these VI policy recommendations to policymakers and bank-management’s attention in Bhutanese financial-sector.
References
Rahman, Akim (2018), Voluntary Insurance for Ensuring Risk-free On-the-Go Banking Services in Market Competition for Bangladesh, The Journal of Asian Finance, Economics and Business, Vol. 5, No. 1, ISSN: 2288-4637, Boston University (USA)
Rahman, Akim (2018), Voluntary Insurance in Banking Services – New Product for Ensuring Risk-free Digital-banking of World-economy, ISBN: 978-613-9-84189-9, published by Lambert Academic Publishing, European Union.
Rahman, Akim (2018), Microeconomics Basics, New Way Learning Microeconomics in the 21st Century era, Print Your Books Academic Publishing Company, Dhaka, Bangladesh
Rahman, Akim (2022), Ensuring Risk-Free Digital-Banking in US-Economy: Application of Akim’s Model, International Business & Economics Studies 4(2):p102, 2022.
Robinson, James (2020), Bhutan: Progressing towards a fully fledged digital economy, GMSA Association, https://www.gsmaintelligence.com/
Dept of Payment & Settlement Systems (DPSS) (2022), Quarterly Payment System Report Q2, 2022 (April–June), Bhutanese-economy, Dept of Payment and Settlement Systems, Royal Monetary Authority of Bhutan.
https://modefin.com/is-bhutan-ready-for-the-big-leap-into-digital-banking/6
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