Open Access
American Research Journal of Business and Management
ISSN (Online): 2379-1047
DOI: 10.46568/arjbm
Voluntary Insurance for Speedy Growth-Trends of Digital Financial Transactions in Bank-Led Digital-Banking Service-Market: Seeking Attentions for Policy-Design in California Economy
Economics, Dept of Arts and Science, Ahsanullah University of Science and Technology (AUST) & Canadian University of Bangladesh
Akim M. Rahman, “Voluntary Insurance for Speedy Growth-Trends of Digital-Financial Transactions in Bank
Led Digital-Banking Service-Market: Seeking Attentions for Policy-Design in California Economy”, American Research
Journal of Business and Management, Vol 9, no. 1, 2023, pp. 67-71.
Abstract
Digital banking is an important product in today’s financial sector country-wise. Unlike in any other states in the US,
Californians have higher but slow growth trends of digital financial transactions where the FDIC provision does not
cover digital-banking transactions. Customers and probable customers here face pitfalls being it riskiness including
psychological risk. Overcoming the dilemmas of perceived-risk factors, the inclusion of Voluntary Insurance as a new
product in bank-led digital-banking service-market can ensure Californians to be cashless society soon. This new and
increasing value is what will keep banks or business firms growing, which can ensure absolute risk-free digital banking
services in California economy. Historical trends of economic growth of California certainly ratify that addition of a new
legal product will improve economy beyond just immediate gratification of its consumers. Any new products and services
are the lifeblood of a firm for running the operation smoothly. Without them, a firm withers on the vine and either it dies
or is absorbed by another firm. The banking sector is no different here. So, the inclusion of the VI product in policy-design
for effective digital-banking services in California-economy 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 will be slow as the new product sets up itself but at some
point, digital banking-users will begin to demand it. So, the product growth trends will increase rapidly, which will ensure
a higher number of digital transactions than that are there today in the digital-banking service-market. Over time, it will
ensure Californians to be cashless society soon, which will place California to be the number one in the US and beyond. The
goal of this study is to bring these VI policy recommendations to policymakers and bank-management’s attention.
